top of page

Talking about money

Sophie Foreman

While, for many, discussions about money can be extremely uncomfortable, experts have long stressed the best approach to financial issues is invariably to talk about them. Indeed, perceived wisdom suggests the more open and honest people are about money, the better their life and relationships tend to be.


Finance: the last taboo

There’s a wide variety of reasons why people don’t like to discuss their finances. In some cases, money is simply viewed as a vulgar subject to talk about, while many individuals lack financial confidence and therefore feel foolish discussing their finances; for others it’s easy to just ignore the issue altogether or simply leave it to someone else to sort out. As a result, many of us don’t like to talk about money, which means finance stands out as one of the last taboo topics in our society.


Importance of financial conversations A failure to communicate about money though can lead to serious problems especially for other family members. This particularly relates to the younger generation and the importance of nurturing a sense of financial responsibility that will ensure they are ready to take control of their finances. It’s also critical in relation to older people as, if discussions have not taken place, there is no way of knowing their wishes when important issues relating to their financial future inevitably emerge.


Elephants in the room While it is therefore vital to talk, discussing some financial topics can prove extremely challenging for many people. For example, parents often find it difficult to discuss issues surrounding inheritance and the transfer of wealth which means conversations with their children on this topic can be awkward or stilted. It is imperative, however, that parents do include their offspring when making financial planning decisions in order to ensure they are ready to assume responsibility for family assets when the time arises.


Finance paralysis An inability to talk about money can also lead to personal finance paralysis, which is basically the fear of making a bad decision. This can result in people either delaying important financial decisions or not making any decisions at all. Talking issues through with a trusted confidante though is a particularly good way to help alleviate such anxieties as it equips people with both the knowledge and conviction to make appropriate decisions.


Talk to us As with most things in life, it’s usually easier to figure out financial problems if you talk them through with someone you trust. Discussing issues with those people that matter to you can help get things into perspective and thereby aid the decision-making process. And remember, we’re always here to help too, so feel free to get in touch and start a financial conversation with us.


12 views0 comments

Recent Posts

See All

Comments


Follow us on facebook 
Approved by The Openwork Partnership on 05-12-2024

Woldingham Financial Services Ltd is an appointed representative of Openwork Limited, which is authorised and regulated by the Financial Conduct Authority. Openwork Limited, Openwork Market Solutions Limited, Omnis Investments Limited and Openwork Wealth Services Limited are separate companies within the Openwork Group.  Openwork Market Solutions Limited is a company registered in England and Wales with a oompany registration number of 03799465, registered office Auckland House, Lydiard Fields, Swindon SN5 8UB

 

Openwork Limited is authorised and regulated by the Financial Conduct Authority, registered in England & Wales under registered number 04399725, Registered office Auckland House, Lydiard Fields, Swindon SN5 8UB

 

Omnis Investments Limited is authorised and regualted by the Financial Conduct Authority, reigstered in England & Wales under registered number 06582314, Registered office Auckland House, Lydiard Fields, Swindon SN5 8UB

 

Openwork Wealth Services limited is registered and regulated by the Financial Conduct Authority, registered in England & Wales under registered number 10266077, Registered office Auckland House, Lydiard Fields, Swindon SN5 8UB

The information on this website is subject to the UK regulatory regime and is therefore targeted at consumers in the UK.

Woldingham Financial Services is a registered company at Stac Pollaidh, Southfields Road, Woldingham, Caterham, Surrey, UK, CR3 7BG. The company number is 07409560.

bottom of page