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Bridging the Financial Communication Gap
What's worse - when families argue over money, or don't talk about it enough? A recent report from Fidelity Investments reveals major disconnects between parents and their adult children about important financial matters, such as who will care for aging parents and whether there will be enough money to live in retirement. Kathleen Murphy, President of Personal Investing at Fidelity, talks about how to bridge the communications gap.
A new survey of parents and their adult children finds that many families are struggling to talk about finances and the future. Only 51 percent of parents say they are comfortable talking to their adult children about personal finances, including topics like wills and estate plans, eldercare costs and other retirement expenses. Its not so easy for children either, with only 54% of adult children reporting that they are comfortable talking to their parents about such matters, with many reporting undue stress over uncertainty around their parents retirement plans. As a result, there are many misconceptions and discrepancies when it comes to family conversations around retirement preparedness.
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About KATHLEEN MURPHY: Kathleen Murphy is president of Fidelity's Personal Investing division, serving millions of individuals investing directly with Fidelity through IRAs, college savings plans and brokerage accounts. She is a 25-year veteran of the financial services and benefits industry and has been named one of the 50 Most Powerful Women in American Business by Fortune magazine.