Starting financial conversations with your family

You’re there for your children as they start to hit those important milestones in adulthood: their first job, getting married, a big move, starting a family, buying a home, and more. But how often are you talking with your children about the financial decisions that go into these milestones?

While it may seem reasonable to “wait for the perfect time” to engage in money talks, there may be no better time than now to start diving into conversations about money to help ensure that your family is on the same page about how money, goals, and values come together.

Hold more in-depth financial conversations with your family to help you feel more secure about your financial futures, even during market concerns or fluctuations. You can share your values with your family, which can help them make more informed financial decisions and feel supported as they navigate managing their financial lives.

Schedule your conversation to take place in a neutral setting and have everyone commit to showing up without distractions. Once there, openly discuss ideas, concerns, and fears. Your conversations don’t have to be overly complicated – getting the ball rolling is an important first step, so don’t worry about planning it around the right moment or having a perfectly laid out agenda.

Looking for ways to get the conversation started? Try some of these starter questions and see where the answers take you:

1. What goals have you been proud to accomplish?
2. What is the biggest goal you want to accomplish next?
3. How do you see your money working for you?
4. What have you learned about money that you wish you knew earlier?
5. Is there any information you want to know more about?

Share your own values and create a judgment-free space to get a sense of your children’s values. This is your opportunity to impart any financial stewardship you want to pass on to your loved ones. Aim to be open and transparent about your ideas, values, and goals. Once everyone understands their individual and shared values, your family should have context for future specific financial conversations.

Set recurring meetings so that communicating is not just a one-time event. As conversations occur, keep necessary family members updated if important changes arise to help move forward with a shared vision.

Schedule time with your advisor to evaluate what tools you can start introducing to your family as they embark on their own planning journey. Discuss whether it makes sense to include your family in your next financial conversation.

Wells Fargo Wealth & Investment Management (WIM) provides financial products and services through various bank and brokerage affiliates of Wells Fargo & Company.