Family Wealth Study: What Do Children of Wealth Really Want?
Finances can be an uncomfortable topic for families. But these key findings from a Versta Research study* for Wells Fargo Private Bank show children actually want to talk about it more.
They…desire more family discussions about wealth
Only 6% of children report that their families meet regularly to discuss finances, yet more than half of those not having regular meetings feel they would be valuable.
They…want to meet with the family’s financial advisors
48% report that their parents work with a financial advisor, and 88% of children who don’t regularly meet with one would value it.
They…wish they knew more about investing
Most children of millionaires give themselves a C grade in understanding insurance, taxes, and investing, yet they give themselves a B for budgeting, saving, and managing debt
They…wish they were more financially independent
55% rely on families for financial support; 66% yearn for more financial freedom
* Versta Research conducted a national survey for Wells Fargo Private Bank of 1,003 Gen Z (ages 16 to 21) and younger millennials (ages 22 to 26) whose parents had an estimated net worth of at least $1 million.