Why is it so difficult to talk about personal finance?
The question of money doesn’t come easy for us Brits. Most would rather avoid the subject, bury their head in the sand or swear to secrecy about their financial situation. It’s a taboo that has embedded itself in generations as we are told to not discuss the elephant in the room – the elephant being ‘money’.
Wells Fargo surveyed that the most difficult conversation to have was not politics, health, religion, or even death - it was personal finance. Why have we developed a culture that is so afraid of talking about something that is so important in our daily lives and what is being done about it?
Money is a leading cause of stress that we’d like to avoid
We feel we don’t want to burden those closest to us with issues that are sensitive, such as money and that’s why we want to keep it hidden. Is the strategy that should be questioned, as when we increase transparency we find a common knowledge and feel we’re not the only ones with these concerns. After all, personal finance can be difficult to navigate. Opening up about the things we are uncomfortable about can help us gain allies that keep us on track to reach our goals.
Measure your personal finance goals, together
Despite the initial taboo that many have been brought up on, progress is finally being made and technology is making it easier to address the subject of finance. More recently, money-sharing apps such as ‘Splittr’ and ‘Venmo’ are on the rise, which aims to make it easier for people to discuss money openly to allow tasks such as splitting bills with roommates and sharing expenses with friends the norm.
The Fidor banking platform allows instant transfers to friends, making money exchanging between communities easier than ever. Initiatives like these are opening up the conversation again. Fidor Bank recently released a study that out of 2,000 UK adults in a serious relationship, 77 percent of adults share all their financial secrets with their partner within 12 months of being in a relationship – it shows that these days transparency is certainly improving, and this can be also seen in many online communities that tackle the problem face on.
Find your answers in a community that listens
While many people instinctively understand that open conversations with friends, family, and employers about finances are beneficial to solving problems, taking that initiative is initially challenging. The simple act of getting the question out there, either to a friend, family or online is a good first step.
If you’ve got a financial question that needs help answering, you can seek impartial and free advice in the Fidor UK Community. Launched in the UK in 2015, the Fidor UK Community is a group consisting of over 10,000 members and is the go-to place for all financial tips, savings advice, product suggestions, and personal finance topics.