SoFi Blog

Talking about money can be hard. So it’s not that surprising that 62% of people don’t talk about money – period – according to a survey by The Harris Poll and Empower. Things are even quieter between adults and their parents: Only one quarter of Americans have had “the talk” about their parents finances.

But opening up a dialogue with aging parents is one of the best ways to protect your family from sudden financial challenges. Someone hitting retirement age in 2024 has nearly a 70% chance of needing long-term care services at some point – and those can cost between $5,000 and $10,000 a month on average.

Getting old can be expensive. But about 20% of people over 50 have zero retirement savings, according to an AARP survey. And 50% of them worry they won’t have enough savings to last them through retirement. These are not the kinds of things you don’t want to see coming.

So what? Of course, “the talk” can take many forms. Whether it’s just an introductory check in or a deeper consultation, having a clearer idea of where things stand can bring some comfort – even if their financial situation isn’t all roses. Expressing your interest and offering support, whether financial or emotional, will put you and your family on more solid ground.

Photo Credit: iStock/roberthyrons

Please understand that this information provided is general in nature and shouldn’t be construed as a recommendation or solicitation of any products offered by SoFi’s affiliates and subsidiaries. In addition, this information is by no means meant to provide investment or financial advice, nor is it intended to serve as the basis for any investment decision or recommendation to buy or sell any asset. Keep in mind that investing involves risk, and past performance of an asset never guarantees future results or returns. It’s important for investors to consider their specific financial needs, goals, and risk profile before making an investment decision.

The information and analysis provided through hyperlinks to third party websites, while believed to be accurate, cannot be guaranteed by SoFi. These links are provided for informational purposes and should not be viewed as an endorsement. No brands or products mentioned are affiliated with SoFi, nor do they endorse or sponsor this content.

SoFi isn't recommending and is not affiliated with the brands or companies displayed. Brands displayed neither endorse or sponsor this article. Third party trademarks and service marks referenced are property of their respective owners.

Gen Zers and millennials on solid financial footing are still plagued by financial anxiety.

No exaggeration: The most consequential earnings results get released this week.

On the campaign trail this year, President-elect Donald Trump stated that “Tariffs are the greatest thing ever invented.” He promised to place tariffs of up to 20% on goods from some countries. He floated the idea of a 60% tariff on imports from China.

And he mentioned a 200% tariff on Chinese cars imported to the U.S. through Mexico. (It’s worth noting that President Biden has also embraced tariffs).

Which begs the question: What is a tariff, anyway?

Simply put: It’s a tax imposed on imported goods – usually to protect local industries and raise revenue for the government. It makes foreign products more expensive, which influences what people buy.

Though many economists doubt the efficacy of tariffs, conceptually, there are potential benefits. They make imported goods more expensive, a potential boon for U.S. businesses. They bring in revenue for the government to use for public services and projects. And, as Trump has emphasized, they can be used as a bargaining chip in trade negotiations – encouraging companies to invest in the U.S. or forcing countries to lower their own tariffs or change policies.

On the other hand, tariffs make imported goods more expensive, which can limit product variety and availability (which typically hits lower-income consumers the hardest).

Other countries often respond to tariffs by imposing their own, which can lead to a trade war that damages both economies (with consumers ultimately paying the price). And they can have a distorting effect on markets; by protecting U.S. industries from competition, tariffs can make them less efficient and innovative in the long run.

So what? Whether economists like them or not, the U.S. government has deployed tariffs for decades. And it seems likely that the second Trump administration plans to take them to the next level. Whether the benefits will outweigh the costs remains to be seen.

Photo credit: iStock/Max Zolotukhin

Please understand that this information provided is general in nature and shouldn’t be construed as a recommendation or solicitation of any products offered by SoFi’s affiliates and subsidiaries. In addition, this information is by no means meant to provide investment or financial advice, nor is it intended to serve as the basis for any investment decision or recommendation to buy or sell any asset. Keep in mind that investing involves risk, and past performance of an asset never guarantees future results or returns. It’s important for investors to consider their specific financial needs, goals, and risk profile before making an investment decision.

The information and analysis provided through hyperlinks to third party websites, while believed to be accurate, cannot be guaranteed by SoFi. These links are provided for informational purposes and should not be viewed as an endorsement. No brands or products mentioned are affiliated with SoFi, nor do they endorse or sponsor this content.

SoFi isn't recommending and is not affiliated with the brands or companies displayed. Brands displayed neither endorse or sponsor this article. Third party trademarks and service marks referenced are property of their respective owners.

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