Overview: 

For those of us in adulthood that have a decent relationship with our parents, there comes a time where you suddenly realise your parents don't actually know everything and chances are, there are things you may know more about than them. This of course could be anything, our parents might know more about the specific field they work in, but if we're more literate in finance (i.e. we work in the industry), how are you to approach that conversation with them? 

When you realise that perhaps you have more knowledge in this area and you start to go down your own financial-improvement journey, it's natural to think how those around you are doing.

So then what happens if you start to realise that perhaps your whanau aren't in the best position for retirement? Perhaps they're showing signs of spending beyond their means, they're struggling with debt or they haven't thought about.

Society tells us that we shouldn't engage in these conversations with our whanau – how RUDE! But if we don't aren't we just perpetuating the problem?

In this episode, we cover:

• Do Cat & Christine talk to their parents about money and retirement?
• Weighing up your motivations when talking to your parents about money – is it for selfish or selfless reasons?
• Why this is an important topic to be talking about, particularly in NZ
• How means-testing in relation to NZ Super tie into this conversation
• Determining whether you're the right person to be having the conversation
• Is a third party better to be brought in, to talk about money? I.e. a lawyer
• Why starting with goals and questions might be an effective approach versus jumping straight into the detail
• Thinking about your, and your parents’ reality versus dreams when talking about retirement
• Things Cat & Christine’s family have done well, or wish they had done when it comes to money, whilst they were young

1. Te Ara Ahunga Ora – Great financial research to support this topic
2. Sorted NZ
3. Mary Holm's Financial Adviser list