Family finances and the last taboo

A new report from savings and investment company Standard Life has delved into that trickiest of family problems – not talking to each other about money.  

They surveyed more than 4,000 people for The Family Financial Tree - developed with personal finance expert, Sarah Willingham - and established not only that this is probably the last taboo subject for families, but highlighted some of the startling contradictions in our financial family relationships.

 Money does flow between the generations – nearly half of all grandparents surveyed had given money to their adult children in the last year, while a third of adults had given money to their parents. In fact a majority (56%) of grandparents believed they were doing more to support their families financially than their own parents had done. 

But that doesn’t mean they are discussing money.  More than a third of parents and getting on for a half of grandparents said they would not ask anyone within their family for advice about money, according to the survey, and only a quarter said their financial planning involved all generations.

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