Are we embarrassed to talk money?

ALMOST one-third of Australians never talk about money — with anyone — and more than half have given up on a personal dream for financial reasons, new research has found.

Fear of being judged or embarrassed is a major reason why people keep quiet, and Baby Boomers are the generation least likely to engage in money talk, according to the Suncorp Financial Wellbeing Study.

Consultant social psychologist and study developer Patrycja Slawuta said not talking about money could affect people’s overall and financial wellbeing.

“The more people talk about money, the more motivated they are to learn about money and their financial behaviour to improve their situation and gain confidence,” she said.

Ms Slawuta said the way people learnt about money had evolved, from parents giving face-to-face advice in the past to today’s modern media and the internet.

This might help explain why younger generations talk more about money. Topics discussed range from study and work for younger generations, to mortgages and children’s education for 30-to-50 year olds and investments and retirement for over-50s, the research found.

 

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