Talk about money

There are a several conversation topics that are likely to cause our sensibilities to be strained. Some are probably best discussed in private and, if we want to avoid an argument whilst having dinner with friends, politics and religion are usually out of bounds.

However, considering money is the reason most of us go to work and it plays an intrinsic role in our day-to day life, it will probably come as a surprise to learn that money has long been a taboo subject in lots of households and social circles with many people keen to avoid talking about their finances at all costs, even with a loved one.

One reason for this is that money has long been associated with status and success, leading to a fear of judgment, shame and failure if we don’t have enough money or are simply not very good at managing it. It is this general feeling of discomfort and awkwardness towards money which often results in a culture of secrecy around it and stops many people asking for financial help and advice when they often need it most.

The power of open conversations about money can, therefore, not be overstated. Talking openly about money and financial matters is not just a practical exercise we should all do more of but is also a therapeutic one that can reduce money worries and alleviating stress.

In this article, we explore how discussing money openly can help and how it can transform our relationships, financial well-being, and overall peace of mind both now, and in the future.

Help Break The Stigma

By being open about financial matters, we can collectively help break the stigma surrounding money and make talking about our financial challenges, dreams, and goals a normal part of every day life. By creating this sense of acceptance about money related conversations it starts to be a normal thing to do, and the stress that money often creates will start to dispel as we’ll no longer feel we need to hide the challenges and issues it creates for us.

One of the reasons money is at the core of so many relationship break downs and causes so much stress and ill health is because many people avoid addressing or sharing financial issues because of embarrassment and shame. By talking freely about money, we can start to remove that stigma and lessen the power money has to ruin so many lives.

Help Reduce Financial Stress

Money worries can be a significant source of stress and anxiety which, not only impact our financial well-being but also our physical and mental health too. Talking about money can help address the root causes of this stress – the feeling of isolation, desperation and hopelessness - that dealing with something on our own can create bring. 

conversation may be all we need to give ourselves a boost to create a budget, seek debt advice, or develop a savings plan. However, it is only by addressing our financial concerns and being open about them with someone we love, and trust, that we can start to reduce the stress they can cause us by knowing that we are no longer dealing with them alone.

Help Gain A Fresh Perspective

When we share our financial concerns with others, we gain fresh perspectives and insights that we might not otherwise have considered. Friends, family members, and financial advisors can offer advice, resources, or simply provide a friendly ear which can help remove the anxiety and stress we often feel when having to deal with something on our own, in secret.

Even a simple conversation can make our money problems seem less daunting and provide us the courage and impetus to start address them. So, start talking today.

Help Strengthen Relationships

Talking openly about money can also strengthen the bond between people, whether in a romantic relationship, a friendship, or within a family, as it can fosters trust, transparency, and empathy. When we talk about our financial goals, worries, and plans, it becomes possible to work together with loved ones to achieve common objectives, rather than struggling on our own.

It means we have an ally we can turn to for help, a cheerleader encouraging us and a guide to help keep us on track. The strongest relationships are those with no secrets and where conversations are never awkward. Being open about money with those we love is very much part of that.

Help Us Learn And Grow

Whilst every financial journey may seem unique, those around us are likely to have experienced financial challenges and can be a great source of information, inspiration and help. By discussing our money worries with others, it is possible to learn from their experiences and tap into their knowledge.

They may also have a solution. This helps our financial knowledge and confidence grow and can help us make better-informed decisions and build a better financial future. Whether it's reducing debt, buying a property, investing, budgeting, or working out how best to save, sharing our concerns with others, asking questions and learning from them can help us begin to change our financial future.

Help Us Plan For The Future

Being open about money makes it easier to make concrete plans for our financial future. This might include setting life goals, creating a retirement plan, or deciding on how to fund our children's education.

Whatever it is, talking about money with loved ones means they can help support us in our ambitions because they will understand our financial hopes and dreams, which they can’t do if we don’t talk to them and share what they are.

Help Change Our Children’s Financial Future

Our children’s life long relationship with money is often formed when they are as young as eight years old. However, being more open about money and the challenges and opportunities it can provide can still shape their relationship with money and help them long into the future.

The more we talk about money, the more we normalise discussions about saving, investing, debt and responsible spending, whilst also removing the prospect of them feeling shame and the need for secrecy if they ever make money mistakes. So, make money a normal topic of conversation and help your children become better with money as a result.

The power of open conversations about money cannot be underestimated. By being more open about our financial worries, dreams, and plans, we can help remove the stigma surrounding money and lessen its power to impact our emotional and physical wellbeing.

Remember, talking about money is not a sign of weakness but a path to financial strength and overall wellbeing. So, start the conversation today, and begin to experience the transformative effects a conversation can have on your life.

Remember, your investments can go up and down and you could end up with less than you started with. Past performance does not guarantee future results. The information provided is financial guidance and should not be considered financial advice.