Baby boomers and older Americans in a new survey said they first talked with their parents about the family's financial situation when they were 22, Northwestern Mutual reported Tuesday.
Times have changed, and the time to talk is trending a lot sooner. Generation Z had that first family conversation at age 15, while the average American in the survey considers age 17 the right time.
In a statement, Northwestern Mutual noted that its Planning and Progress Study is exploring the topic for the first time.
"Talking about money with your family used to be taboo in society, but today, young people are changing the conversation," Aditi Javeri Gokhale, chief strategy officer, president of retail investments and head of institutional investments at Northwestern Mutual, said in the statement.
"Meaningful wealth discussions between generations are now happening earlier in life and more frequently," Javeri Gokhale added. "Beyond financial planning, these conversations are also moments to reconnect with children on values, hopes, expectations and the financial acumen they need to thrive today and long into the future."
The Harris Poll conducted the Planning and Progress Study online between Feb. 13 and March 2, surveying 2,740 U.S. adults.
The survey also found that 28% of Gen Zers consider family members the most trusted source for financial advice, followed by 22% who said financial advisors. Only 6% mentioned financial influencers/social media as a trusted advisor.
