Many wealthy individuals avoid discussing financial planning with their family due to fears of conflict, with 10% avoiding the subject entirely and 27% admitting they find it uncomfortable1.
However, avoiding these conversations can lead to misunderstandings, especially when family members have unrealistic expectations about their inheritance. Only 12% of wealthy individuals regularly talk about financial plans with family members, while 23% want to but find it difficult initiating the discussion.
Generational divide
Generational differences further complicate the issue. Nearly half of individuals under 35 expect to receive an inheritance, but 10% of those over 50 are concerned their plans will disappoint their families. Additionally, older generations are more nervous discussing money, with 27% believing younger generations are more comfortable talking about financial matters.
Financial pressures across regions
Inheritance isn’t the only source of financial stress. A separate survey2 identified three key pressures: maintaining a certain lifestyle in later years, investment values, and taxes. Wealthy Londoners experience the most stress, with 88% reporting financial pressure – 20% of whom worry constantly.
The importance of open conversations
Regardless of wealth, open discussions about money and inheritance can alleviate stress, help set realistic expectations and prevent future disappointments. Honest conversations ensure your loved ones understand the reasoning behind your financial decisions. We can help you and your family take control of your financial future.
1Rathbones, 2Arbuthnot Latham, 2024
It is important to take professional advice before making any decision relating to your personal finances. Information within this article is based on our current understanding and can be subject to change without notice and the accuracy and completeness of the information cannot be guaranteed. It does not provide individual tailored investment advice and is for guidance only. Some rules may vary in different parts of the UK.