Money – one of the most taboo topics in Australia. But it shouldn’t be. In this time of uncertainty, it is now more important than ever to have honest conversations with your family about your financial situation. Please keep reading to find out how important it is to talk about money.
A study by St George Family Finances found that almost one in four people don’t trust their partners when it comes to money. It also indicated that many believe that managing personal debts adds extra, unwanted stress to their relationships.
Think about it – when was the last time you had a conversation about your debts, income or how much you’re spending? Being open about your financial situation can be scary because it makes us vulnerable to judgement and scrutiny. But it is worthwhile, with a survey from ME Bank finding that stress levels about your finances significantly drop when you discuss money. The research also found that when you are actively talking money, you are more likely to be actively managing your finances and getting on top of your financial situation.
Talking about money has great benefits for your relationship and family. It can lead to happier relationships and reduce your likelihood to argue about finances. And we know that parents often worry about discussing money with their children but getting it out in the open can help develop good financial habits at an early age. Don’t be held back by your own financial situation or views. Click here to read some great tips for talking money with your kids.
It is important to have positive conversations about money to strengthen your relationships and pass on good money habits to your children. Be honest about your experiences to avoid further stress in your life and relationships.