Talking about money could be the best Christmas gift ever

CATCHING up with family over Christmas can be a chance to discuss vital financial business.

Experts suggest five key topics should take priority.

These ‘Christmas cracker conversations’, according to experts at wealth manager Quilter, are power of attorney; making a will; retirement plans and inheritance; money and mental health; and millennial money.

Rachael Griffin, tax and financial planning expert at the firm, says: ‘Having a sensible conversation about money can have a profound impact on someone’s life. With the whole family there at Christmas it is the perfect time to broach the tricky subject of money and potentially help someone have a prosperous future.’

Power of attorney should be a key topic. This is the means of appointing someone to manage your finances if you become mentally incapable. Do arrange this while you are still healthy.

Dementia is likely to affect two million people by 2051, making this a sensible precaution – though choose wisely when appointing someone to represent you in future.

Discussing a will, along with retirement plans, might provide important information for grown-up children, in case they need to step in and help out.

Griffin also advises people to open up about any debt problems so that family members can provide assistance.

Free and neutral advice on these issues is at moneyadviceservice.org.uk.