How to talk about money with your family

April 21, 2023

If your children are high school age or older and you haven’t talked with them about your family’s finances, it may be time to start.

There are a number of reasons why parents might avoid bringing up money with their high school or college-aged children. Some don’t feel it’s appropriate to tell children about the family’s money in general. Parents may also find their children are uninterested in talking about money or planning.

However, engaging your children in your family finances supports three things:

  1. It’s an effective way to teach young adults about money management and financial independence.
  2. They’ll be better prepared to handle your finances in an emergency.
  3. Long-term planning as a family can help protect and grow the legacy you’ve worked hard to build and preserve.

Open communication is a big part of setting up your family for future success. Begin with low-pressure conversations and communicate early and often.

Here are some tips for getting started.


Start the conversation

It’s not necessary to pull out spreadsheets and review accounts in detail. Provide some basic information about money and how to manage it. Discuss common challenges in managing money and creating wealth.

A good way to start the conversation is to talk about goals. Consider asking these goals-focused questions:   

  • What are your needs, wants and wishes?
  • How do you think about money? 
  • Who do you talk to for financial advice?
  • How do you make decisions about saving and spending money?
  • What should the balance be between money earned and money saved?
  •  Who do you want to give to? Who or what organizations are important to you?
  • Where do you want to be financially in 5 or 10 years?


Share knowledge

These conversations can be a great opportunity to start passing on financial knowledge, especially if your children are not financially experienced. Share your tips on things like budgeting or talk about common money mistakes

Ideally, your children will start to determine their own goals and financial identity because of your example. Establishing a common ground provides a foundation for ongoing communication and, eventually, wealth creation.  


Involve professional guidance

A financial professional can help you manage your financial plan and can be a great resource to help start — or elevate – family conversations, especially if you or your children are hesitant to bring up money.

A financial professional can identify what information is important and what questions should be asked and answered. Most welcome the opportunity to work with their clients’ families. As they form relationships with your children, they can assist them in developing their financial decision making skills.


Spending time talking about money and planning as a family can pass on financial knowledge, prepare for emergencies and build long-term personal wealth. 


Additional resources:

Conversations with your children about your estate plan are especially important but can be emotional. Read more on how to approach estate planning as a family.

Learn about our approach to financial planning.

Related content

6 tips for trust fund distribution to beneficiaries

Estate planning documents: Living trusts vs. will vs. living will

Multigenerational household financial planning strategies


Start of disclosure content

Investment and insurance products and services including annuities are:
Not a deposit • Not FDIC insured • May lose value • Not bank guaranteed • Not insured by any federal government agency.

U.S. Wealth Management – U.S. Bank is a marketing logo for U.S. Bank.

The information provided represents the opinion of U.S. Bank. This is not intended to be a forecast of future events or guarantee of future results.

U.S. Bank and its representatives do not provide tax or legal advice. Your tax and financial situation is unique. You should consult your tax and/or legal advisor for advice and information concerning your particular situation.

U.S. Bank does not offer insurance products but may refer you to an affiliated or third party insurance provider.