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Have open with our Children about money, teaching them about earning pocket money, saving, spending their holiday money, then when older helping them to budget. They have left home, and are financially independent. We will continue to be open, as it seems to have worked for our family.

Many years ago, my mother was becoming more and more forgetful and confused, to the point that we knew she would soon need to be cared for in a home. By the skin of our ( my brother and I) teeth and the help of the family doctor who had known us from birth, we managed to get a Power of Attorney set up so we could deal with her financial and health affairs. Otherwise it would have been really difficult to sort out the finance when, as expected, she had to move into a care home.
So, remembering this, in my early 70s I told my elder daughter and partner that I would like to give them Power of attorney over finance, not to be used now, but to be available if I went the same way as my mother . They agreed and it is in place. I didn't like doing it, as I'm ultra independent and hate the thought of not being in control, but trust they will only act when and if it is indubitably necessary.

It is a difficult subject and one I am cautious of with older relatives for fear of seeming money grabbing or interfering. From my own perspective if I were to pass away suddenly I have made generalised comments to various family and friends but know I should make more serious arrangements .

All 3 of our adult children seem to have a careful regard to money & savings. I think because we have always been self-employed with our own business & they have seen how stressful it is to owe money & worry about paying the mortgage. Finally paid off, I’m delighted to say. Our wills leave everything to be divided equally, after my parents’ wills, while trying to consider differing situations, made things far more complicated.

My husband and I had a major falling out over money in 2018. He went out and got a separate bank account and so did I! These days, any discussion about money ends up in an argument and us not speaking for days! Once the pandemic is over, I am planning to leave him and get my own place! I worked full time in a Senior Nursing role my entire married life, so I have a good NHS pension - I am not prepared to put up with his penny-pinching ways any longer! Since he was made redundant when he was just 51, he has become very mean and tightfisted! I am nearly 64 now and I am not going to live the rest of my life the way he wants! Yes, I am sad that after 46 years together, 37 of them married, that it has come to this, but unfortunately that's the way it is! We are both stubborn and under no circumstances am I going to be browbeaten by him! ??

we had a direct debit sort of setup whereby all the bills were going out automatically as we had a steady income. However, due to the Covid-19 situation it has all gone pear shaped! Our savings had to be dipped into and we had to make some adjustments. This is why I STRONGLY advise my children to make sure how that no matter how comfortable they feel their current financial situation is to make sure they save enough money for a 'rainy day' -at least
a years worth of spending should be saved. This is to ensure that if they lost their jobs they have a year to find other work....and taking into account the current situation I will always advise to have a plan B!

We have always said to our son that he should never get to the point where he is in financial difficulty, because it is easier to fix things early rather than let things get worse, and that he should speak to us if needs be. Fortunately we are in a position where we can help, within reason, if necessary. Plus he is pretty responsible. And we did help him out recently when he had a brief period out of work through no fault of his own. Dont find it embarrassing in the least. Never had the need to discuss money with other family members as they are all pretty self sufficient.

I find it difficult to be open about finance especially with one grown up child who is close to the cousins on my ex-husband's side. An abusive relationship ending with my ex taking half of my assets has made me very cautious, but I am trying to get better at this.

My father was an accountant so I was brought up understanding how to manage money. When he died I had to help my mum with things such as managing a current account, something she'd never had, as he dealt with everything financial. She was given a weekly allowance in cash to buy groceries etc!
I did think his ways of budgetting were a little strict and I'm not as rigid as he was. I just try to keep costs down and consider large purchases very carefully.
As regards my children, I've always been open with them about money and both seem to manage their affairs well. On occasions I have lent both of them money for large purchases, the most recent being cars. One has completely paid back her loan but my son still owes me money for his.
I plan to downsize, when I've done the necessary de-cluttering, and hope to release capital to help them get on the property ladder. With interest rates so low, saving is something I still do, though it seems a bit pointless sometimes, but I like to know I always have enough to deal with any eventuality. Being on a low income I'd hate to have to borrow if my old jalopy pegged out and needed replacing. The interest I'd have to pay on such a loan would be huge in comparison to what banks pay on savings!

We've tended to talk about money quite openly over the years. There are awkward bits asking for help. But my Dad had help from his parents too which makes me feel better about it!

I've been fairly open as there are lessons to be learned in how to handle credit cards. Where to look for good sound advice. When to involve a professional.

