Netwealth and The Money Whisperer found that there was often a lack of understanding between parents and young adults. The study identified seven ‘financial tribes’ that describe the various approaches that individual family members commonly have to finance, and the added psychological complexities that these attitudes bring to how families deal with money matters.A combination of poor communication between generations, plus these ‘tribal characteristics’, have a significant impact on family financial planning.The report found that only about half (53 per cent) of parents plan to split their wealth equally among their children.And while two thirds of parents (66 per cent) believe that their children have a clear understanding of their.
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