A third of Which? members in our recent survey said they haven’t talked about money matters with friends and family in the past 12 months.
Not having discussed plans or feeling there was a need to discuss these topics were the most common reasons for not having these conversations.
But it’s important to be proactive when it comes to topics such as power of attorney, the cost of retirement and later life care. And keeping an open dialogue with your loved ones puts them in the best position to support you if your circumstances change suddenly.
Here, we explore four important money matters you should consider discussing with loved ones in 2026 and share tips from readers who have done so themselves.
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1. Power of attorney
Power of attorney allows someone else to make important decisions on your behalf, should you become unable to do so.
If you’ve not yet arranged power of attorney, you could start by having a chat with your prospective attorney about what the role involves and whether they’re happy and able to take on the responsibility.
If you have power of attorney in place, you should have an open conversation with your attorney about your plans for finances and care, and keep them updated if your wishes change.
Early planning is the best way to ensure that you’re in a good financial position for life after work, and an informal conversation with loved ones could help kick-start the process.
Our guide to planning for retirement includes questions to consider at every age, from finding lost pension pots to whether you can top up your state pension.
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3. The cost of later life care
Only 7% of Which? members who had discussed money matters in the past year reported discussing how they plan to, or currently, pay for care.
But it’s crucial to discuss your plans for care in advance, as you can’t predict when you may need it and whether you’ll be in a position to talk about how you'd like to be cared for.
Things to consider include the kind of care you’d like, whether you want to be cared for in your own home and how involved your loved ones will be.
You should also consider how you’ll fund the care and whether you have savings or assets you’re prepared to sell to cover the costs.
One in five Which? members in our survey said they plan to discuss their will and wishes for the end of life with their loved ones in 2026.
If you plan to write a will this year, you should speak with your prospective executor(s) before you appoint them to make sure they're happy to carry out the role.
If you’ve written a will, it’s a good idea to discuss your wishes and funeral plans with your executor(s) and make sure they know where to find all the information they need to administer your estate.
You should also make sure they know where your will is stored, as your estate could be treated as intestate if your will can’t be found.
Half of Which? members in our survey said they plan to discuss money matters with loved ones in 2026. These tips, from readers who have already done so, can help ensure the conversation goes smoothly.
Don’t put it off
It's hard to predict when you'll need care or help making important decisions. Putting plans in place early and being clear about your wishes can help avoid complications further down the line.
It’s really important to have these conversations while you can and not leave it until a crisis.
It might be easier than you expect
If you’re nervous, you might find it comforting to know that it probably won't be as difficult as you expect. In our survey, three quarters of those who had discussed money matters with loved ones in the past year said it was easy.
It's tempting to brush over or avoid such conversations, but it's much easier than you expect, and your loved ones are already thinking (or worrying) about these issues.
Prepare in advance
Plan in advance so you're clear on your wishes and can answer any questions your loved ones may have.
Plan what you are going to say in advance and be prepared to actively listen to their feedback.
Choose the right moment
Set aside time so the conversation doesn't feel rushed. Letting your loved ones know in advance that you’d like to discuss these topics can help everyone prepare for the conversation.
Make sure you choose a time when you're alone with them, relaxed and can chat easily.
Keep talking about it
In our survey, half of those who hadn't discussed money matters with their loved ones in the past year said it was because they had already discussed these plans with their loved ones. But maintaining open communication with your loved ones will put them in the best position to support you if your circumstances change suddenly.
Raise the issue as early as possible and keep it open for as long as possible so it no longer becomes sensitive.
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Our research: In November 2025, we asked 1,232 Which? Connect panel members whether they have discussed money matters in the past 12 months and whether they plan to discuss them in the next 12 months.
This article uses insights from the Which? Connect panel, collected from research activities with our members. Find out how to get involved
