Conversations surrounding salaries or savings account balances are usually avoided between family and friends. Some people would rather talk politics or personal beliefs to avoid the topic of money all together.  So, why is money so hard to talk about? Money is an integral part of everyone’s life, yet it’s a topic that’s often avoided and almost viewed as inappropriate to discuss. According to Fidelity’s 2024 Couples & Money Study, 40 percent of cohabiting couples are not aligned on how often they discuss their finances. Taking it further, the same study mentioned that some people would prefer that their partner make a major financial purchase without telling them than watch their favorite tv show without them. 

Let’s acknowledge the reasons why money can be difficult for some people to talk about.

  • Financial embarrassment – Many people are embarrassed or insecure about the money they make, how much debt they’re in, or how little they have saved. Being insecure about your finances is common but with a little vulnerability, you may find that being open and talking with people, especially trusted family and friends, can prove to be helpful.
  • Lack of understanding – When you don’t understand something, it’s hard and uncomfortable to engage in conversation about the subject. What is your savings plan? What is your credit score? What are your monthly expenses? Having a general understanding of your financial details and plans will help you have productive conversations about money.
  • Individual value – How much you make doesn’t define your accomplishments or value as a human being. At times, our society places too much value on how much you make and uses that as a measuring tool for your rank or worth in the world. However, the amount you make doesn’t necessarily equate to how financially smart, stable, or successful you are.
The problem with not talking about money is that we risk continuing to make the same mistakes with our finances over and over again. By ignoring the subject of money, we can’t learn from each other. So, what can we do about the taboo topic of money? The following steps can help make the subject of money a bit more comfortable to discuss.

  • Educate yourself – There’s plenty of great information available online to help you be more comfortable talking about your finances. Visit sdccu.com/fww for webinars on a variety of money-related topics.
  • Stop comparing – Your financial situation is completely unique to you. The sooner you stop comparing yourself or your finances to others, the more comfortable conversations about money will be. You’ll quickly realize while many items might differ, some of the same struggles apply from person to person regardless of income.
  • Being vulnerable – It’s okay to be a little vulnerable with a trusted individual. Whether it’s your partner or a financial advisor, once all your cards are on the table, the stress of your situation will decrease and a path to financial stability will begin.
  • Pay it forward – Lastly, there’s going to come a point when you’re financially stable and someone will approach you with the same trepidation you had. Remember to pay it forward by being sincere, humble, and non-judgmental. Encourage others the way you were encouraged.
The best way to feel comfortable talking about money is to simply start. Take baby steps and start somewhere with a trusting individual. You alone may not change the idea of money being a taboo topic but normalizing it within your network could be helpful to many people. 

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