Money can be a tricky subject, especially when it comes to family. Many of us avoid talking about financial planning with our loved ones, often for fear of causing a conflict. In fact, 10% of wealthy individuals never discuss it at all, and 27% admit they find the topic uncomfortable.*
But here’s the thing, keeping quiet about money can lead to misunderstandings, particularly around inheritance. It’s not uncommon for family members to have very different expectations about what they might receive, and without open conversations, this can cause unnecessary tension.
Generational Differences
Age plays a big role in how we approach money. Almost half of those under 35 assume they’ll inherit something, but many over 50 worry their plans won’t meet expectations. What’s more, younger generations tend to be more open about finances, whereas older generations often feel uneasy discussing them.
The Pressures We Face
It’s not just inheritance that weighs on people’s minds. A separate survey** found that financial pressures come from three main areas: maintaining a comfortable lifestyle in later years, investment values, and taxes.
Why Talking Matters
Whether you’re planning your own future or thinking about your children’s, having honest conversations can make all the difference. It helps set realistic expectations, reduces stress, and ensures everyone understands the reasoning behind financial decisions.
If you’d like some guidance on how to approach these conversations, or support in creating a solid financial plan, Citrus Financial is here to help.
*Rathbones, **Arbuthnot Latham, 2024
Article provided by David Braithwaite of Citrus Financial. David is a highly regarded financial expert, known to many as BBC Radio Kent’s “Money Mentor,” where he shares practical advice and insights on managing money effectively. As the founder of Citrus Financial, David has built a reputation for providing tailored financial guidance to individuals and families, helping them achieve their financial goals with confidence. To learn more about how financial advice could help you, contact them today on 01732 834834 or email advice@citrusfinancial.co.uk
Approver Quilter Financial Services Limited & Quilter Mortgage Planning Limited. 6/03/2025
*Rathbones, **Arbuthnot Latham, 2024
Author: Helen Loder
Co-Director of Sevenoaks Mums