Many wealthy individuals hesitate to discuss financial planning due to fears of family disagreements, with 10% avoiding the topic altogether and 27% finding it uncomfortable¹.

However, this reluctance to have a discussion could lead to future misunderstandings, as family members may have unrealistic expectations about their inheritance. Only 12% of wealthy individuals said they regularly discuss financial plans with their family and 23% want to but struggle to start the conversation. 

Generational differences add to the tension 

Nearly half of those under 35 said they expect to receive an inheritance, while 10% of those over 50 worry their family will be disappointed by their actual plans. Older generations are also more hesitant to talk about money, with 27% of those over 50 believing younger generations are more comfortable discussing financial matters. 

Regional variations in financial pressures 

It’s not just inheritance that causes people to stress about money. Another survey² found the three main causes of financial pressure were: maintaining a certain lifestyle later in life, the value of investments and how much tax might be payable. Wealthy Londoners were found to be under the most financial pressure, with 88% experiencing financial stress. Of these, 20% worry about their finances constantly and nearly another 20% report worrying most of the time. The East of England followed a close second with 85% admitting persistent fear about the health of their finances. 

Open and honest discussions 

Whatever your level of wealth, having open and honest discussions about money and inheritance could ease your financial stress, helping your family to avoid future disappointment and ensuring everyone understands the reasoning behind the financial decisions you make. While these conversations may be uncomfortable, they could help to reduce your financial stress in the long run as well as being essential for preventing shocks for your family. 

Break the taboo and have open conversations with your loved ones about your financial circumstances and inheritance plans, allowing you and your family to take control and make necessary financial arrangements now that will help to ensure that you’re in good stead for the future. We can help. 

¹Rathbones, ²Arbuthnot Latham, 2024 

The value of investments can go down as well as up and you may not get back the full amount you invested. The past is not a guide to future performance and past performance may not necessarily be repeated. The Financial Conduct Authority (FCA) does not regulate Will writing, tax and trust advice and certain forms of estate planning.

‍