Let’s talk About Money

Beyond couples, wider family relationships can also suffer from not talking about money. Many people report struggling when they have to take on responsibility for elderly parents, or sort out wills, because they simply do not know what their parents wanted. Sibling relationships can also break down over the division of estates when wills seem unfair to one or more party.

However, finding it hard to talk about money affects more than just your personal relationships. For example, if you feel embarrassed discussing money, it can be extremely hard to ask your boss for a pay rise. If you can’t ask your co-workers what they earn and this is a major taboo you are unlikely to find out if you are paid substantially less or more than them, or be able to take action to address it.

Talking about money can be difficult, but according to research, people who talk about money:

• Make better and less risky financial decisions
• Have stronger personal relationships
• Help their children form good lifetime money habits.
• Feel less stressed or anxious and more in control.

It’s a step that can help improve your financial wellbeing and long-term resilience. It doesn’t just help you, either – it can support the financial security of the people around you too.

If money isn’t something you talk often about, it can be difficult to start conversations and get into the habit. Here are three reasons to start doing it now