Planning Your Finances as a Family in the Time of COVID-19

Families are having tough financial conversations during the COVID-19 pandemic. Nela Richardson, Principal and Investment Strategist with Edward Jones explains what the different generations are facing.

Video Transcript

NELA RICHARDSON: Hello, everyone. I'm Nela Richardson, principal and investment strategist with Edward Jones, bringing you a Minute Market Update. Even in isolation and times of incredibly volatile markets, families and those closest to us still remain an important and constant force in our lives, so much so that we've seen Americans willingly have more difficult conversations.

According to a recent study by Edward Jones and Age Wave, the threat of COVID-19 has prompted nearly 30 million Americans to have end-of-life discussions about wills, medical care, and funeral wishes with family or close friends for the first time. However, we've also observed instances where Americans are sacrificing their own financial security to help their loved ones.

Roughly 24 million Americans have provided financial support to their adult children during the pandemic. While we are seeing generational generosity play out, investors still need to exercise caution when it comes to planning for their futures. Looking ahead, it will be important for investors to understand what means most to them without losing sight of their financial goals. For more information on the study, visit EdwardJones.com/NewRetirement.