Politics. Sex. Religion. Money. For generations, we’ve been told to not talk about these subjects. Today, we probably talk about 2-3 of them more than we should, but we’re still really good at NOT talking about money. In many countries and cultures, we’ve been taught to NOT talk about money.
A 2016 research by finder.com.au has revealed that almost half of Australians would rather avoid the topic of money.
- 42% of those surveyed find personal finances the most difficult thing to talk about, even more than religion (40%), sex (38%) and politics (23%).
- Only 18% of Australians regularly discuss money and Gen Y (aged 18-34) appear to be the most comfortable talking about it when it does enter the conversation, with one in three (33%) often discussing personal finances.
- Baby Boomers (aged 55-74) are the least comfortable generation when it comes to talking about money, with 56% never discussing it.
But it’s so important that we break that taboo because failing to talk about money means we often fail to align the use of our money with what we say is most important to us. Even the “experts” can struggle to talk about money in their personal lives.
The 2016 survey also included three reasons for why it is important that money matters be discussed. These reasons are:
- Gain knowledge: Talking to someone who has more financial knowledge than you is a great way to learn new personal finance concepts.
- Take action: Having a conversation with a friend can prompt the listener to take action on financial matters like looking for a cheaper home loan rate or drinking one less coffee a day to boost savings.Take act
- Learn from their mistakes: Chances are that someone you know has learnt the hard way about a financial matter you are contemplating. By finding out what they would do differently, you then have a head start.
It is important that you help the people you love in your relationships and your family, to have these important money conversations, that will lead to quality decisions.