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Talking about money with one’s parents isn’t usually an appealing encounter — but as more millennials and Gen Zers find themselves with aging parents, these discussions are becoming increasingly important.

“The talk” about an aging parent’s finances and end-of-life plans can be the key to ensuring long-term generational wealth — especially since most wealth doesn’t last longer than three generations, according to Dr. Lazetta Braxton, founder of Lazetta & Associates and the Real Wealth Coterie.

“When you don’t have the benefit of having substantial wealth that is taking care of multiple generations … you have to disclose about where everybody is, because if you don’t know, then the risk of the unknown can be catastrophic,” Braxton explained on Yahoo Finance’s Decoding Retirement podcast (see video above or listen below).

Financial discussions have long been considered taboo, especially for older generations. That’s why younger generations often find themselves responsible for initiating these sensitive conversations.

Instead of approaching “the talk” as one tell-all discussion, Braxton encouraged people to think about it as a “series of conversations.”

“It’s not interrogating a parent,” Braxton said. “It’s giving them the opportunity to be proud of what they’ve done, even if they haven’t done all the things they really had desired to along the way.”

For starters, she recommended that younger generations consider how uplifting the environment is before initiating a conversation with their parents.

Often, details about an elder’s power of attorney for healthcare and assets aren’t discussed until a major life event or crisis occurs, which can make financial discussions strenuous.

Instead, it’s best to start these conversations with lower stakes, Braxton said. She warned that approaching the discussion during a high-stress time “could reset the conversation for decades.”

It also may be helpful to have a third party, such as a financial planner, present when discussing more gritty details, as they can provide the facts and act as a neutral player in the conversation, Braxton said. Having a professional be a part of some of these conversations can also help define and outline some of the more confusing terms a person may not know going into the conversation.

“It’s so important in terms of building relationships … [to] know the trigger points and the glimmer points,” Braxton explained. “The trigger points … [shut] a family member down and the glimmer points … [give] them comfort and trust to say it is safe to talk about these conversations.”

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This article is authored by Ajay Tyagi and Rachana Baid, ORF.

New year, new habits.

Shannon McLay, the CEO of financial planning service The Financial Gym, is shaeing the one spending habit that people should break in 2025.

Emphasizing “mindfulness,” the money guru says it’s time to delete easy payment apps off your smartphone, which allow you to make thoughtless purchases with just the click of a button.

“I always say we work really hard for every dollar that we make, so we need to make it hard to spend those dollars because it’s hard to get it in the bank,” she told TheStreet.

“But it’s so easy for us to spend money we spend on our phones. We spend it with credit cards on apps, and we don’t realize where it’s going.”

McLay says financial experts “hear all the time” that their clients have “no idea” where their money is going, with many saying they “make it and then it’s gone.”

She encourages people to be mindful of their money, even though it’s often anxiety-inducing.

“We see people who look to us very financially healthy and are feeling anxiety,” she said. “And when we feel anxiety about an area, we avoid it. We don’t want to dig into the thing that’s creating anxiety.”

As a result, people are “not going to look at” where their income is going.

One study last year found that 73% of Americans are stressed about their finances.

“So that’s one of the first steps we’ll say is being mindful of where your money is going and whether it’s tracking your expenses via an app or even just manually tracking it in the Notes app on your phone,” McLay advised.

“That process of paying attention where your money is going is really a good first step.”

Gen Z has also ushered in another financially savvy trends — “loud budgeting,” or being transparent about finances.

“They are saying there is no shame and guilt in their financial situation,” financial expert Julie O’Brien, the senior vice president and head of behavioral science at U.S. Bank, previously told Money.

“They are just saying, out loud, that healthy management of their money is something they value more than consumption and the curated, unrealistic ideals they see portrayed.”