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Monday, May 13, 2013 - 7:44am
According to a new study, mothers tend to have more success in talking to their adult children about financial planning than fathers. The study showed that there were significant communication gaps between mothers and fathers and their adult children when discussing financial issues such as the ability to cover living expenses in retirement, and health and eldercare.
The study showed that mothers tend to take on the role of the "empathizer." Sixty-four percent of mothers surveyed say it is "not at all difficult" to start a conversation with their child about savings and investments.54-percent of fathers see themselves as the "pragmatist" when having financial conversations with their adult children.
The Fidelity study says part of the reason that women take a larger role in conversations about financial topics is because women, in general, tend to control the bulk of household finances. The new findings are part of the Intra-family Generational Finance Study that Fidelity Investments conducted across its pool of investors.