It is critical that adults talk with their aging parents about their finances in order to ensure they are solvent as they head into retirement. However, only 38% of people have done so.
isn't doing anyone any favors. However, the issue is that many adults have never had this type of talk with their parents before, and they don't know how to have it, according to Michael Liersch, head of advice and planning for Wells Fargo Wealth & Investment Management. Additionally, many parents may not even be receptive to them.
If not, "it can seem less about helping one another, and feel more 'transactional' in nature, which is disruptive to some, causing family members to be focused on who gets what and when," Liersch added. This could make parents feel like they are losing control of their finances, but Liersch argued that in talking with parents about their finances, it's actual helping them stay in control for as long as possible.
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