Six ways to get a conversation about money flowing with your nearest and dearest.
James Smith, from Charles Stanley Wealth Managers in Eastbourne, shares his tips on how to overcome any anxiety when talking about money with your family.
1. Ease into the conversation
“Try mentioning a friend that has had recent experience of dealing with their finances, perhaps someone you know that is looking at their pension or updating their Will,” says James.
“It’s a natural, less personal segue into the conversation and you can use it to emphasise the importance of putting financial arrangements into place.”
2. Talk about things happening in your family now
If your child is going off to university, there’s a new baby in the family or you’re considering moving house, this can be a great time to look at your finances and chat to your family about it.
Discussing budgeting can help children about to leave home understand the importance of responsible spending. Recent additions to the family may also lead you to consider how you can provide for your loved ones, even after you’re gone.
Charles Stanley Wealth Managers can offer advice to help you make the most of your money and safeguard your family’s future.
3. Discuss future plans
Discussing your plans for the future - like retirement plans, care arrangements or intentions to sell your home and downsize - can be a good way to introduce a conversation about money.
If you take care of your family’s finances, it’s important to share this information with other close family members.
“Too often, families can be left unsure of what they need to do after the death of a loved one. Sharing the state of your finances with them can ease this distress and help your family prepare for the unexpected,” says James.
4. Be open and honest
“Being transparent about money matters will make the subject easier to discuss,” James says.
“We work with several generations of families to educate them about money and make them aware of the things they need to know.”
5. Take care of the practical details
There’s no time like the present to make sure your paperwork is in order. Book an appointment with a financial professional who can look over your affairs and create a to-do list. If you need information from your family, this is a wonderful way to bring everyone together, explain the details you need and why.
Inform your family who your financial adviser is and how they can contact them. It may also encourage them to think about their own financial goals.
6. Seek professional help
Meeting with a financial professional can help you understand what money you have and the current value of your estate. You can discuss your objectives and they can help you put a plan into action. This will give you some starting points to begin a talk with your family about money.
They can offer an impartial opinion which can be useful when dealing with more emotional matters like family and money. It’s important to work with someone that you trust, meeting with them in person or over a video call, can help you to determine if you feel comfortable and can talk openly with them about your finances.
Charles Stanley Wealth Managers offer tailored investment services to those living in and around Eastbourne. They have over 130 years of industry experience and pride themselves on delivering a high-quality, friendly, personal service.
“If you have any questions or want to know more, give us a call, we can help you get a conversation about money started,” James says.
Visit charles-stanley.co.uk/eastbourne-office to book your free consultation. Call 01323 887947 or email eastbournebranch@charles-stanley.co.uk.
The value of investments can fall as well as rise. Investors may get back less than invested. Charles Stanley & Co. Limited is authorised and regulated by the Financial Conduct Authority.
