Nov 16, 2016
Pattie Lovett-Reid: Is talking about money tacky?
It was once the five letter word nobody discussed — MONEY. The subject was taboo. In fact, if you dared to talk about money you were considered to be tacky, impolite and even nosey. That was then this is now.
According to a recent TD Survey, 65 per cent of Canadians don't think money is a topic that is off limits any more nor it is one to avoid. Seventy-three per cent of parents are comfortable talking about money with their children and 66 per cent are comfortable having a financial discussion with their parents.
Little doubt this can be a sensitive conversation, especially as it pertains to estate planning and more specifically inheritance plans but given the largest transfer of wealth is in the not too distant future it is a conversation worth having and one that is necessary.
Here are a few tips to help you get the conversation going -
1) You need to fully understand your financial situation before you try to explain it to someone else. Sit down with your advisor or planner, and go over your plan. Know your numbers and be transparent.
2) Choose a time and place to have the discussion that makes sense to you and during the chat be honest and straight forward. It is ok to show emotion — money is emotional
3) Listen to your children. Nothing is carved in stone and changes can always be made as it pertains to your will, especially if they have expectations that differ from yours. It helps to be open-minded, give some thought to what they have to say.
Other findings included:
- Men, 69 per cent, are more comfortable talking about money than the 61 percent of women are
- Boomers, 69 per cent, are more comfortable talking about money than the 62 per cent of Millennials and 62 per cent of Gen Xers
- Millennials, 60 per cent, are more comfortable talking about money with their friends
Talking about money may not be taboo, but I’m not suggesting you ask your colleague what they make.
