Families are more likely to give each other money than talk about it or plan their finances together, new research reveals.
Almost half of grandparents have given money to their adult children, with a third of the latter passing money back the other way. Yet most people remain reluctant to talk to other family members about their finances, according to the Family Financial Tree report from Standard Life.
The study, which looked at how families collectively manage and talk about money, found that 35 per cent of parents and 43 per cent of grandparents would not ask anyone in their family about finances.
Grandparents giving money to adult children have passed on an average of £1,222 over the past year, with an average of £428 going in the other direction.
More than half of grandparents believe they’re providing more financial assistance to younger family members than they received from their own parents or grandparents.
One in four is passing on wealth to their children and grandchildren now, rather than doing so through their will, but less than half have talked to family members about inheritance, the survey found.