Families harness generational wealth but still avoid key conversations

The massive generational wealth transfer now underway could strengthen family finances, but only if households address significant gaps in communication, according to a new report.

Fidelity Investments’ 2025 Family & Finance Study surveyed parents 55 and older with at least $500,000 in investable assets, along with their adult children ages 25 to 54 and found that, despite widespread acknowledgment that estate discussions are important, many families remain silent.

More than half of parents have not shared their net worth, and 68% have not discussed what their children may inherit or when. At the same time, 95% of adult children believe they can responsibly handle inherited assets, while one in four parents doubts their preparedness.

Timothy Habbershon, managing director and founder of the Fidelity Center for Family Engagement, says that age often increases reluctance to talk about key financial issues.

“As people get older - especially past 70 - they often become less willing to talk about things like estate planning, long-term care, or how their family can be involved in planning and decision-making,” he says. “But with trillions of dollars preparing to change hands, there are millions of families going through generational transitions. This is a unique opportunity to start planning conversations that can create confidence, closeness, and peace of mind for years to come.”

The study found that 70% of parents have created wills or estate plans, yet only 32% have shared concrete inheritance details with heirs. Expectations also diverge with 76% of adult children wanting to know if they are beneficiaries, compared with just 35% of Boomers who feel such information needs to be conveyed.

While 75% of partnered women say they could manage finances if their partner died - with confidence highest among Boomers - only 30% have documented estate plans, and even fewer have addressed power-of-attorney designations or long-term care considerations.

Fidelity’s research notes that families who engage in transparent discussions report greater confidence and preparedness. The firm encourages starting with values-based conversations, documenting healthcare and financial wishes, and involving the next generation earlier in the planning process.