The festive season is a time for joy, connection, and reflection. It’s also one of those rare moments when multiple generations gather under one roof – an ideal opportunity to talk about family financial planning, retirement strategies, and estate planning.
At Stratus Financial Group, we believe these conversations don’t have to be awkward or overly formal. Handled well, they can become some of the most meaningful moments shared during the holiday break. Open financial conversations strengthen family bonds, reduce future stress, and ensure everyone is on the same page for the years ahead – a true gift of peace of mind.
And these conversations don’t just happen at the dining table; many families are now choosing to bring them into their financial planning meetings. We are increasingly working with clients who involve their children in these discussions, and it’s proving highly valuable. This approach fosters transparency and confidence across generations, and if it is your wish, we are ready to include family members to help everyone understand the plan and feel secure about the future.
Why These Conversations Matter
Australia is entering a pivotal phase in its financial history: the largest intergenerational wealth transfer ever recorded. An estimated $3.5 trillion is expected to change hands over the next two decades, yet research shows that 70% of families lose their inherited wealth by the second generation and 90% by the third.¹
The main reason? A lack of communication and preparedness. When families don’t talk openly about inheritance plans or financial values, the result can be conflict, surprises, and assets that evaporate. By contrast, families who take the time to talk through financial planning and retirement strategies tend to have more stability during periods of grief or transition.
Simply put, involving your loved ones in conversations about finances is one of the greatest gifts you can give them for the future.
How to Start the Conversation Without Killing the Holiday Vibe
Let’s be honest: no one wants to bring up superannuation or Wills over Christmas lunch. The key is to approach the conversation with care and tact, so it doesn’t kill the holiday vibe. Here are a few strategies our advisers recommend for keeping things warm and constructive:
- Pick the Right Moment
Avoid the main event. Instead, try a quiet coffee with Mum in the morning, a walk with Dad after dinner, or a relaxed chat while wrapping presents. These quieter moments are ideal for gently raising topics like estate planning or insurance. - Use Stories
Share your own experiences – what worked, what didn’t. Maybe you recently updated your Will or helped a friend navigate aged care for their parents. Personal stories make the topic relatable and less intimidating. - Frame It with Care
Lead with empathy. Try: “It’s been on my mind lately – do you know where your estate documents are?” This isn’t about prying; it’s about protecting the people you love. - Ask Open Questions
Keep it light and curious:- “Have you thought about updating your Will?”
- “Is your insurance still right for your stage of life?”
- “Do you know what options you’d prefer for aged care?”
These questions open the door without pressure. Many clients are pleasantly surprised that once the conversation starts, it often brings a sense of relief to all involved. From our experience, people want to talk about these things, they just don’t know how to start.
Financial Tips to Share Around the Table
Between the bonbons and backyard cricket, the holiday period offers a natural pause in the year. Families slow down, reconnect, and often start reflecting on the future. It’s also one of the few times when adult children, ageing parents, and even grandchildren are all in the same place. This relaxed “all together now” setting creates a safe space for sensitive topics like estate planning, retirement planning, and aged care options.
Here are practical ideas to make the most of these moments:
- Review Estate Documents
Wills, powers of attorney, super nominations – are they current? Do your parents know where the originals are? If not, maybe it’s time to help them get organised. - Check Your Insurance
Is everyone covered appropriately for their age and circumstances? Life insurance, income protection, trauma cover, even health insurance – these can shift as life does. A quick review could make a big difference. - Talk About Gifting
If you’re helping children financially – say, with a house deposit – consider structured loans or co-ownership. It protects your own future and sets clear expectations. - Encourage Financial Literacy
Share budgeting tips, favourite apps, or even your own financial missteps. These stories help younger family members learn without judgement, and they might even teach you something in return.
These aren’t just financial questions, they’re legacy questions. And they are best asked when the family is relaxed, connected, and open.
The Sandwich Generation: Supporting Both Sides
For those in their 40s and 50s, or older, the holiday break can be a reminder of the dual role they play: supporting ageing parents and adult children. Whether it’s helping children into the property market or checking that your parents’ estate documents are up to date, balance is key.
If aged care planning is on your mind, start the conversations early. Reassure your parents or grandparents that you want to honour their wishes – it reduces stress and avoids surprises later.
Let’s Make This Holiday Count
The greatest gift you can exchange this holiday season isn’t wrapped in paper; it’s the gift of understanding and security that comes from meaningful financial conversations. Rather than avoiding “money talk,” embrace it as a way to ensure everyone you love is taken care of.
If you’d like help reviewing estate planning documents, checking insurance cover, or formulating a broader family financial plan, reach out to the team at Stratus Financial Group. We’re here to turn awkward money talks into empowering family traditions.
Contact Brett Cribb, Steve Nicholas, James Marshall and Debbie French at +61 (0)7 3007 2007, or email info@stratusfinancialgroup.com.au.
Stratus Financial Group helps individuals, families, and retirees manage their complex financial affairs and coordinate their professional advisers.
Stratus Financial Group and its advisers are Authorised Representatives of Fortnum Private Wealth Ltd ABN 54 139 889 535 AFSL 357306. This is general advice only and does not take into account your objectives, financial situation, or needs, so you should consider whether the advice is relevant to your circumstances. Always read the relevant Product Disclosure Statements (PDS) before making any financial decisions.
[1] Wealth transfers and their economic effects – Commission Research Paper | Productivity Commission