Money is biggest conversation taboo
Money is a bigger taboo than sex, religion or politics according to a survey from UK financial advisory organisation deVere Group.
In the global survey of over 700 clients, 56% ranked personal finance as the most difficult subject to discuss with family, friends and colleagues.
It was followed by sex (18%), politics (12%), religion (8%) and health issues (6%), which showed a disparity in how personal finance was viewed.
Nigel Green, founder and chief executive for deVere Group, said the taboo of talking about money needed to be broken down and normalised.
“We’re moving towards the holiday period when people, typically, are more likely to get together with loved ones than at any other time in the year,” Green said.
“But the survey shows that what they are least likely to be discussing is personal finance – including income, taxes, pensions, debt, savings and expenses.”
Green said when money is an awkward conversation topic, it’s easier for people to get unfair deal, which could often be the case for women and minorities.
“Silence about money issues can often allow the unfairness to continue unabated,” Green said.
“Finances can be complex and are specific to each individual. The answer is to seek independent, expert help from professionals who will be able to signpost people in the right direction.
“We use money every day, it’s an essential part of our lives. Therefore, we need to get more comfortable discussing it.”
AUTHOR
Chris Dastoor
Recommended for you
A financial advice firm has been penalised $11 million in the Federal Court for providing ‘cookie cutter advice’ to its clients and breaching conflicted remuneration rules.
Insignia Financial has experienced total quarterly net outflows of $1.8 billion as a result of client rebalancing, while its multi-asset flows halved from the prior quarter.
Prime Financial is looking to shed its “sleeping giant” reputation with larger M&A transactions going forward, having agreed to acquire research firm Lincoln Indicators.
An affiliate of Pinnacle Investment Management has expanded its reach with a London office as the fund manager seeks to grow its overseas distribution into the UK and Europe.
