Hopefully, you have a good handle on how much your net worth is. But do you know how your parents stand in that area? It's important information to have, because so many of us will end up taking care of our parents in their old age. But adult children tend not to know what their parents' financial situation is.
That's the result of a new study from Fidelity. Adult children, Fidelity found, tend to underestimate their parents’ net worth by $300,000, on average. As a result, more than 40 percent of adult children worry that they will end up serving as their parents’ caregivers. But only 6 percent of parents say the think their children will need to fill that role.
A lack of communication is at the root of this. The adult children surveyed by Fidelity felt it was important to have this difficult conversation relatively early in their parents’ retirements. But the parents would rather delay it as long as possible.
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