An overwhelming majority of Americans believe it’s important to have a financial plan for their family and their own future, but the conversation to make that a reality are often not taking place, a new survey says.

That’s because many struggle to discuss money matters with their loved ones, according to a survey from Lincoln Financial Group, which found that 47% of Americans find it difficult to discuss personal finances with loved ones.

The key reasons people give for not discussing their financial plans are that it’s overwhelming; it’s awkward and uncomfortable because it often includes topics such as death, unforeseen problems and retirement; and there is no existing plan to talk about.

The research also found that 38% of respondents said they did not talk to their spouse or partner about each other’s financial situation before getting married or before committing to a long-term relationship.

Moreover, 25% approaching retirement age (55 to 64) have not had a discussion with their loved ones about financial plan for retirement, and one in five don’t know if their parents would be able to cover the costs associated with an illness in old age.

As a result of the research findings, Lincoln Financial has launched The (Un)spoken Plan campaign, which features a social experiment called “Restaurant Talks,” just in time for the holiday season when Americans gather around tables, the company said.

The campaign features real, unsuspecting families who arrive at a restaurant and, once seated, received a unique menu of data points (the appetizers) and conversation starters (the main courses), covering a range of protection, retirement and financial planning topics. Servers informed diners they could only pay by having a meaningful financial conversation with their loved ones—right then and there. Cameras then captured the discussions.

Kristen Phillips, a senior vice president for marketing at Lincoln Financial Group, said the research findings are an opportunity to help make financial conversations less taboo and much easier to start. “Watching real families tackle the tough questions—some for the first time—is very relatable for so many Americans. We hope one conversation sparks another,” she said.

The research also revealed that Americans feel more confident and prepared for the future when they open up about finances. It found that among those who have discussed the topic, 86% have a financial plan; 85% feel confident about their retirement plan and their long-term financial protection plan; and 55% feel they have saved enough to protect themselves and loved ones.

On the other hand, those who are not having the conversation about finances are less likely to have a plan. Among this group, 86% do not feel they have saved enough for retirement and 88% do not know or do not feel they have saved enough to protect themselves and their loved ones in the future.

First « 1 2 » Next