Wealth without wisdom can quickly disappear. Truist’s research underscores that intentional, age-appropriate education and guidance are powerful forces for preserving both assets and relationships. According to the previously mentioned research, the widest gap in what families wanted to do and what they actually did occurred in financial education, where 96% of family members rated it as an important best practice, but only 29% say they are engaged in it.
“There’s not a lot of really active education on wealth literacy,” says Herritt. “That’s why we try to fill that gap by teaching life skills like net worth, credit, debt, investing, and saving. Giving people that foundational knowledge is critical to helping them succeed.”
Mentoring with an eye to continuing wealth has a focus on financial literacy, but it can also include guidance that helps instill purpose and a strong sense of stewardship. At any wealth level, families can teach money management and investing basics, as well as lessons on charitable giving, volunteering, career pathing, and other values-based decisions related to money.