There is a stronghold on the financial aspects of life, and as I have explored this industry, it's clear that is true because of the fear and the clear unwillingness of most to seek out continuous conversations around a topic that makes the world go 'round. Here are 5 thoughts on why I think people are scared to talk about their finances.
1. Fear of the "Jones Family" (the proverbial Jones family that is)
One of the primary reasons people are scared to talk about finances is because they don't want to be judged based on the "Jones" family! Discussing money matters can lead to comparisons in terms of income, savings, and spending habits, which can make some folks feel embarrassed or inadequate. But as with nearly every important, social topic, when we bring misunderstanding, fear, or ignorance into the light then progress happens.
2. Lack of financial literacy
An underlying problem that fuels the lack of conversation around money is many people are not well-versed in financial matters. I don't believe it's thoroughly, practically, and consistently taught in our education system, and that could be a sizable chunk of the problem simply because of the amount of time we spend in the education system. I do not want to put the onus completely on educators because I think the statistics would argue most parents are winging it too.
When the focus from the very beginning is put on "the vehicle" you will get into, i.e, which career you want to do, rather than on the destination and how to get there, then we create generations of people that know how to make money and are excited about working but are fuzzy about what to do with the money.
3. Cultural and societal norms
In many cultures and societies, discussing finances is considered taboo or impolite. And I would insist that this is a "sacred cow" that needs to be extinguished.
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Certainly, I believe you can consider your audience so that you aren't annoying, but that goes for any interesting topic. This fear, in general, is a barrier that prevents open and honest conversations about how money works. I also reiterate that all sorts of financial topics should be brought into the light. Leaving these fears and lies behind would probably solve a lot of big-picture problems we face as a society, but it starts with personal financial discussions.
4. Fear of appearing greedy or materialistic
Talking about finances can make some people feel as though they are being greedy or materialistic. The fear of being perceived this way may cause you to avoid discussing money altogether.
Honestly, this is a lie people believe. People that are worried about appearing greedy and materialistic most likely are not. You know your heart and intentions. If you find yourself being obsessed with the amount of money in your accounts, and salivating about the next purchase you are going to make, then it would be a perfect time to get those thoughts out into the light with people you trust so that you can get another perspective around the purpose of money.
5. Privacy concerns
Finances like all health-related issues are deeply personal matters, and many people are not comfortable sharing this information with others they don't trust. Financial health is intimately linked to mental health, physical health, environmental health, relational health, existential health, and emotional health.
As I mentioned above, it's obviously wise to consider your audience and the purpose behind the conversation. But within trusted groups, I think privacy can be thrown out to a good extent, and when you can be honest and genuine with your financial health then all sorts of issues could open up for discussion.
