Monopoly Money

Every year families come together for the holiday season they find themselves re-enacting the same treasured traditions that have passed down the generations. In my family there was always the early chaos of the present opening, followed by a long walk, lunch, and the Queen. Then, without fail, the Monopoly board would make its annual appearance. I’m sure we’re not unique – for many families this timeless board game is often the centrepiece of games night. We fight over our favourite tokens, distribute the money, buy and sell properties, and sometimes go directly to jail.

The Monopoly game makes the world of high finance seem accessible but, actually, for many it might be one of those rare occasions when money – even if it's just play money – is discussed openly. Outside of the game, the subject often remains hushed and secretive, especially within families.

Of course, we know that the subject of money comes with a complex set of emotions; pride, shame, fear, greed, and ambition can all intermingle, making it a sensitive topic. For older generations, perhaps having grown up with parents who survived the Great Depression there's often a reticence to openly discuss money matters. "We don’t talk about money" might have been the unspoken rule. It was certainly what I experienced when I was growing up.

Younger generations, on the other hand, might feel overwhelmed or ill-equipped to initiate these conversations, especially if they feel they don’t yet have a grasp on their own financial affairs. For them, the world of money might appear as a jigsaw puzzle, with pieces inherited from family traditions and values, but without a clear picture of how it's all supposed to fit together.

This is where financial advisers can play an important role in opening up essential dialogues between family members and they are uniquely positioned to help bridge this generational gap. Advisers can be the neutral party; initiating conversations about inter-generational wealth and the values that drive family financial decisions. Here are a few ways you might help your clients have more open conversations:

Family Meetings: Facilitate family financial meetings where multiple generations can come together. Set an agenda that covers topics such as wealth transition, philanthropy, and family values. When everyone has a seat at the table, it encourages open dialogue. Of course, money is just one facet of a family's legacy. Be prepared to discuss the values, traditions, and principles that have guided financial decisions. This can help younger members align their choices with the family's broader ethos.

Storytelling and Legacy: Encourage clients to share stories behind their wealth. Was it a small family business that grew over time? Or perhaps wise investment choices? Knowing the history of how wealth was built can instil a sense of pride and responsibility in younger generations, framing wealth not just as money, but as a legacy.

Create a safe space: Recognise that opening up about money can be difficult so, by creating an environment where all questions are valid (and there's no judgement), family members will be more open to uncomfortable topics such as death, legacy or financial constraints.

In the Monopoly game, passing "Go" and collecting £200 is a simple transaction. But in real life, the accumulation of wealth, and its transfer across generations, is much more complicated and can be influenced by many conflicting emotions and family stories. Financial advisers can have a vital role to play in shaping the conversation to ensure that a client’s legacy isn't just one of money, but of shared values. This festive season, as the Monopoly board makes its annual appearance, let it serve as a reminder of the essential conversations that need to happen after the box goes back in the cupboard for another year.