To use our website, we recommend using the latest version of Microsoft Edge, Chrome, or Safari.
Episode 9: Better late than never
On this episode...
Cultural and generational differences play a big role in the financial relationship between parents and their adult children. In traditional African culture, parents and children simply don’t discuss finances, and for Ornella and her mother, Didi, that was certainly the case. That is, until Ornella followed in Didi’s footsteps and opened up a restaurant that serves traditional African food. Then everything changed, and they’re never going back.
This episode’s expert is Dr. Brad Klontz, Certified Financial Planner, financial psychology professor, and Founder of the Financial Psychology Institute. He delves into the study of financial psychology, how parents and kids can broach the topic of money and how to overcome financial-related shame.
To open a dialogue around money with a parent, interview them about their relationship with money. Asking questions like, “What was it like for you growing up around money?” will help you better understand their financial beliefs.
1 out of 3 Americans admit to financial denial, where they don’t want to think about their financial situation because it’s so stressful. Recognize that you are not alone, and most people feel some type of money shame.
An allowance is a great way to start talking to your kids about money. Consider splitting their allowance into four buckets and explain the importance of each: spending, saving, donating and investing.
The views and opinions expressed in this podcast are those of the speakers at the time of recording and are subject to change as market and other conditions warrant. This podcast is for informational purposes only and is not intended to be, nor shall it be interpreted or construed as, a recommendation or providing advice, impartial or otherwise, regarding any specific product or security.
Financial planning and investment advice provided by John Hancock Personal Financial Services, LLC (“JHPFS”), an SEC registered investment adviser. Investments: not FDIC insured – No Bank Guarantee – MayLose Value. Investing involves risk, including loss of principal, and past performance does not guarantee future results. Diversified portfolios and asset allocation do not guarantee profit or protect against loss.Nothing on this site should be construed to be an offer, solicitation of an offer, or recommendation to buy or sell any security. Before investing, consider your investment objectives and JHPFS’s fees. JHPFS does not provide legal or tax advice and investors should consult with their personal legal and tax advisors prior to purchasing a financial plan or making any investment.
Unless otherwise noted, the speakers are not affiliated with John Hancock and they may have been compensated for their time.
Ready to talk through your own financial situation?