New research released today reveals that 42% of Australians are yet to have conversations with their loved ones about inheritance, despite 74% saying such discussions were necessary.
The research, commissioned by financial educator and communicator, Vanessa Stoykov, revealed a need for Australians to be confident and comfortable having conversations with family about money.
“The time is now for Australians to become more financially literate and break down unhelpful beliefs about money and talking about it. This is about equipping ourselves with financial skills and independence,” says Ms Stoykov.
“It can be tricky to navigate difficult conversations around money, but everyone needs to have a dialogue with their partners, parents, children and grandchildren. This is not just about whether someone is leaving money, but also the financial legacy that you pass on to your children. Talking openly to them is a legacy and gift in itself.”
The research found that 20% of respondents were not sure how to begin the discussion with their loved ones even though almost half (48%) believed that having the conversation about a legacy before a person passes away will cause less conflict amongst beneficiaries.
Ms Stoykov says, “Money has the potential to cause major rifts in a relationship and this research shows that it is important to share similar values when it comes to money to avoid conflict.”
In the newly released book ‘The Five Conversations About Money That Will Radically Change Your Life’, Ms Stoykov explains that it is no longer taboo to talk about money and that there are important conversations to be had to help Australian’s improve their finances.
The research was conducted and analysed by The Digital Edge Research Company. The data is based on analysis of responses from over 1,000 Australians in February 2022. The ages used for this study were 18 – 62+ years old and consisted of a mix of both male and female respondents.
