Helping build wealth for life, and peace of mind for generations
At GenCrest, we believe a family’s legacy is measured by more than what it leaves behind. It also depends on how well the next generation is prepared to receive it. In the coming decades, a historic transfer of wealth will pass to today’s young adults. We care about getting them ready for it because the values, judgment and confidence they bring to that moment will shape whether a family’s wealth lasts across generations or fades within one.
The good news is that financial confidence isn’t taught in a single conversation. It’s built over time through everyday moments at home. Here are four ways to start.
- Share your mistakes, not just your rules
Rules tell young adults what to do. Stories show them how to think. When you talk openly about a money misstep, such as an investment that went sideways, a purchase you regretted, or a year you overspent, and then explain how you fixed it, you show that mistakes can be survived and that recovering from them is a skill.
- Pick one money mistake from your own life and share it this month
- Walk through what you learned and what you’d do differently
- Ask them what they would have done in your place
- Hand over a real responsibility
Nothing builds confidence like ownership. Giving a young adult a recurring bill or subscription to manage lets them practice budgeting, tracking due dates and weighing value, while the stakes are still manageable.
- Transfer one recurring expense, such as a phone plan, streaming service or car insurance
- Agree on how it will be funded and what happens if a payment is missed
- Check in monthly at first, then step back as they show consistency
- Make money a normal topic at home
In many families, money is a private or even uncomfortable subject. Talking about it openly, including bills, lessons, investments and dreams, takes away the mystery and invites questions that might otherwise go unasked.
- Talk through a household bill or statement together
- Share how your investments are doing and why you hold them
- Ask about their financial goals and dreams, and take them seriously
- Invite them into a big decision
Young adults learn a great deal by watching how you reason. Including them in a major decision, like buying a home, choosing a vehicle, planning a family trip or making a charitable gift, lets them see how you weigh trade-offs, gather information and arrive at a choice that fits your values.
- Choose an upcoming decision and bring them into the process from the start
- Say your reasoning out loud: the options, the risks and the priorities
- Ask for their input and explain how it shaped the final outcome
Weaving it into everyday life
“By consistently weaving these conversations into everyday life at dinner, during car rides, even while shopping, you demystify money and teach your children how to think critically about their own financial decisions,” says Sherry Campbell, CEO of GenCrest. “They begin to see money not just as a tool for spending, but as a reflection of their values and goals.”
Partnering with your family
These conversations matter, and you don’t have to have them alone. We have worked with families across generations and would welcome the chance to help. We can hold family meetings, introduce your heirs to your financial picture at a pace that suits you, and give young adults a trusted place to ask questions and build their own plans. Together, we can help make sure your legacy is carried forward by a generation that is ready to protect it.
To start a conversation about involving the next generation in your family’s financial life, contact your GenCrest advisor.