Survey: Moms lead way in discussing family finance

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Associated Press

Posted on May 7, 2013 at 12:01 AM

Updated Tuesday, May 7 at 12:02 AM

BOSTON (AP) — Who's better at getting a family to talk about money matters, mom or dad? Taking sides probably won't make for a harmonious Mother's Day celebration on Sunday.

Yet a survey by a financial services company found that mothers clearly have the upper hand over fathers in getting the discussion started with their adult children.

Findings released Tuesday by Fidelity Investments show that moms are often the first to encourage conversation, whether it's about financial security in retirement, caring for an elder or estate planning.

For example, 70 percent of the mothers aged 55 and older reported they'd had comprehensive discussions with their adult children about their ability to cover living expenses in retirement. Just 55 percent of fathers had talked about that topic.

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