Talk about money worries

It's good to talk about concerns with debt

While, for many, discussions about money can be extremely uncomfortable, experts have long stressed the best approach to financial issues is invariably to talk about them.

Indeed, perceived wisdom suggests the more open and honest people are about money, the better their life and relationships tend to be.

Finance: the last taboo

There’s a wide variety of reasons why people don’t like to discuss their finances.

In some cases, money is simply viewed as a vulgar subject to talk about, while many individuals lack financial confidence and therefore feel foolish discussing their finances.

For others it’s easy to just ignore the issue altogether or simply leave it to someone else to sort out.

As a result, many of us don’t like to talk about money, which means finance stands out as one of the last taboo topics in our society.

Importance of Financial Conversations

A failure to communicate about money though can lead to serious problems especially for other family members.

This particularly relates to the younger generation and the importance of nurturing a sense of financial responsibility that will ensure they are ready to take control of their finances.

It’s also critical in relation to older people as, if discussions have not taken place, there is no way of knowing their wishes when important issues relating to their financial future inevitably emerge.

Elephant in the room

While it is therefore vital to talk, discussing some financial topics can prove extremely challenging for many people.

For example, parents often find it difficult to discuss issues surrounding inheritance and the transfer of wealth which means conversations with their children on this topic can be awkward or stilted.

It is imperative, however, that parents do include their offspring when making financial planning decisions.

This is in order to ensure they are ready to assume responsibility for family assets when the time arises.

    Financial Paralysis

    An inability to talk about money can also lead to personal finance paralysis, which is basically the fear of making a bad decision.

    This can result in people either delaying important financial decisions or not making any decisions at all.

    Talking issues through with a trusted confidante though is a particularly good way to help alleviate such anxieties.

    It equips people with both the knowledge and conviction to make appropriate decisions.

    Talk to us

    As with most things in life, it’s usually easier to figure out financial problems if you talk them through with someone you trust.

    Discussing issues with those people that matter to you can help get things into perspective and thereby aid the decision-making process.

    Remember, we’re always here to help too. So feel free to get in touch and start a financial conversation with us.

    Key Takeaways

    Experts have long stressed the best approach to financial issues is to talk about them.

    A failure to communicate about money can lead to serious problems.

    This particularly relates to the younger generation and the importance of nurturing a sense of financial responsibility.

    It’s also to older people as there is no way of knowing their wishes when important issues relating to their financial future inevitably emerge.

    Parents often find it difficult to discuss issues surrounding inheritance and the transfer of wealth.

    It is imperative that parents include their offspring when making financial planning decisions.

    This will ensure they are ready to assume responsibility for family assets when the time arises.

    An inability to talk about money can lead to personal finance paralysis, a fear of making bad decisions.

    This can result in people delaying important financial decisions or not making any decisions at all.

    As with most things in life, it’s usually easier to figure out financial problems if you talk them through.

    We’re here to help, so feel free to get in touch and start a financial conversation with us.

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