Ever felt you start cringing when friends bring up money around the dinner table? Do you tend to keep money worries to yourself, rather than discuss them with your loved ones (let alone seek professional advice)?
You’re not the only one. Research, locally and internationally, has found that large numbers of people find it hard to discuss personal finance matters. But as uncomfortable as it might be, there are benefits to having healthy, head-on, open and honest conversations about your money. Read on for some examples.
If you are open about your goals and intentions, you may find you have a ready team of cheerleaders available to keep you going. Research found that peer groups helped people to save more – in one study, people who regularly met up to talk about their savings progress were able to save almost four times as much. Even checking in by text message was effective.
If you’re working towards a big goal, having a team around you is likely to help. You may realise that you’re not as alone as you thought.
And of course, don’t forget we’re in your corner. As financial advisers, we can help you keep your financial life on track and design a strategy to meet your goals.
Sometimes you just need one person to start a conversation for everyone to benefit. If you make money a topic of conversation in your home, you may set a good example for your children.
Chats about money can help us learn from each other’s experiences – good and bad.
Often, people are afraid to admit that they’ve lost money and ended up less well-off than they’d hoped. But talking about what happened, and what others could learn from that experience, can help your wider network do better and avoid repeating the cycle.
You may also pick up great money lessons from friends and family that you wouldn’t have encountered otherwise.
If we’re brushing money issues under the rug, it can be easier to tell ourselves that it doesn’t really matter. But the reality is, approaching money openly and honestly can help you understand your financial needs better, and start putting a plan in place to achieve them. If money is something that’s talked about, it is easier to give it the importance it deserves.
Get in touch. As you’re getting in the habit of having these conversations, add us to the mix. Whether you want to check in on your current plans or make some new ones, we’re here to help.
Disclaimer: Please note that the content provided in this article is intended as an overview and as general information only. While care is taken to ensure accuracy and reliability, the information provided is subject to continuous change and may not reflect current development or address your situation. Before making any decisions based on the information provided in this article, please use your discretion and seek independent guidance.