Thu 10 Nov 2022

Discussing Money with your Children - Talk Money Week Part 4

Talk Money Week is an annual campaign that is designed to get people talking about money. All of us involved in the financial advice profession are well aware of the ability for money to be a source of stress and anxiety. Advice and planning can help to mitigate this.  But so too can the simple act of talking about it. This week we look at who you should be talking with.

Talking to your children about money is another important conversation to have.

If they are young then this will clearly take more of an educational form, showing them the day-to-day basics of managing money, but perhaps more importantly giving them the correct mindset in terms of the value of money and the importance of living within their means, having savings for a rainy day, and also having one eye on the longer term.

If your children are adults, then the conversation may be more of a two-way dialogue: how might you be able to help them, and also what are your hopes for the future and how does that interact with your children's financial planning.

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