Talking about financial security across generations
It can still be a challenge for many South African families to talk about wealth and securing it across generations. International research suggests that family wealth rarely lasts more than three generations for the simple reason that families do not talk about money or inheritance and do not create a family roadmap to protect intergenerational wealth.
Creating wealth for the next generation will make their lives so much easier, especially in a world where everything is expensive. Imagine being able to leave enough money for the next generation to enable them to study further or pay towards a family home. You will not only leave a legacy behind as a family member who cared for the young ones, but also give them a leg up to get further in life.
Research indicates that core beliefs about money and wealth are instilled in children before the age of seven. If they develop a positive relationship with money management, it will play a pivotal role in shaping their lives.
Listen to Daryl Coker, advisory partner at Citadel, talk about how to have these conversations that can be life-changing for the new generation.