HNW people failing to speak cash with household

Two in 5 HNW people financially help their kids however three in 5 don’t really feel comfy speaking about cash points with them, in response to new analysis.

The research by wealth supervisor Charles Stanley was carried out late final 12 months.

HNWIs are completely happy speaking about cash to their associate, with nearly three-quarters saying they’re comfy having money conversations with their different half.

Two-thirds stated they have been comfy speaking to monetary advisers and simply over half to funding managers or accountants.

However solely two-fifths agreed they have been comfy speaking cash points with their kids.

Solely a fifth stated they talked to their dad and mom about cash whereas lower than a fifth speak to grandchildren.

Whereas a 3rd of HNWIs agreed that individuals don’t speak sufficient about cash, nearly a 3rd stated they didn’t achieve this due to privateness.

Some 31% stated they wish to hold issues personal and 23% stated that they hesitate as a result of they suppose they could inform different folks.

In the meantime 18% felt strongly that conversations about cash could upset folks, whereas 17% suppose that it’s not acceptable to debate cash.

Andrew Meigh, managing director of Monetary Planning at Charles Stanley, stated: “Many HNW people have a lot of dependents, not simply their partner and kids, however throughout generations and new trendy household make-ups.

“Wealth administration isn’t just about numbers, it’s about serving to households have tough conversations so that there’s transparency, and one of the best consequence might be reached throughout the entire household.”

• The analysis was carried out by Charles Stanley in partnership with The Nursery between 27 September and 10 October 2022. It sampled 203 high-net-worth traders with over £500,000 in investible property.