March 18, 2015 Fact of the Day: Wealthy Parents Don't Tell Children Their Income
DID YOU KNOW THAT.....forty percent of wealthy households do not want to tell their children about their income and 60 percent do not want to share their net worth?
Why? The most common reason that individuals do not share this information with their children is because they feel it is "none of their business" at 32 percent. After that, other reasons such as "they are too young" at 14 percent and "I worry about how it will affect them" at 13 percent and "They aren't interested" at 13 percent...come into play. About 9 percent are afraid that they will tell others.
For those that do share the information with their children, 24 percent believe the ages of 25-40 is appropriate while 23 percent believe that the children need to be over 40.
Is it appropriate to share this information with your children? How much information do you share and when? If you would like advice regarding the best way to have these discussions, talk to your financial advisor. If you don't have an advisor, check out our "Best Advisors"....