What does your family need to know about your planning?
"It's really hard to make future plans when we don't know anything about your planning," Oliver said to his parents.
An executive in his early 40s, Oliver has three children.
His oldest child is starting high school, and while his parents have talked about helping with his children's education, there hasn't been anything specific discussed.
Oliver and his wife are trying to be proactive about their financial planning, but it is difficult when they don't know the whole picture.
When Oliver talked with his parents, it ended somewhere between "Sure" and "We've never been comfortable talking about our planning." He didn't feel that was helpful.
His mother said that she and his father weren't feeling great about their own planning yet.
And yes, they did want to help.
The whole conversation felt a bit squishy or avoidant.
The Generations Project® Transition Ready Family study found that preparation and documentation are not enough for people to feel good about their planning.
In fact, 51% of the senior generation who have completed plans lack peace of mind.
The study also showed that while a certain amount of wealth and planning can create peace of mind and confidence, families need to be talking and have better information flow around planning.
Talk about the information people would like to have to give them peace of mind and confidence.
Start a conversation The conversation: How can I improve the flow of information so my family can have more peace of mind and confidence?
How to start: Invite your family to have voice on what would bring them more peace of mind and confidence-and align around how much you are comfortable sharing.
Process questions to ask your family: Start conversations by aligning around boundaries so that everyone feels comfortable with what is discussed.
Families are "wired together" around their planning interests.
Whether it's college education for grandchildren, health directives, or a future inheritance, all family members are impacted in some way.
Increasing the flow of information can create more peace of mind, confidence, and closeness in relationships.
Talking about peace of mind and confidence helps us step into the emotional-relational parts of planning and better meet each other's needs.
Get started Practice by talking about planning and boundaries around more everyday activities like family holidays or spending time together.
Senior generation Help people feel comfortable talking about feelings and needs by asking them directly and then sharing your own.
And don't debate or minimize each other's feelings-just explore.
Next generation Your parents may be hesitant to talk about their plans.
Be willing to share at a feeling level to help them learn about what you need to navigate life.