Many U.S. families may need help talking about their finances.
Researchers at Ameriprise Financial Inc., Minneapolis, talk about financial communications weaknesses in a report on a survey of 1,001 boomers with $100,000 or more in investable assets; 300 parents of baby boomers; and 301 adult children of boomers.
About 48% of the affluent boomers said their parents gave them the message that money “should be openly discussed,” and 46 gave them the message that money is something that “you just don’t talk about,” the researchers write.
Only 39% of the boomer participants said they now talk with their families about money and finances on a regular basis.