Asking your family about money shouldn’t be awkward.

Make the most of your money – together

Chatting to family about your finances can seem scary – but it doesn’t have to be.

What if it was empowering instead? With the help of an adviser, you can cut through the complexity and arm the whole family with the facts. So you can step forward into a brighter future that works for everyone.

See what other people wish they could ask…

We believe families can plan their futures and help one another in more meaningful ways when they open up about their finances. But many don’t. See what we found when we asked the public about their uncomfortable money questions.

But remember, to get the most from those conversations, it really could help to have an expert, independent eye to guide and advise. Speak to a financial adviser today.

Why it’s time to start talking

With everything the past few years have thrown at us, we’ve all seen the importance of planning. Yet most of us don’t know how, or feel too intimidated, to start.

We’ve pulled together the tough topics that could make a big difference. Click the topics below to get an idea of what areas you should be talking about, why, and how an adviser could help.

Inheritance planning

The questions you could ask

  • How much are you leaving me in your will?
  • What would you do if you received an inheritance?
  • How are you dividing our inheritance between me and my siblings?

Why talk it through

Dodge this sensitive subject and you and your loved ones could lose out unnecessarily. The Inheritance Tax threshold has been frozen at £325k until 2026, so more of us could face paying this tax in future.

If you’re smart and plan ahead, you could avoid some or all of it. Or your family might find that a will isn’t really the best way to pass your wealth on after all.

How an adviser can help

Maybe a child’s inheritance money could make a bigger difference sooner rather than later. An adviser can help you figure that out, as well as how to minimise inheritance tax through gifts or trusts.

Savings support

The questions you could ask

  • How can I help you save for your future?
  • Do you think you’re putting enough away?
  • Are your debts manageable?

Why talk it through

With the cost of living going up and rising inflation eating away at our savings, it can be hard to find some breathing space.

A loved one can feel embarrassed to raise the issue or ask for help. But it could be just what they need to support them through tough times.

How an adviser can help

Speaking to your adviser can help a family work through any goals, plans or savings already in place. If someone needs help, then an independent party can help you come to a solution that’s right for everyone.

Figuring out your pension

The questions you could ask

  • Do you know where your pensions are?
  • Are you happy your pension gives you enough to live on?
  • Can your pension be passed on when you die?

Why talk it through

The way you decide to take your pension will affect what you can do with it when you pass away.

While it’s not always easy to talk about, the way you eventually pass on your pension could have the biggest impact on other people, so it could help talking to your spouse, children - or other people close to you, when you’re deciding how you take your pension savings.

How an adviser can help

As an expert, an adviser can take the time to make sense of different pension pots and what’s best to do with them.

Getting on the property ladder

The questions you could ask

  • Could you help me with my deposit?
  • Have you thought about when you want to buy your first home?
  • How are you affording home improvements?

Why talk it through

Of course, better health and longer life expectancies are a wonderful thing. But it does mean that people are inheriting later in life, which can make it difficult for younger family to save for big purchases like a home. A little help getting a foot in their first front door can make a huge difference.

How an adviser can help

A property’s a big outlay, so taking a look at all your finances and future plans together can help you see what’s doable for everyone. An adviser can also help with things like mortgages or how to go about gifting large sums.

Helping with later life

The questions you could ask

  • Do you have money set aside for care costs?
  • What do you want your retirement to look like?
  • Could you help me figure out my finances?

Why talk it through

Later life comes with all kinds of trials and tribulations. Grandchildren whose education might need support, or figuring out the impact of future health care costs. Honest and open conversations can help supporting the ones you love, older and younger.

How an adviser can help

All sorts of things can shape your future – pensions, debts, family homes, health or investments. An adviser can take all of these things into account, putting less pressure on you while still helping to plan a more comfortable post-work life for all.

Becoming a financially fearless family

Whatever your family’s question, an adviser could help find the smartest, fairest outcome for everyone. and keep more of your hard earned wealth in the family.

Take the first step

If you already have a financial adviser, speak to them first as they have the knowledge and expertise to help decide what’s right for you.

If you don't have an adviser already, then please talk to an adviser from M&G Wealth Advice. They are qualified in financial planning and advise on a range of carefully selected products from Prudential and other providers - this is known as a restricted advice service