A new survey from US Bank revealed that parents were comfortable discussing politics with their children over finances. US Bank Wealth Management President Scott Ford joins Wealth! to discuss how families can initiate meaningful money conversations.
Ford notes that more parents are engaging in financial discussions with their children compared to previous generations, covering topics like investing — a trend he describes as “good news.” However, he observes that younger individuals are increasingly turning to social media platforms for financial advice rather than seeking guidance from their parents.
To effectively start money conversations, Ford recommends beginning small and maintaining honesty. “There is an emotional context around money and finances that people have a hard time getting around,” he explains. He also advises against judging others’ spending habits, acknowledging that such discussions are inherently challenging.
“Assume positive intent, accept people for where they are, and begin from a place of ‘I want to help,'” he states.
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This post was written by Angel Smith
