Finances can be tough to talk about, but keeping your money issues a secret can be bad for your personal and financial health. A 2014 study* asked people what their most difficult conversation would be and 44 percent said personal finances.
Silence around money encourages people to remain uninformed about financial options and strategies and to hide resulting financial errors. If we seldom know what our loved ones think about money, misunderstandings can fester.
Despite plenty of good reasons to open up, people often find that money is a difficult topic to discuss as it can come with an emotional attachment. The technical details of financial planning can be complex, but it also requires people to think about aging and their own mortality.
As with other hard-to-discuss topics, it’s often easier to stay quiet than to admit that you’re deep in debt or have another money-related problem. But studies show that talking about money can reduce feelings of financial stress and help you make better money decisions**.
Of course, talking is easier said than done. When you’re ready to open up, accept that the discussion will inevitably not just be about money, but also what it symbolizes. It helps to have a goal in mind about what you want the talk to accomplish, and to start conversations about money with professionals that you have no emotional connection with before sharing financial feelings with loved ones.
A great way to start your money conversation is by talking to your professional advisor. They can provide the financial knowledge and planning that will reduce stress and emotion making it easier to communicate your financial goals, dreams and concerns with others.