Discussing finances has long been considered an uncomfortable topic, or even a “taboo.” A new Bankrate survey of 2,502 respondents shows that more adults in the U.S. prefer talking about politics and religion with family and close friends than money-related matters.
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More than half of respondents, 62%, said they were very reluctant to share their financial information with friends and family and were uncomfortable sharing banking information with family and close friends. Only 38% did.
“It’s important to remove bias when discussing money issues,” Ted Rothman, senior industry analyst at Bankrate, said in the report. “While you don’t need to reveal all your financial details to strangers, it’s good to be able to talk about things like your financial goals and challenges, especially with people you’re close to.”
The report found that individuals would rather share details about each other’s appearance, with 71% comfortable commenting on their weight and 81% comfortable discussing their health. said.
Meanwhile, 78% said they openly discuss their political opinions and affiliations, and 81% said they openly discuss their religious views.
Younger generations tend to be more comfortable talking about money with family and close friends than older generations.
About 52% of Gen Zers between the ages of 18 and 27 and 44% of Millennials between the ages of 28 and 43 said they would feel comfortable sharing their financial details with family and close friends.
The survey found that only 34% of Gen
As the holiday season approaches, many people use family gatherings as an opportunity to ask friends and family for financial help or expertise. However, only 14% said money is a “normal” topic at holiday gatherings with friends and family.
About 1 in 5 people, or 19%, say they have offered financial help to a friend or family member at a holiday gathering, and 9% say they have “never asked a friend or family member for financial help at a holiday gathering.” Yes,” he answered.
“Lending money to family and friends means potentially sticky situations,” Rothman added. He also said people should learn not to lend anymore money that they “don’t mind losing” and consider treating that money as a gift rather than a loan.
“We’re happy to help if we can, but we’re wary of confusing business with pleasure. It may be better to help in other ways, such as offering advice or connections.”
