Discussing finances has long been viewed as an uncomfortable topic, or even “taboo.” More adults in the U.S. would rather talk about politics and religion over anything money related with family members and close friends, according to a new survey of 2,502 respondents from Bankrate.
Over half of the respondents, 62%, said they are highly uncomfortable sharing their financial details with friends and family, and only 38% said they are comfortable sharing their bank information with family members and close friends.
“It’s important to take the stigma out of discussing money matters,” said Ted Rossman, Senior Industry Analyst at Bankrate, in the report. “Not that you need to bare all of your financial details to strangers – but especially with people we’re close to, it’s good to be able to talk about things like your money goals and challenges.”
The report found that individuals would even rather share details about each other’s appearances — 71% said they are comfortable commenting on weight, and 81% said they are comfortable discussing their health.
Meanwhile, 78% said they would openly discuss their political opinions or affiliation and 81% said they would openly discuss their religious views.
Younger generations are more likely to be comfortable talking about money with their family members and close friends compared to older generations.
About 52% of Gen Zers, between the ages of 18 through 27, and about 44% of Millennials, between the ages of 28 through 43, said they are comfortable talking about their financial details with family members and close friends.
While only 34% of Gen Xers, those between the ages of 44 through 59, and 29% of Baby Boomers, between the ages of 60 through 78, are comfortable talking about their financial details, the study found.
As the holiday season approaches, many individuals use family gatherings as an opportunity to ask for financial help and expertise from their friends and family. Only 14%, however, said money is a “normal” topic at holiday gatherings with friends and family.
Around 1 in 5, or 19%, said they have provided financial assistance to a friend or family member at a holiday gathering, while 9% said they have “asked” for financial assistance from a friend or family member at a holiday gathering.
“Lending money to family and friends represents a potentially sticky situation,” Rossman added. He also said that people should learn to not lend more money that “you can afford to lose,” and consider treating the money as a gift rather than a loan.
“While it’s nice to help if you can, I’m wary of mixing business with pleasure. It might be better to help in a different way, such as offering advice or connections.”
