How to have financial conversations with your family

(InvestigateTV) — A 2023 Empower survey found that 62% of Americans do not talk about money with their family.

Around 52% of people also reported that money was not talked about in their household while growing up.

Cherry Dale, a financial coach with the Virginia Credit Union, said it can take extra effort to overcome the taboo of money talk.

“We have so many values that we want to pass on and talk about with the people that are important to us, money impacts those,” Dale explained. “And it influences these decisions on what you value and what you can spend your time and money on. So having that big picture is really important.”

Dale suggested starting young, by teaching kids about the value of money and how to save it. Show them the difference between needs and wants and show them the purchases and exchange of cash and or credit cards.

“I would say it’s vitally important we are teaching our teenagers about credit, about saving, about how to bank and what it looks like to overdraft an account,” she said. “Making sure they have enough money in their accounts and just making sure they are managing it well.”

Dale said understanding this concept will help set them up for success. She noted that the most difficult conversation to have is with aging parents, especially if money was never discussed before.

She suggested starting those conversations slowly, building up to the answers needed to help them with their financial future.

Dale said once you dive in, start setting aside time for a monthly conversation with parents to tackle different issues along the way.

She encouraged people to work through the initial awkwardness because the more finances are discussed, the easier it becomes.

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