Besides the lack of these crucial documents, the survey found that long-term care is one of the biggest considerations for which Americans are unprepared.
Fifty-one percent of Americans 50 and older said they do not have any long-term care plans in place, while 10% have arranged to live with a child or another close family member.
In another finding, 53 million respondents said they wish their parents and in-laws did a better job of managing their money. Millennials expressed the most concern about the solvency of their parents’ finances.
Fifty-three percent of these young participants worried that their parents and in-laws will become financially dependent on them one day. This spotlights the need for transparent dialogue within the family, Edward Jones said.
The Call for Advice
Seventy-one percent of respondents said the pandemic has brought their family closer together, and 63% agreed that there are many benefits of involving different generations in important financial decisions.
Still, challenges persist in having family conversations about important financial topics, according to 60% of the sample. Twenty-two percent cited avoiding family conflict as a roadblock to discussion.
Twenty percent said they wanted to avoid burdening family members with their finances, and 18% acknowledged that they are simply too uncomfortable to discuss these topics.
“A financial advisor can help facilitate these conversations making things a little easier as family members navigate financial concerns, intergenerational needs and end-of-life financial considerations,” Carnie said. “To leave the legacy you desire, it’s essential to have a strategy and seek out trusted advice from a financial professional.”
In fact, 22 million Americans began working with a financial advisor for the first time during the pandemic, Edward Jones said.