Almost half of Australians don’t know how to talk about inheritance
It’s no secret that having conversations with family about money are often very awkward and difficult to have.
However, when it comes to talking about inheritance, these are conversations that can’t be put off.
New research has revealed that over 40 percent of Australis are yet to have important and proactive conversations with their loved ones about inheritance, despite 74 percent saying these conversations are necessary.
Australia is currently in the midst of the biggest intergenerational wealth transfer in history, with baby boomers set to hand over $3.5 trillion to the next generation.
Despite this, the new research shows that 20 percent of people don’t know how to broach the discussion with their families, even though 48 percent of people agree that having the conversation about a legacy before a person passes away will cause less conflict amongst beneficiaries.
The research, commissioned by financial educator and communicator Vanessa Stoykov, reveals the compelling need for Australians to be confident and comfortable having conversations with family about money.
“The time is now for Australians to become more financially literate and break down unhelpful beliefs about money and talking about it. This is about equipping ourselves with financial skills and independence,” says Ms Stoykov.
“It can be tricky to navigate difficult conversations around money, but everyone needs to have a dialogue with their partners, parents, children and grandchildren. This is not just about whether someone is leaving money, but also the financial legacy that you pass on to your children," Ms Stoykov said.
"Talking openly to them is a legacy and gift in itself.”
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