Connect with us

Personal Finance

Many Americans would rather talk politics than money. It could cost you

Published

2 years ago

on

Voters cast their ballots on the second day of early voting in the 2024 presidential election at the Board of Elections Loop Super Site in Chicago, Illinois, on October 4, 2024. 

Kamil Krzaczynski | AFP | Getty Images

There are few topics Americans would rather not talk about more than money.

They would even rather reveal who they’re voting for in the November presidential election than talk about their finances, according to new research from U.S. Bank based on a survey of 3,500 individuals.

That’s on top of separate research that found personal finances are almost as difficult to talk about as sex, a recent Wells Fargo national survey including 3,403 adults found.

Most people are reluctant to talk about money, according to Wells Fargo’s research, and revealing how much they have saved or how much they have earned are two topics they’d prefer to avoid.

Still, for most people to be willing to talk about the U.S. election over their personal finances is a “big surprise,” said Scott Ford, president of wealth management at U.S. Bank.

50% of Americans believe election outcome will directly impact their personal finances, survey finds

People are likely more hesitant to talk about money because it is wrapped up with their anxieties, worries and aspirations, said Preston Cherry, a certified financial planner, founder and president of Concurrent Financial Planning in Green Bay, Wisconsin.

Moreover, while money is a “deeply personal,” everyday relationship, presidential elections are just once every four years, said Cherry, who is also a member of the CNBC FA Council.

Despite their reluctance, the research from U.S. Bank shows families are increasingly breaking the ice on financial topics, particularly with regard to conversations parents are having with their kids.

“The good news is people are talking more [about money], but it’s still at the surface,” Ford said.

U.S. Bank’s survey included 1,000 respondents from the general population, 1,000 mass affluent respondents with at least $250,000 in investable assets excluding their primary homes and retirement accounts, and 500 high-net-worth individuals with at least $1 million in assets excluding their primary homes and retirement accounts.

‘Missed opportunities’ of not talking about money

For both couples and families, not having those crucial financial conversations can cost them, financial advisors say.

“When you don’t have the knowledge, or you don’t feel like you have the ability to talk to your loved ones and people around you about money, then you also can’t build wealth effectively,” said Winnie Sun, co-founder and managing director of Irvine, California-based Sun Group Wealth Partners. She is a member of the CNBC FA Council.

“Avoiding money conversations will lead to misunderstandings, financial misalignment and, overall, just missed opportunities to plan effectively for the future,” said Douglas Boneparth, president and founder of Bone Fide Wealth, a wealth management firm based in New York City. He is also a member of the CNBC FA Council.

Have talks ‘before an emergency situation arises’

On a positive note, some money conversations are happening more regularly, U.S. Bank’s research found.

Today’s parents are almost twice as likely to discuss financial concepts with their children — such as investing in stocks and bonds — than their parents did with them, according to the firm.

Still, 45% of respondents say they are unaware of their parents’ financial situation, U.S. Bank found. Many believe they will have to provide financial help to their parents or in-laws in the future, according to the research.

A lack of family financial discussions can become an issue if aging relatives have a health scare, said Ford, who recalled having to scramble to pay the property taxes for a loved one who fell ill, without even knowing where the checkbook was.

“What I tell everyone is you want to have those conversations before an emergency situation arises,” Ford said.

To start to better understand older family members’ financial situations, it may help to begin with everyday items, like the cost of prescription medications, and build from there, Ford said.

“Our advice is just to start to have the conversation, start small,” Ford said.

More from Personal Finance:
How to frame financial decision making amid election uncertainty
Social Security’s death benefit has been $255 since 1954. How that may change
IRS free tax filing will be available in 24 states for the 2025 season

If those conversations are avoided, it can prevent important estate planning, health-care decisions and intergenerational wealth transfer, according to Boneparth.

“When these things aren’t accounted for, there could be costly legal mistakes or tax inefficiencies, either presently or down the road,” Boneparth said.

Ultimately, families want to have a full emergency plan in place, complete with knowledge of bank account information, long-term health-care plans, a will and a durable power of attorney, which is a legal document that gives someone else the authority to make financial or medical decisions on someone else’s behalf.

It may take some prodding for older family members to open up about their finances, said Ted Jenkin, a certified financial planner and the CEO and founder of oXYGen Financial, a financial advisory and wealth management firm based in Atlanta. He is also a member of the CNBC FA Council.

“It’s always best to approach parents and say, ‘Listen, we could care less how much money you have. We just want to make sure the proper things are in place to make sure that we’re not dealing with tons of legal hassles down the road,'” Jenkin said.

Couples often don’t agree on money

A lack of communication among couples can also lead to financial problems.

More than one-third of Americans don’t agree with their partners when it comes to how to best manage their money, both when planning for their current circumstances and retirement, according to U.S. Bank.

