Have you had the "talk" with your parents? No, we're not talking about a reverse 'birds and the bees' conversation - we're talking about finances.
Here's why: A survey from Fidelity Investments found:
- 69 percent of parents expect one of their children will manage their finances in retirement, but more than one-third of children who are expected to fill this role didn't know this.
- 72 percent of parents expect one of their children to be their caregiver if necessary, but 40 percent of children identified as filling this role didn't know this.
- 92 percent of parents expect one of their children to be the executor of their estate when they die, but more than a quarter of kids who are expected to fill this role didn't know this.
Joining us on the show is financial journalist Cameron Huddleston, who recently authored a book on this very topic: Mom and Dad, We Need to Talk: How to Have Essential Conversations with Your Parents About Their Finances.
Cameron joins us on the show to not only educate the Talk Wealth To Me crew on why it's important to have conversations with your aging parents ASAP on whether they expect you to play an active role in their financial lives or help care for them. Cameron also shares tips on how to bring up this conversation with your siblings and your parents, as well as why it's better to have this conversation with your parents while you can, instead of waiting until it's too late.
About Cameron Huddleston
Cameron Huddleston is an award-winning journalist with more than 17 years of experience writing about personal finance and the author of Mom and Dad, We Need to Talk: How to Have Essential Conversations with Your Parents About Their Finances.
To learn more about Cameron, visit her website or connect with her on Twitter.
To access resources Cameron mentions during the show, please visit her website here.
About the Show
Comments, questions or suggestions for the show? Email us at talkwealthpodcast@gmail.com.
To learn more about DebtWave Credit Counseling, visit our website or connect with us on Facebook, Twitter, Instagram, and LinkedIn.
To learn more about the San Diego Financial Literacy Center, visit our website or connect with us on Facebook and Twitter.
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