Fidelity Study Finds Plans Without Conversations Leave Families Unsure

Having a plan on paper doesn't leave most families feeling prepared, according to Fidelity Investments' 2026 Transition Ready Family study. Many of the older adults surveyed had taken the standard planning steps, yet only 37 percent said they have strong peace of mind about their future plans, and more than half of those who had completed plans still lacked confidence in them. The study argues that readiness takes more than documents: it takes sharing information, discussing future responsibilities and preparing loved ones to carry out financial, health care and estate decisions.

The gaps are specific. About one-third of parents said they've never openly discussed important future planning topics with their adult children. Only 21 percent of parents have communicated completed estate plans to their children. And the generations don't agree on readiness: nearly two-thirds of parents believe their adult children could take responsibility for their finances, while few of those parents have shared the key planning details or discussed the responsibilities their children may be asked to assume. The plan exists. The handoff, in most families, hasn't happened.

Money doesn't close the gap. More than four in 10 respondents with over $5 million in net worth reported only moderate or low peace of mind, and the study found the wealthiest households are no more likely to have lower anxiety about their planning than less affluent peers. "Many families assume that if they've accumulated assets and completed key planning documents, they're prepared," said Timothy Habbershon, managing director and founder of the Fidelity Center for Family Engagement. "Creating a plan is only part of preparing families for future transitions. For families to have peace of mind, it requires ongoing conversations, and a shared understanding so family members can confidently carry out those plans."

The families who do talk show measurably different results. Families with high levels of transition readiness were four times more likely to have high peace of mind than families with lower readiness, and five times more likely to have high confidence in their estate planning. Parents who involve family members by sharing completed plans are more than three times as likely to report higher confidence in those plans. When parents were asked why the conversations hadn't happened, the top answers were that they'd already talked and no further discussion was needed, that they didn't feel prepared, and that they wanted to wait until later in life. Among parents who have never had an open planning conversation with their adult children, the most common reason was simpler: they didn't know how to start.

"Families today are navigating increasingly complex financial and life decisions, from retirement and health care planning to estate and wealth transfer considerations," said Amanda Lott, head of Financial Planning and Advice Products at Fidelity Investments. "For many families, preparedness isn't just about having a plan in place. It's about ensuring loved ones understand that plan and are ready to carry it forward when needed." Fidelity's practical advice follows from that: start small, ask family members how much peace of mind they have, clarify early who will manage finances, provide care or make decisions, and use planning tools to keep the discussions concrete.

The study was conducted for Fidelity by Publicis Sapient as part of the Fidelity Center for Family Engagement's Generations Project research. It surveyed 654 married or partnered U.S. adults ages 55 or older with a total net worth of at least $500,000 and at least one child age 18 or older, fielded from November 7, 2025, to January 1, 2026, with a maximum margin of error of plus or minus 3.5 percent for the full sample. Its limits are plain: it measures how prepared people feel, not how their plans would perform. But feelings are the variable that decides whether a family opens the conversation at all, and on that measure the paperwork alone is losing.