MINNEAPOLIS — Money is a touchy topic.
According to the latest Bankrate survey, only 38% of American adults say they feel comfortable discussing their bank account balances with friends and family.
“We’d like to see money become a more open part of the conversation,” said Ted Rothman, senior industry analyst at Bankrate.
At a time when many people are feeling financial strain, Rothman is concerned about the lack of communication around money.
“One of the things that sometimes happens is that people want to help and provide too much financial aid, which undermines their own financial security,” Rothman said.
He also noted that many people have difficulty communicating freely with their spouses about money. It can lead to financial infidelity.
“We found that more than four in 10 people who are married or cohabiting with a significant other have or have kept financial secrets from their partner. Secret debts, Secret spending, secret bank accounts, etc.,” Rothman said.
But there is some hope.
More than half of Gen Z adults say they feel comfortable talking about money with people close to them.
Katie Dinsmore from New York said, “In my Gen Z friend group, talking about money isn’t all that unusual.It’s a little more taboo with my family, but with people my age… I think it’s becoming the norm for us.” city.
Those families are paying attention.
“Partly because the next generation is asking a lot of great questions about this and I’m their mother,” said Maureen Walsh from Victoria.
People who want to ease their anxiety about discussing money have several options.
“For example, if it’s your spouse, you might want to set a monthly money date to talk about bills that are coming due and other financial goals you want to achieve in the coming year.
“If you’re serious about buckling down and paying off your credit card debt, it’s a good idea to let your group of friends know that you’d like to cut some of the expensive extra charges for the time being,” Rothman says.
After all, talking about money isn’t about telling people how much you earn, it’s about telling people about your relationship with money.
Rothman says it’s important to remove the stigma when discussing money matters, especially with those close to you.
Talking about your money goals and challenges may help you get some helpful advice. When people know you stick to a budget, they’ll understand better.
derek james
