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Half of all senior citizens
participating in a recent survey said that they have never had an in-depth conversation
about their financial situation with their adult children. In total, only twelve
percent of all seniors surveyed have spoken with their children and developed
a sound plan to address their financial challenges.
The independent online
survey, conducted with Crestwood Associates in partnership with Golden Gateway
Financial, the Web's most comprehensive financial resource for senior citizens
and retirees, revealed a critical need for a more open financial dialogue between
older Americans and their children.
The study surveyed senior
citizens and the adult children of seniors, but not necessarily matched pairs.
All participants had directly researched or purchased financial services in
the past. The survey asked both groups individually whether they had spoken
with their families about their parents' financial health as well as the results
of that conversation. Actual percentage responses are available by contacting
Golden Gateway Financial.
Observations include:
-- Approximately half of
all senior citizens and adult children surveyed responded that they had not
spoken about their parents' financial situation
-- Roughly one quarter of
seniors who have spoken with their children still have not found a solution
to their parents' financial difficulties
-- Two thirds of senior
citizens who had not spoken with their children declared that they did not want
to discuss finances with them in the future
-- Only a third of adult
children surveyed reported having confidence in their parents' retirement finances
"In speaking with
seniors and their families it is obvious that finances remain an awkward topic
of conversation," said Eric Bachman, founder and CEO of Golden Gateway
Financial. "With mounting economic pressures and the recent government
legislation that will give seniors even more financial options, it is critical
for families to discuss their concerns and create a solid financial plan for
retirement and beyond."
"Adult children should not be concerned about financial role reversal,"
said Edgar Kully, Crestwood Associates' Principal.
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