At the same time, 30% say they have lied to their partner about money, the firm found. Other research has shown that dishonesty — often referred to as financial infidelity — can be common when couples aren’t on the same page financially.

“Couples sometimes struggle,” Cherry said. “They struggle with sharing each other’s perspective without judgment in order to reach a common goal.”

To work past financial standoffs, it helps for couples to create a more welcoming environment to engage their partners in money conversations, Cherry said.

Financial advisors can often serve as mediators and objective third parties in those conversations, Ford said.

More than half — 53% — of investors surveyed who have at least $250,000 in assets said their financial advisor has helped them work through uncomfortable family money conversations, U.S. Bank found.

Many people may be hesitant to consult a financial professional if they don’t feel they have enough money or know the questions they should ask.

But taking that first step — whether it’s talking to an advisor or doing the research to educate yourself about personal finance — can help shift your mindset and reduce financial stress, according to Sun.

“Most financial advisors, especially the good, experienced ones, will give you a free first initial consultation,” Sun said. “That is super powerful, and you should take us up on it.”

Don’t miss these insights from CNBC PRO

Related Topics:
Continue Reading

Personal Finance

$20,000 Caution Bond Requirement for US Visa Applications imposed on 50 Countries

Published

7 days ago

on

August 8, 2026

By

The United States Department of State has officially implemented a revised visa policy introducing a mandatory posting requirement for caution payments of up to $20,000 on select foreign travel applications. Under the updated regulatory framework, consular officials are authorized to require temporary nonimmigrant visa applicants from targeted foreign countries to post a refundable financial bond of $20,000 as a condition for visa issuance. The policy mechanism is designed to address diplomatic concerns regarding high overstay rates among temporary visitor, business, and educational visa categories.

The caution bond pilot program applies selectively to foreign nationals from designated countries whose diplomatic entities record historical visa overstay rates exceeding established federal thresholds. Under administrative guidelines published by the State Department, the full financial deposit is posted directly to a dedicated federal escrow account prior to final visa issuance. The entire caution payment is automatically refunded to the applicant upon verified proof of timely departure from the United States in strict compliance with the authorized duration of stay. Conversely, failure to depart within the legal timeframe results in full forfeiture of the posted financial bond to the United States government.

Diplomatic representatives and travel policy experts have expressed varying perspectives regarding the operational implementation of the caution bond system. Administration officials emphasize that the measure serves as an effective, market-based incentive to enforce international travel compliance and preserve domestic immigration security standards. However, international trade organizations and foreign diplomatic missions have raised concerns regarding the financial burden imposed on legitimate business travelers, foreign students, and commercial partners from developing nations.

The United States finalized the rule to make the temporary visa bond program permanent, taking effect on August 3, 2026. The updated permanent regulation replaces the prior 12-month pilot, eliminates the lowest $5,000 tier, and raises the maximum required bond amount to $20,000 for specific B-1/B-2 business and tourist visa applicants.

Here is the list of the 50 countries on the list as o August 3, 2026

African Nations (31 Countries)

  • Algeria
  • Angola
  • Benin
  • Botswana
  • Burundi
  • Cabo Verde (Cape Verde)
  • Central African Republic
  • Côte d’Ivoire (Ivory Coast)
  • Djibouti
  • Ethiopia
  • Gabon
  • The Gambia
  • Ghana
  • Guinea
  • Guinea-Bissau
  • Lesotho
  • Malawi
  • Mauritania
  • Mauritius
  • Mozambique
  • Namibia
  • Nigeria
  • São Tomé and Príncipe
  • Senegal
  • Seychelles
  • Tanzania
  • Togo
  • Tunisia
  • Uganda
  • Zambia
  • Zimbabwe

Asian & Eastern European Nations (11 Countries)

  • Bangladesh
  • Bhutan
  • Cambodia
  • Georgia
  • Kyrgyzstan
  • Mongolia
  • Nepal
  • Papua New Guinea
  • Tajikistan
  • Turkmenistan
  • Uzbekistan

Caribbean & Latin American Nations (5 Countries)

  • Antigua and Barbuda
  • Cuba
  • Dominica
  • Grenada
  • Venezuela

Oceanian Nations (3 Countries)

  • Fiji
  • Tonga
  • Vanuatu

Continue Reading

Personal Finance

Next-Generation Retirement Planning: Managing Longevity Risk and Variable Income Streams

Published

1 week ago

on

August 7, 2026

By

Retirement planning strategies are evolving in 2026 to address increased life expectancies, shifting dynamic market conditions, and the transition away from traditional defined-benefit pensions. Individual investors and financial advisors are abandoning rigid retirement models in favor of flexible, multi-asset strategies designed to mitigate longevity risk and preserve purchasing power over multi-decade retirement horizons.

