Financial ignorance in a family can divide and damage. Overcome these obstacles to preserve your wealth, align your family values and bring you closer together.

It has been a rallying cry among the political masses through to big pharma producing a vaccine to fight COVID both last year and this year. We’ve talked before about the advocacy of family gatherings to discuss the family wealth, but how do we educate those that haven’t been so well read in all matters financial?

It comes from making you all equals around a table. No question is too stupid to ask within the confines of the family space. If you are the one person who knows how to earn, manage and save money, it can be emotive to see the rest of them spending it.

While the family is young, it is easier to instil an understanding as well as knowledge and provide opportunities for them to budget for themselves. But when they are older, it can be a trickier proposition. A teenager is less likely to want to sit down and talk about pensions and portfolios over romance and friendships. But as young adults, they are already aware of lifestyles and aspirations that they will want to achieve.

Providing them with reading material or academic books concerning wealth is not going to be too well received at this point and so the advocacy of these meetings will allow you to not only gauge their knowledge but help them expand it. It allows you to nurture and be inclusive and not preach.

This is a proven process in bringing emotional maturity to the meetings as well as maintaining the core value that money in their lives is a creative force to be respected and valued.

It allows your wealth to have family members preserving it and working in unity in the interest of it. Above all else, it allows the family to work as a team.

It delivers on the saying of being stronger together.