Kids & Money

Grandparents: Building a Legacy that Extends Beyond Money

by Tony DiLeonardi

We've been focusing on the importance of helping your clients who are parents to elevate their children's financial IQ.  However, it is just as important to emphasize the role grandparents play in this process. As the natural leaders for their grandchildren, grandparents have just as much if not more influence than parents do on children! 

The challenge is helping grandparents understand the influence they have on the younger generation.  In fact, research shows that the majority of grandparents admit their grandchildren don't understand the value of a dollar. They also admit to not offering guidance on personal finance. This is where you, the trusted advisor, can help provide ideas that may help grandparents build more than a trust fund as a legacy. From sharing stories on "the good old days" to sharing activities that demonstrate you don't have to spend money to have fun, grandparents can create a meaningful legacy that extends beyond dollars to financial common-cents.