New research from Fidelity Investments® finds that having a plan on paper doesn’t necessarily leave families feeling prepared for the future. According to the 2026 Transition Ready Family study1, many older adults have taken important planning steps, yet only 37% say they have strong peace of mind about their future plans, and more than half of those who have completed plans still lack confidence.

Building on previous findings that validated peace of mind as a top planning topic for all generations, this new research proposes that being “transition ready“ requires more than wealth or completing planning documents. It also requires sharing information, discussing future responsibilities, and preparing loved ones to carry out important financial, health care, and estate decisions. When considering these elements, families with high levels of transition readiness are four times more likely to have high peace of mind than those with lower readiness. They are also five times more likely to have high confidence in their estate planning.

The study also revealed that while greater wealth can boost confidence in planning, financial success doesn’t automatically translate into feeling more prepared. In fact, more than four in 10 respondents with over $5 million in net worth reported only moderate or low peace of mind, and the wealthiest households are no more likely to have lower anxiety around their planning than their 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.”

Family Communication May be the Missing Link

The study found that involving family in the planning process can make a meaningful difference in how prepared older adults feel about the future. Parents who regularly talk with their adult children about their wishes and share planning details are significantly more likely to feel confident and have greater peace of mind about their plans. Yet, despite the benefits of regular conversations, many families are still avoiding them. About one-third of parents say they’ve never openly discussed important future planning topics with their adult children. When asked what keeps them from sharing details about their planning, many older adults said they had already talked and no further discussion was needed. Other top reasons include not feeling prepared and wanting to wait until later in life to have the discussions. Among parents who have never had open planning conversations with their adult children, the most common reason for not talking was simply not knowing how to start.

The research also suggests that many families may be overestimating the next generation’s readiness to step in when needed. While nearly two-thirds of parents believe their adult children could take responsibility for their finances, few have shared key planning details or discussed the responsibilities their children may eventually be asked to assume. Additionally, only 21% of parents have communicated completed estate plans to their children.

Conversations are Essential to Successful Planning

The findings highlight an important distinction between having a plan and helping others prepare to carry it out. Many older adults have documented important decisions, but fewer have taken steps to ensure loved ones understand those plans. Those who involve family members in the process by sharing completed plans are more than three times as likely to report higher confidence in their plans, underscoring the value of ongoing communications and preparation across generations.

“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. The families with the greatest confidence tend to combine thoughtful planning with ongoing conversations about goals, responsibilities, and expectations. At Fidelity, we see this as an opportunity to help families move beyond traditional planning because when plans are shared and understood across generations, they can serve as a roadmap for navigating import decisions with greater clarity and confidence.”

Transition Readiness Creates Better Outcomes – and Fidelity Can Help

The Fidelity Center for Family Engagement, which helps families navigate the various financial conversations that accompany major life transitions, launched the study as part of its broader Generations ProjectSM research initiative examining how families approach conversations and decisions around generational planning.

The research explored how transition readiness is based on a combination of preparation, conversations, and family engagement. Transition-ready families aren’t simply completing important planning documents. They’re sharing planning details with loved ones, having ongoing family conversations, discussing future roles, and talking through how they will approach major transitions as a family These behaviors are associated with significantly higher confidence, greater peace of mind, and lower anxiety about the future. Fidelity’s approach to planning is designed to help families navigate significant life transitions with greater confidence. To help families start the necessary conversations, Fidelity offers several tips:

  • Start small and practice skills – family conversations get easier with practice. Families can identify simple topics to discuss, select skills to work on, and then help each other practice those skills in conversations.

  • Talk about peace of mind – asking family members how much peace of mind they have around planning is an important door into dialogue. Start by accessing peace of mind resources that offer tangible ways to share and hear each other’s perspectives.

  • Clarify roles and expectations early – family members may have different assumptions about who will manage finances, provide care, or make important decisions in the future. Talking through expectations ahead of time can help reduce confusion and avoid unnecessary stress later on.

