It’s often said that if you want to have the perfect dinner party there are three topics of conversation to avoid: politics, religion and money.
It’s easy to see why politics and religion might be contentious, but money? It makes the world go around, we use it every day, so why is it so off-limits when it comes to polite conversation?
It’s certainly seen as rude to talk about how much we earn, have in the bank, or pay towards our mortgage every month. In fact, a survey last year revealed that people in the UK find it easier to discuss the topics of mental health and infertility than money.*
It seems that nerves are also to blame, with 25% of respondents saying that having conversations about personal finances makes them feel anxious.
But is a ‘head in the sand’ approach healthy?
It’s hard to learn about something when it’s such a taboo topic. But not knowing about something can lead to more anxiety, confusion and feeling as if you’re not in control.
It can also lead to assumptions being made, which can sometimes be detrimental.
Take for example the Equal Pay Act 1970 – it wasn’t until the female machinists working at the Ford Factory in Dagenham discovered they were being paid 15% less than men for doing the same work that this was introduced.
You might remember a similar thing happened recently with the BBC: it was only when they published its list of its highest-earning presenters that the imbalance between how much men and women were being paid was revealed. This forced them to rectify the ‘gender pay gap’, and other corporations have since follow suit.
Talking about money can improve circumstances and be very cathartic
It can also help us to develop skills and habits that will make us feel better about our ability to look after our money.
So where should you start?
Start small. You don’t have to learn everything about money at once, just building in subtle habits can help. And there are pleasant ways to dip your toe into the water. Money blogs or finance podcasts are a great way to learn about ways of managing your finances that will help you to feel more informed and in control.
Talk to friends, your partner and family. The more comfortable you are talking about topics like retirement plans, budgeting and even protection insurance openly among your peers, the more opportunity you have to learn from each other. You might find others are tackling these issues too and can recommend people who can help.
Talk to a financial adviser. Working with a professional adviser can really help. A good adviser will use their skills and experience to find out what you really want from life in order to match your long-term goals to a financial strategy that suits your needs and budget.
Even if you have an adviser, keeping in touch with them regularly is vital. Life never stands still for long, and there may be things that are worth sharing in case they affect your long- term plans.
Hopefully these tips will help you to feel more relaxed about talking about finances. It might feel daunting and off-putting at times, but it’s your money, and in many ways, holds the key to your future. When you think about it that way, being in control of it makes sense.
*Source: https://www.lowell.co.uk
This article was prepared by AdvisorStream and is legally licensed for use by AdvisorStream.
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