We’re told that along with politics and religion, money is one topic that should never be brought up in polite conversation. However, experts disagree and think we all need to talk about money more often.
According to the Suncorp Financial Wellbeing Study, nearly one-third of Australians never talk about money. With anyone. That means they’re not discussing finances with vital support systems like financial advisers or their partners.
Most Aussies stay silent because they feel embarrassed or worry that they’ll be judged for their financial behaviors. Most troubling is news that Baby Boomers, the generation preparing for the financial transition that retirement brings, are least likely to talk about money. Younger people seem more willing to talk about financial matters, perhaps because they’re from the digital age where so much about life is shared.
So what’s the problem with keeping your money matters private? According to the study’s developer, consultant social psychologist Patrycja Slawuta, staying quiet about money can impact your overall and financial wellbeing.
“The more people talk about money, the more motivated they are to learn about money and their financial behaviour to improve their situation and gain confidence,” she said.
Kristi Woolrych, Suncorp’s executive general manager brand and marketing, added that people shouldn’t avoid talking about money.
“It’s not always an easy conversation to start, but it’s definitely a conversation worth having because there’s a lot we can learn from each other,” she said. “Honest conversations about our money experiences can be liberating — sharing tips, goals and ideas can be a great way to learn and help us get a more accurate perspective on our own financial situation. If you’re not talking about money, then you might be limiting your financial knowledge and that’s a concern.”
Starting to talk about money for the first time can be challenging, but Chase Edwards’ friendly financial professionals are there to make the process easier for you. They’d love to share their insights with you so you can get what you want from life. Call us on 1300 854 833 to make an appointment to start talking about your current financial situation and how you can improve it.