Two in five HNW individuals financially support their children but three in five do not feel comfortable talking about money issues with them, according to new research.

The study by wealth manager Charles Stanley was conducted late last year.

HNWIs are happy talking about money to their partner, with almost three-quarters saying they are comfortable having cash conversations with their other half.

Two-thirds said they were comfortable talking to financial advisers and just over half to investment managers or accountants.

But only two-fifths agreed they were comfortable talking money issues with their children.

Only a fifth said they talked to their parents about money while less than a fifth talk to grandchildren.

While a third of HNWIs agreed that people do not talk enough about money, almost a third said they did not do so because of privacy.

Some 31% said they like to keep things private and 23% said that they hesitate because they think they might tell other people.

Meanwhile 18% felt strongly that conversations about money may upset people, while 17% think that it is not appropriate to discuss money.

Andrew Meigh, managing director of Financial Planning at Charles Stanley, said: “Many HNW individuals have a number of dependents, not just their spouse and children, but across generations and new modern family make-ups.

“Wealth management is not just about numbers, it’s about helping families have difficult conversations so that there is transparency, and the best outcome can be reached across the whole family.”

• The research was carried out by Charles Stanley in partnership with The Nursery between 27 September and 10 October 2022. It sampled 203 high-net-worth investors with over £500,000 in investible assets.