- The Ameriprise Modern Money study reveals that parents are increasingly helping their kids financially.
- Investors in the study are confident about their financial futures, but they think it will be harder for the next generation to achieve financial success.
- Your advisor can help you prioritize your goals and provide you with personalized financial advice to help you achieve them.
A shift in financial attitudes and actions is underway among investors, according to our Modern Money study. The study, a survey of more than 3,000 U.S. investors ages 30 to 69 and with at least $100,000 in investable assets, sheds light on how the changes impact investors’ relationships with their families and money — and how working with a financial advisor can help you feel more confident about your financial future.
Will it be harder for the next generation?
You can improve your financial confidence by communicating with your family. Consider ways to:
- Share your money values and approach to money management with your kids.
- Talk openly about your experiences, including successes and mistakes.
- Invite your children to join the next meeting with your financial advisor.
Parents are helping children more with financial milestones
Financial independence is coming later in life, and one-third of parents are delaying their own retirement to fund some of their children’s financial milestones. This trend makes it more important than ever to strategically plan how to help children financially while also prioritizing your own retirement.
Consider these actions to stay on track:
- Document your specific financial goals and track progress.
- Prioritize your retirement savings while you are working and earning income. After you retire, you may have limited options to boost savings.
- Fund a 529 college savings plan or other tax-advantaged accounts as early as possible if you want to help your kids pay for college.
Talking about money is more acceptable than ever
Families who talk openly about their finances tend to be more financially confident than those who don’t, according to our research.1 Ready to talk with your family? Use our conversation checklist.
We can help you achieve your financial goals
Talk with your advisor, who can provide you with personalized financial advice and support to:
- Prioritize your retirement and other goals.
- Understand the benefits and tradeoffs of funding milestones for your kids.
- Talk about money with your family.