We don't really need to discuss money now as we are retired and 2 children all grown up and independent. We have separate accounts, as well as a joint one (for bills, holidays and bigger purchases) so are happy to use our own money how we like. Children know we would help out if necessary and will be taken care of when the time comes.

Would never talk to family about Finances.Because of the way I feel I would just see it as another way they could see me as a failure and a new avenue to attack on.

Yes we have had the conversation with our son about end of life wishes and finances and he has power of attorney when it is needed. Depressing but has to be done, it takes the burden off them as if they know your wishes and they carry them out then they should have more peace of mind.

I am usually good with money but had to speak to my parents for help when I was quite in debt caused my my partner at that time. It was really scary as we don’t really talk about money and I didn’t want to admit what had happened. I was so lucky that my parents could help and a huge weight was lifted. I vowed never to trust anyone who could affect my finances again

From as early as the kids were able to understand we've always been very open about money, funeral wishes, organ donation etc (even though they don't always like to hear it!) As they've got older we have been more explicit and have made more specific instructions. We could think of nothing worse then being not of sound mind or having passed away and our daughters not knowing what our wishes are.

We're fairly open about our finances, and have brought our children to be as independent as possible, learning the value of money

We have always been open about money and the dangers of risky investments. The children seem to be faring well; one is an accountant about to buy his fairest house, and our daughter handles the finances of a software company she runs abroad with her husband. Our son has full details of where all our fund are.

I have the odd conversation about finances with my adult child with regards to the future and we are both very open about current financial situations and budgeting. If there is a problem or concern we have to problems talking about it and working out a solution.

It got easier since we bit the bullet and became honest about every thing. With most people money and spending discussions are very difficult, but how can you become buoyant if the other doesn't know what is going on. We each pay into a one account enough to cover bills and food. We both put money into a joint saving account and some into an emergency account. What is left is what each gets to spend as we want. I think it makes it easier as we both earn the same amount.

I helped my 3 daughters open their 1st bank accounts and have always been available to give advice, but only when asked !

They have the maths skills to budget successfully and cover Financial Literacy in school now, so just be a good example by letting them see you save for something that you want and not using credit for things that you can't really afford. Help them see that there's a difference between wanting and needing something and let them know that with finance as with anything else, they can always come to you if they have any questions or concerns.

Being disabled and having raised my son on my own for much of the past 20yrs (he's now 24), I've been really open with him since he was about 9 about finances because sometimes in the supermarket I couldn't press the buttons on the chip&pin machine and I had to ask him to do it, so he's always known my pin no.
He always helped me around the house with cooking, cleaning, laundry etc and I made sure to give him a much as I could afford to (as well as emotionally) as a way to thank him for making my life a little easier.
When he was about 10, he regularly asked for computer games when we were out shopping and at £35-50 each, I felt he needed to know that he couldn't have one 'every' week. That was when we sat down and I showed him my monthly budget, explaining that everyone needs to know how to control moneyand I started giving him a substantial monthly allowance from which he had to buy games, sweets, clothes (except school uniform and special outfits) himself. He soon realised that he couldn't afford everything he wanted immediately and that he needed to budget and save.
Many times over the years he's said how much he appreciates me having done this with him and he's really good at managing his money and finding bargains.
We're now discussing my finances in a lot more detail because I'm about to arrange a Financial Lasting Power of Attorney, which will give him authority to look after this for me. He already has access to and authority to talk to certain companies (like utility providers) on my behalf but I am conscious that in time I may need these arrangements to be put on a more official footing, which is why we're looking at it now so that something is put in place whilst I'm still managing to do things myself before it becomes an emergency situation.

When did you decide to talk to your family about money and how did you get the conversation started?
When I literally had no money I was forced to speak up, otherwise I wouldn’t.

Did you find it an uncomfortable or difficult conversation to have?
Yes, I would prefer not to discuss money

Have you spoken to your parents about your role in organising their money?
No and I would not unless they broached the topic first

Or have you had a discussion with your children about their involvement in your finances?
No

Have you had to give some control of your finances to another person during the pandemic, for example to someone who does your weekly shop?
No

Since childhood, we have encouraged our children to be savers and encouraged them to save up their pocket money for the things that they wanted. This saving ethic has continued through into adulthood.