Money matters can be taboo subjects between adult children and their parents.
Wills, estate plans, and the cost of elderly care can be uncomfortable topics for parents and their adult children.
Fidelity Investment's latest survey shows only 51 percent of parents say they are comfortable talking to their adult children about personal finances, including topics like wills and estate plans, elderly care costs, and other retirement expenses.
Only 54 percent of adult children report they are comfortable having those conversations with their parents.
As a result, the survey reveals there are many misconceptions and discrepancies when it comes to family conversations around retirement preparedness.
Lauren Brouhard, Senior Vice President of Personal Investing at Fidelity Investments, says the conversations need to happen so everyone is better prepared for a secure financial future before an emergency, like an illness or early death.
Brouhard explains it can be costly to not have a plan in place, particularly because legal documents are often required for decision-making purposes in situations where an elderly parent is unable to choose for him or herself.
For tips on how to handle the money talk, click here.
(Photo: Scott Barbour / 2014 Getty Images)