Money is a hard topic for family conversations but current generations of parents may be trying to change that.

More than two-thirds of respondents in a recent Fidelity survey said they talked to their kids about money. However, over half of the more than 1,200 respondents admitted that they did not discuss finances with their parents when they were children.

And people were generally confident about the future generations' financial outlook.

Almost three-quarters (70%) of respondents said that they expected the next generation to achieve a higher level of wealth than they currently have. With the Great Wealth Transfer underway (a phenoཧmenon where older generations are expected to pass trillions of dollars down to younger people), that possibility seems plausible.

People's Ideas Of Wealth Are Modest

According🌳 to Fidelity, people may be reluctant to talk about money with their children because they have difficulty facing their own financial insecurity.

“Financial planning is often a deeply personal experience, so it’s no surprise people have historically been uncomfortable talking about it,” said Rich Compson, head of Wealth Solutions at Fidelity Investments.

Most survey respondents considered that being wealthy meant not having to live paycheck-to-paycheck, and nearly half said it meant being able to afford a home. Only a small fraction of people surveyed said they felt wealthy, which tracks with other data finding that only a 澳洲幸运5官方开奖结果体彩网:third of millionaires con🃏sider themselves wealthy.

The standard of wealth may be different now than in the past, as the cost of homeownership and everyday expenses has skyrocketed in the past few years but "it’s important to start talking about family finances early to ensure the next generation is prepared," said Compson.