Mitigating Longevity Risk with Dynamic Asset Allocation
As average life expectancies extend past eighty-five years, one of the primary financial risks facing retirees is outliving their accumulated wealth. Traditional fixed income allocations—such as the standard 60/40 equity-to-bond portfolio—are being reevaluated to ensure portfolios generate sufficient capital growth alongside reliable income.

Financial planners recommend maintaining a meaningful equity allocation throughout retirement to offset long-term inflation erosion. High-dividend equity funds, global real estate investment trusts (REITs), and inflation-indexed Treasuries are combined to create diversified portfolios that deliver both growth and income stability.

The Transition to Dynamic Withdrawal Strategies
The classic “4% safe withdrawal rule” is increasingly replaced by dynamic withdrawal strategies that adapt annually based on market performance. Under a dynamic withdrawal framework, retirees adjust their annual distribution rates within pre-set caps and floors:
– Market Upside: During strong market returns, retirees can increase discretionary spending or fund family legacy gifts.
– Market Downturns: During market pullbacks, spending distributions are temporarily reduced to prevent sequence-of-returns risk and preserve core investment principal.

Guaranteed Lifetime Income Options and Deferred Annuities
To establish a guaranteed baseline for essential living expenses, individuals are incorporating modern fixed-indexed and deferred longevity annuities into their broader retirement architectures. Modern annuity structures offer competitive return caps, transparent fee schedules, and inflation-adjustment options.

By funding essential expenses—such as housing, healthcare, and insurance—with guaranteed income streams from Social Security, pensions, and annuities, retirees can manage discretionary investment portfolios with greater flexibility and lower emotional stress during market volatility.

Actionable Steps for Future Retirees
1. Calculate Baseline Retirement Expenses: Determine fixed living costs and map guaranteed income sources to cover essential expenditures.
2. Adopt Flexible Withdrawal Rules: Implement dynamic spending rules to protect investment principal against market downturns.
3. Incorporate Inflation-Protected Assets: Maintain exposure to dividend-growing equities and inflation-indexed bonds to safeguard long-term purchasing power.

Continue Reading

Personal Finance

Building Generational Wealth: Family Governance, Estate Tax Optimization, and Asset Protection

Published

2 weeks ago

on

August 1, 2026

By

As the largest intergenerational transfer of wealth in history accelerates, high-net-worth families, entrepreneurs, and individual investors are placing heightened emphasis on comprehensive estate planning, family governance, and asset protection. Preserving capital across generations requires a balanced approach combining tax-efficient legal structures with open family communication and financial literacy education.

Optimizing Estate Tax Exemptions and Trust Structures
With potential modifications to federal estate tax exemption thresholds on the horizon, proactive estate planning is essential for high-net-worth households. Estate planning attorneys and wealth advisors are establishing multi-generational trust structures to transfer wealth efficiently while minimizing estate and gift tax exposure.

Popular structural strategies include:
– Irrevocable Life Insurance Trusts (ILITs): Utilizing life insurance proceeds to provide liquidity for estate tax obligations without expanding the taxable estate.
– Grantor Retained Annuity Trusts (GRATs): Transferring rapidly appreciating assets to beneficiaries with minimal gift tax consequences.
– Dynasty Trusts: Preserving wealth across multiple generations while providing long-term asset protection from creditor claims and legal liabilities.

Establishing Family Governance and Financial Education
Legal and financial structures alone cannot guarantee long-term wealth preservation without effective family governance. Financial advisors report that a significant percentage of multi-generational wealth dissipation stems from lack of communication and inadequate financial preparation among heir generations.

Families are establishing formal family governance frameworks, including periodic family meetings, written mission statements, and structured philanthropic foundations. Involving younger family members in charitable grant-making and investment discussions fosters financial stewardship and prepares heirs to manage family assets responsibly.

Digital Asset Custody and Legacy Planning
In today’s modern economy, estate planning must extend beyond physical real estate and traditional brokerage accounts to encompass digital assets. Comprehensive estate plans now include detailed inventories and legal access protocols for corporate domain names, intellectual property, digital media rights, and cryptocurrency holdings.

Fiduciaries and estate executors should be provided with secure, encrypted access mechanisms and clear legal authority to manage and transfer digital holdings in accordance with the owner’s estate directions.

Practical Steps for Legacy Planning
1. Review and Update Estate Documents: Ensure wills, revocable trusts, and power-of-attorney designations accurately reflect current family structures.
2. Establish Structured Trusts: Utilize irrevocable trusts to protect assets from creditors and minimize future estate tax liabilities.
3. Create a Digital Estate Inventory: Document access protocols and legal permissions for all online accounts, intellectual property, and digital assets.

Continue Reading

Trending