Participants in the survey were classified in the following categories; GenXers were born from 1965 to 1979, Late Baby Boomers were born from 1956 to 1964 and Early Boomers were born from 1946 to 1955.
Some of the interesting results from the survey included:
- About 72% of the GenXers and Boomers interviewed agreed with this statement: “If my parent(s) were to pass away, I (or one of my siblings) know what we need to do and whom we need to contact to settle the estate.”
- Similarly, 63% of the GenXers and Boomers agreed that, “If my parent(s) were to pass away, I would be able to locate all of the critical financial records and documents required to settle the estate fairly easily.”
- But the researchers found that the GenXer women interviewed either were far less informed about their parents’ financial affairs or far more honest about their level of ignorance.
- Only 57% of the GenXer women said they would know what to do and whom to contact to settle the estate, and only 54% said they would be able to locate the critical financial records and documents required to settle the estate fairly easily.
Amazingly the parents that participated in the survey said, “they had not spoken to their children about the location of financial assets for the purposes of wealth transfer.”
Do you think this lack of communication is simply laziness, not making it a priority or just not wanting to talk about the topic?
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