  • Use helpful tools – Fidelity’s approach to planning includes tools that help families navigate both the functional-financial and emotional-relational aspects of planning. There are planning tools to make it easier to see the big picture with clear numbers that can keep discussions focused and productive. Conversation cues can also help families talk about perspectives, roles, and experiences by breaking complex planning topics into individual conversations.

  • Ask for help when needed – consider working with a financial professional as part of your planning process. Fidelity licensed financial advisors can help families create coordinated plans that address not only investment management, but also estate considerations, charitable giving, beneficiary planning, wealth transfer strategies, and tax-smart approaches designed to help families protect more of their wealth for future generations. Throughout the planning process, Fidelity advisors also consider the perspectives and roles of individual family members and how financial decisions and strategies may affect each person.

For those looking to learn how they can have deeper conversations around wealth and planning, the Fidelity Center for Family Engagement offers research, coaching, tools, resources, and skill-building experiences. Insights from Fidelity Wealth Management are available for those looking to educate themselves on various wealth topics, such as inheritance and estate planning.

About the 2026 Transition Ready Family Study

Publicis Sapient conducted a national survey of 654 married or partnered U.S. adults ages 55 or older with a total net worth of at least $500k and at least one child age 18 or older. Sampling and fieldwork screening were designed for accurate representation of the target population based on age, gender, total net worth, and household decision-making roles. The survey was conducted from November 7, 2025 to January 1, 2026. Assuming no sample bias, the maximum margin of error for full-sample estimates is ±3.5%.

About Fidelity Investments

Fidelity’s goal is to strengthen the financial well-being of our customers and deliver better outcomes for the clients and businesses we serve. Fidelity’s strength comes from the scale of our diversified, market-leading financial services businesses that serve individuals, families, employers, wealth management firms, and institutions. With assets under administration of $19.9 trillion, including managed assets of $7.8 trillion as of June 30, 2026, we focus on meeting the unique needs of a broad and growing customer base. Privately held for 80 years, Fidelity employs more than 80,000 associates across North America, Europe, and Asia-Pacific. For more information about Fidelity Investments, visit https://www.fidelity.com/about-fidelity/our-company.

Keep in mind that investing involves risk. The value of your investment will fluctuate over time, and you may gain or lose money.

Fidelity does not provide legal or tax advice. Consult an attorney or tax professional regarding your specific situation.

Past performance is no guarantee of future results.

Views expressed are of the date indicated, based on the information available at that time, and may change based on market or other conditions. Fidelity does not assume any duty to update any of the information.

The Fidelity Center for Family Engagement is an affiliated business unit of FMR, LLC and operates externally from Fidelity’s broker dealer and registered investment adviser entities (“Affiliated Entities”). Services available through FCFE are neither brokerage nor advisory products or offerings of the Affiliated Entities.

The Generations ProjectSM: Data that starts conversations is an initiative of the Fidelity Center for Family Engagement, a unit within Fidelity Investments, LLC. The Generations Project is a service mark of FMR LLC.

Any use of or reference to this content, in any form, should cite the research studies as follows: Timothy G. Habbershon and Joshua A. Morris, Later-in-Life Conversations Study, The Generations ProjectSM of the Fidelity Center for Family Engagement (Boston, MA: Fidelity Investments, 2024).

Timothy G. Habbershon, Joshua A. Morris, and Rosalie Samide, The Transition Ready Family, The Generations Project℠ of the Fidelity Center for Family Engagement (Boston, MA: Fidelity Investments, 2026).

IMPORTANT: The projections or other information generated by Fidelity’s Planning & Guidance Center Retirement Analysis regarding the likelihood of various investment outcomes are hypothetical in nature, do not reflect actual investment results, and are not guarantees of future results. Results may vary with each use and over time.

Investment advisory services provided through Strategic Advisers LLC, a registered investment adviser, for a fee. Brokerage services provided through Fidelity Brokerage Services LLC, Member NYSE, SIPC. Both are Fidelity Investments companies.

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Timothy G. Habbershon, Joshua A. Morris, and Rosalie Samide, The Transition Ready Family, The Generations Project℠ of the Fidelity Center for Family Engagement (Boston, MA: Fidelity Investments, 2026).

 

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