Planning for your financial future isn’t just about numbers – it’s about people. One of the most impactful steps you can take as a parent, grandparent or business owner is to involve the next generation in financial conversations. Children and young adults who understand your values, goals and intentions around wealth are better prepared to make informed decisions and carry forward your family legacy.
Including the next generation also reduces the likelihood of conflict when wealth or business ownership is transferred and fosters financial literacy. At Davie Kaplan, we help clients structure these conversations and include family members in client meetings in ways that are appropriate for their age and experience.
Why It Matters
- Building Financial Literacy
Children who learn about budgeting, saving and investing early are more likely to develop responsible financial habits. Even basic exposure to concepts like asset allocation, retirement accounts or charitable giving lays a strong foundation for the future. - Preparing Future Leaders in Family Businesses
For business owners, engaging the next generation early ensures that they understand business operations, retirement planning for employees and strategic decisions. This knowledge prepares them to take leadership roles with confidence and continuity. - Preserving Family Values
Wealth isn’t just money; it’s a reflection of values and priorities. Discussing your philosophy on money, philanthropy and risk helps the next generation make aligned decisions and carry on your legacy thoughtfully.
Practical Ways to Involve the Next Generation
- Start Small: Introduce topics gradually. Begin with basic concepts such as budgeting, saving and charitable giving.
- Use Real Examples: Show how household finances or your business operates in a simplified, age-appropriate way.
- Introduce Key Documents: Explain trusts, wills and retirement accounts in terms they can understand.
- Create Opportunities for Participation: Invite them to help review family budgets, participate in charitable decisions or attend a portion of client meetings.
- Hold Family Meetings: Schedule periodic discussions to review goals, business or investment performance, and plans for future involvement.
At Davie Kaplan, we can guide families through structured meetings that include the next generation. This ensures the conversation is productive, age-appropriate and aligned with long-term planning objectives.
Common Questions About Involving Children and Grandchildren
Q: At what age should I start talking to my children about finances?
A: Even young children can begin learning the basics of saving and giving. Teenagers can be introduced to concepts like budgeting, investing, and the importance of retirement planning. For business successors, more detailed discussions can begin in late teens or early twenties.
Q: How can I involve them without overwhelming them?
A: Start with short, focused discussions on specific topics rather than trying to cover everything at once. Use real-world examples and encourage questions. Gradually build complexity as their understanding grows.
Q: Should children be present at all client meetings?
A: Not necessarily. They can attend selected portions of meetings relevant to their role or understanding. Davie Kaplan helps families structure meetings so that the next generation participates meaningfully without feeling overwhelmed.
Q: How do I handle differing levels of interest among my children?
A: It’s common for some children to be more engaged than others. Focus on providing opportunities and education without forcing participation. Over time, even less interested members often gain understanding through observation and discussion.
How Davie Kaplan Can Help
- Facilitated Family Meetings: We help structure discussions, identify topics suitable for each family member and make meetings productive.
- Education and Guidance: Provide age-appropriate explanations of financial, retirement, and estate planning concepts.
- Next-Generation Inclusion: Guide clients on involving children or grandchildren in ongoing planning, charitable decisions and business succession discussions.
- Long-Term Strategy Alignment: Ensure that including the next generation supports overall family and financial goals, reducing risk and conflict.
By starting early and including the next generation thoughtfully, you not only prepare them to manage wealth responsibly but also strengthen their confidence and alignment with your family’s long-term goals. Wealth planning is not just about assets – it’s about teaching values, responsibility and stewardship that will last for generations.