This study investigated whether positive and negative affection shown by children towards their parents was associated with their parents’ bequest intentions. In a final sample of 1,534 adults aged 50 and older, a positive relationship was found between positive affection and bequest intentions. Surprisingly, no relationship was found between negative affection and bequest intentions. These results suggest that in cases of a distant or strained relationship, parents are reluctant to disinherit their children. Based upon these findings, financial service professionals should not assume that challenged parent-child relationships warrant the need for alternative beneficiaries. Instead, given the clients’ potential lack of strong emotional bonds with their children, financial service professionals are encouraged to help clients consider other opportunities to maximize emotional well-being and overall life satisfaction.
Author: Matthew Sommer, PhD, CFA, CFP, is head of Janus Henderson Investors’ Defined Contribution and Wealth Advisor Services Team. He received a doctorate degree from Kansas State University in 2021. Dr. Sommer is a frequent guest on CNBC and Bloomberg TV and has been extensively quoted in various industry publications including the Wall Street Journal, Barron’s, and Investment News. He has 28 years of financial industry experience.
Author: HanNa Lim, PhD, CFP, earned her BS and MS degrees in consumer science from Seoul National University and her PhD degree in family resource management from The Ohio State University. After she received her degree, she worked as a senior researcher at Samsung Life Insurance in Seoul, South Korea. Recently, she joined Kansas State University as an assistant professor in personal financial planning. She teaches courses in both the BS and PhD programs.
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