Survey Finds More Parents Willing to Chat With Kids About Finances

As Thanksgiving approaches, many families will sit down to share a meal, but not everyone will share a conversation about finances, an important topic in American households as consumers manage through paying higher costs for many basic goods.

The potentially good news is that more people may be more open to sharing financial knowledge than in the past. Fidelity’s “2024 State of Wealth Mobility” found that 83% of adults believe it is important to talk about money management with children, and 67% of parents are already having those discussions with their kids. This shift comes as nearly three-quarters of Americans express optimism that the next generation will achieve a higher level of wealth.

“Helping clients engage their families and the most important people in their life in planning discussions about wealth goals is one of the best gifts you can give,” says Chris Kalich, vice president of wealth offerings, Fidelity Investments. “And yet for many, money is considered a taboo subject with family. All too often, we see families hold off on engaging in these critical discussions until a significant event occurs, resulting in increasingly difficult conversations and decisions. However, it’s so important to ensure the next generation is prepared.”

Fidelity’s study reveals that while 56% of Americans did not discuss family finances with their parents as children, 82% wish they had, citing the value of early financial education.

Yet despite this optimism, 89% of Americans do not consider themselves wealthy. The path to financial success remains elusive for many, with 19% of Americans who are reluctant to consult a financial adviser citing a perceived lack of wealth as the primary reason.

Seeking Out Financial Advice

For those who do work with a financial adviser, life changes and growing financial complexity often drive the decision. One-quarter of respondents cited events like marriage, childbirth or divorce, while another 25% pointed to increasingly complex financial needs.

Among the relatively small group of Americans who consider themselves wealthy—just 10% of respondents—they did not cite having an adviser as a top reason for their wealth. Instead, they cited strategic investing, early savings habits and consistent paycheck allocations.

Having a solid financial plan emerged as a key factor in feeling financially secure. People with a plan in place were far more confident about building (78% vs. 26%) and protecting (78% vs. 27%) their wealth than those without one.

Still, about 40% of Americans worry about losing their wealth as easily as they earned it, highlighting the pervasive financial anxiety that affects many family dynamics.

As Thanksgiving gatherings prompt reflection, open financial discussions—paired with proper planning—may empower families to face the future with greater confidence.

“The holiday season, when families often come together, may be a perfect time to encourage clients to at least break the ice,” Kalich says. “One way to kick off a conversation is to chat about how they’ve established an estate plan to protect loved ones. Or casually toss how important it is that kids have access to their parents’ personal finance information in case a critical need arises. There is never a perfect time to initiate a conversation—the important thing is to not wait to do it. To make the most of cherishing time with loved ones, it’s critical to have these conversations before any crisis occurs.”

Fidelity’s findings were based on a national online survey of 1,900 U.S. adults aged at least 18 from August 5 through August 20.