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Fidelity Study Finds Families Need Better Communication About Financial Planning
Having a financial plan is important, but making sure family members understand that plan can be just as critical.
New research from Fidelity Investments finds that only 37% of older adults have peace of mind about their planning, highlighting a gap between having a plan in place and preparing loved ones to carry it out.
Chandler Riggs, vice president and financial consultant at Fidelity Investments, says many parents have completed important planning tasks but have not shared enough information with their adult children.
That disconnect can leave family members uncertain about their loved ones’ wishes or what steps to take if an unexpected illness, loss or other major life change occurs.
Riggs describes a “transition-ready family” as one that prepares both its financial plans and the people who may need to help manage them. That preparation can include aging, healthcare decisions, estate planning and transferring wealth to the next generation.
He recommends three steps families can take to improve their preparedness.
First, start the conversation. Families can begin by discussing their goals and values before moving into more complex topics, such as healthcare wishes, estate plans and financial responsibilities.
Second, get organized. Important information about financial accounts, estate plans, healthcare directives and other records should be documented and accessible to the appropriate family members.
Third, revisit the plan regularly. As families grow and circumstances change, financial and estate plans should be reviewed and updated.
Riggs says having wealth does not necessarily guarantee peace of mind. Families may still worry about whether loved ones understand their plans or know where to find important documents when needed.
More information and planning resources are available at fcfe.fidelity.com.
By: NBC Palm Springs
October 16, 2026
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