Is Talking About Money Still Taboo?
Money is often considered a taboo topic in many cultures and societies, but is talking about money still taboo? The subject is viewed as sensitive and private, and discussing personal finances is frequently deemed inappropriate or impolite. I didn’t grow up in a culture where people openly discussed money with friends or even family. Admittedly, I am sure we all know someone who delights in sharing how expensive their latest holiday was, or conversely someone who will always quibble over the cost of a meal.
But why is money such a taboo subject?
Financial success and personal success are closely affiliated. Discussing financial matters can make people feel embarrassed particularly if they perceive themselves to be in a less favourable financial position compared to others. In truth, talking about money makes people feel awkward. Society has perpetuated the notion that it is rude to discuss money. Many people were raised with the belief that discussing personal finances is a private matter and should be kept within the confines of one’s household. Even in a close family setting, money can cause tension.
The lack of financial education and literacy is another reason why money remains a taboo subject. Many people are not equipped with the knowledge and skills to handle their finances effectively.
Breaking the Taboo
However, avoiding conversations about money can have negative consequences. It hinders opportunities for helping families to plan for the future. Equally, this lack of discussion can cause problems later down the line, when the younger generation might need to take over financial responsibility for older relatives. If this has not been discussed previously, there might be a lack of transparency regarding available funds and how they could be spent to make later life as comfortable as possible.
Breaking the taboo around money is essential for progress. Encouraging open and honest conversations about personal finances can help individuals make informed decisions.
Financial Literacy
By promoting financial education in schools, workplaces, and communities, we can create a culture where money discussions are seen as productive and valuable. It is crucial to create safe spaces where individuals can openly share their challenges, seek guidance, and support each other in their financial journeys.
Financial literacy is a critical life skill that empowers individuals to make informed and responsible decisions about their money. Despite schemes such as the Duke of Edinburgh Award, I received very little financial education at school (but I could pitch a tent!). As a linguist, I didn’t learn the basics of economics until I entered the working world. Pensions? Insurance? Critical Illness? Knowledge of jargon and financial buzz words is generally assumed rather than taught.
Breaking down the barriers
Nowadays, proactive schools are using initiatives such as Young Enterprise to help children grasp essential concepts such as budgeting, prioritising and planning. I think it is essential for schools to develop financial education and equip students with the necessary knowledge and skills to navigate the complex financial landscape which awaits. Clearly, there may be a resourcing issue, but integrating financial literacy into the school curriculum offers several benefits. Firstly, it helps students develop a strong foundation in managing personal finances. Secondly, it can explore concepts such as budgeting, saving, investing, and credit, which are vital for achieving financial stability and long-term success.
Financial Habits
By instilling good financial habits early on, students are better prepared to handle financial challenges. This skill enables people to make sound financial choices with an awareness of banking, loans, debt, taxes and investments. Providing comprehensive financial education can contribute to reducing debt , improving financial well-being, and boosting economic and personal stability.
We are proud to open the conversation with young people, as much as we are proud of our work helping professionals understand and achieve their retirement goals.
For a second opinion or more details call Holland Hahn & Wills Financial Planning | 020 8943 9229 |enquiry@hhw-uk.com
This article is for information purposes and should not be treated as advice. Individual circ*mstances should always be considered prior to purchasing any financial products. Investing involves risk. The value of investments and income from them may fall as well as rise and is not guaranteed.
