Families should talk about finances to plan for future
November 8, 2010
Financial coach Charlotte Stallings recently talked with MyFoxHouston about how many families don't discuss their financial responsibilities, even though this is a critical step when planning for the future.
She estimated that only 39 percent of baby boomers regularly talk about money matters with loved ones, while 51 percent of the children of baby boomers suggest that these conversations can lead to a conflict within the family.
Many may be avoiding the discussion for this reason, but Stallings advises that families must come together to create a financial plan for their future, particularly when it comes to longterm care for older adults.
She suggests having a thorough outline for the financial discussion. First, decide who should be involved within the family, then identify each individual's plans for the future.
Planning for retirement and old age usually aren't topics that are approached until it's absolutely necessary, but taking the time to outline a clear plan can reduce the chance of conflict in the family and make things easier for everyone.
One way that families may want to help plan for the golden years is to invest in a personal emergency response system. This device can be used by older adults as a medical alarm if they are in need of assistance.