Family Money Conversations for Adult Parents and Children

Every year, we celebrate Mother’s Day and Father’s Day to honor the people we love and show our appreciation for the special bonds that make each family unique. As adults who care about one another’s emotional, physical and financial wellbeing, it may also be an opportune time to have a family money conversation.

Why? The simple fact is that at some point, mom or dad may need help organizing and/or managing their finances. And sharing important information with one another today may help you be ready, should the time come that the kids need to step in to lend a hand.

While talking about money, potential health considerations and other “private matters” may sometimes seem awkward, here are a few tips for meaningful family money conversations.

• Communicate your desire to help one another prepare to transition responsibilities.
• Discuss your feelings and needs regarding changing roles.
• Understand parental circumstances, needs and values regarding money.
• Consider parental health care, end of life and financial legacy wishes.
• Seek to align children’s strengths with future duties.
• Identify professionals who may be able to provide assistance, as necessary.
• Commit to periodically revisiting the conversation to see if anything has changed.

To help facilitate family money conversations, we have developed a Family Inventory. This easy-to-use guide may help you document important financial and health care information.

Filling it out together may help parents and adult children both feel confident that they are equipped to handle any possibility that may arise. 

To request your complimentary Family Inventory, please contact your RBC Wealth Management financial advisor or use the advisor locator tool to find an advisor near you.

Important disclosure information about Royal Bank of Canada (RBC) and RBC Capital Markets, LLC