Why it’s more important than ever to talk about money

There has long been a social taboo around talking about money. Its origins are obscure. Perhaps some strange sentiment carried over from Victorian times that business and polite conversation shouldn’t mix. Or maybe a sense that money conversations can easily tip over into bragging and judgement.

Wherever it came from, this self-censoring when it comes to personal finances lingers to this day. More than half of adults in the UK admit that they feel uncomfortable opening up about their finances. But when you also consider that 48% of people admit to worrying about money regularly, you start to see the problems that the taboo around money talk can cause.

A lot of people are feeling the pressure when it comes to money at the moment. No one needs reminding that we are in a cost of living crisis with inflation for essentials like energy and food continuing to soar. One recent survey found that financial pressure was the number one cause of stress in the UK outside of work. Another from the Money & Pensions Service found that two in five British adults don’t feel comfortable managing their own finances.

Even more concerning, the same study found that nine million UK adults are in serious debt, yet only a third of that number are receiving any help. Why? You can bet that not feeling able to talk about their problems, and not knowing where to turn for help as a result, is a major contributing factor.

They say a worry shared is a worry halved. But if people feel reluctant talking about money, they are keeping the full burden of their financial worries on their own shoulders. That’s a ticking time bomb for mental health.

Tapping into other people’s knowledge

There are also good, practical reasons why talking about money can help to ease the stresses and strains so many of us are feeling. If you are struggling to see a way out of your difficulties, other people may have ideas or advice that can help. Sharing your concerns with a partner or family member or friend isn’t just a good idea for unburdening the emotional load. They may be able to help in practical ways, too.

The same applies to approaching a professional for advice. In some ways, this can be easier for a lot of people. Opening up to a close friend or family member about money problems can be difficult. Rightly or wrongly, there are often feelings of guilt or shame involved. It feels less of a risk emotionally to talk to an impartial outside party.

Financial advisers also have the expertise to provide you with workable solutions to your problems. Managing your money effectively isn’t always easy. The ‘don’t talk about it’ attitude to money assumes everyone shares the same innate abilities to handle their finances and no one therefore needs to involve others. That just isn’t the case.

Budgeting, setting financial goals, clearing or consolidating debts, saving money – none of these things are straightforward. They take skill and knowledge that has to be learned. And the best way to learn is through talking.

The post Why it’s more important than ever to talk about money appeared first on Accounting Insight News.