It is a good idea to have an open discussion about money in a family-between husband and wife and importantly between parents and children.
We keenly watch the governments’s budget exercise for what it might have for us. On the same lines there should be a family budget and a person with clearly defined responsibility of creating and managing the household finances.
Though roles and responsibilities can be delegated and divided, the important point is clear communication and developing an understanding. If no one from the family is confident/competitive of handling this, outsourcing to a financial adviser/planner would be a good idea.
Having a conversation around these aspects would be helpful:
Assessing the family net worth
Savings and investment target
Money inflow v/s outflow
Who pays bills/routine expenses and are these automated
Major purchase decisions
Affordability versus usage
Saving for kid’s education
Family’s attitude towards money
Personal finance is an almost ignored aspect and it is not even taught as a subject at school or college level. Thus the role of the person/s in the family managing finances becomes all the more important.