Money affects countless aspects of our lives.
So why are so many of us extremely uncomfortable talking about it, even with our nearest and dearest?
If you think about it, this silence can only be harmful to us. For example, how can you be sure you’re making well-informed financial decisions if you’ve not discussed them with anybody else? Or if you’re in financial difficulty, how likely are you to raise the alarm if money is seen as a taboo subject?
Money shouldn’t be something we’re reluctant to talk about, as being open and honest can have countless benefits, both for you and your family. You can ensure your money is working as hard as possible for you, take steps that support your long-term goals and ambitions, and be confident asking for help if you’re experiencing money problems.
Make informed choices confidently
Taking big financial decisions, such as investing in stocks and shares, setting up a pension or applying for a mortgage, can be extremely daunting for many people. But even day-to-day actions from budgeting, saving and managing your debts can be overwhelming too, as the cost of making the wrong choices can be huge. That feeling of pressure is there not only because navigating the financial world is so complex, but also because of the culture of silence that has built up around money over time.
Managing your finances is complicated, and you might not know what products or services you’re looking for, whether they’reappropriate for you, and what certain terms and phrases even mean. Yet society has conditioned us to believe we can’t speak up and ask for guidance – and that’s not right. Money is one of the biggest causes of stress and anxiety, and that reflects our tendency to internalise financial worries and keep them to ourselves.
However, this can have a huge cost, and not just in financial terms, such as difficulty sleeping, feelings of despair and isolation, and potentially long-term mental health issues. It may also put immense strain on your relationships with your close friends, immediate family and your partner.
So it’s really important to lift this veil of secrecy, speak to others and seek their advice, insights and recommendations. Communicate with your nearest and dearest about your financial values and objectives, so there’s no room for any conflict and misunderstanding. That way, you can move forward with a degree of confidence, certainty and peace of mind. And if you’re experiencing financial difficulties, be honest rather than keep it a secret that eats away at you day after day. Ignoring a problem can only make it worse, whereas speaking up could help you find the solution you need.
Educating the next generation
We all want to set a positive example to our children, and being open about money is a good way to do exactly that. Not only does this serve to educate young ones about financial terms and the decisions that come with managing our money, it empowers them to start making good choices early on in life. Furthermore, it means they’ll be less likely to go through life feeling uncomfortable talking about money themselves, and hopefully stop it being a taboo subject in the future.
If you have any questions about managing your money, we’re here to offer you any guidance and support you might need. With our specialist knowledge and experience, we can help you get to grips with issues you’re struggling to understand and help you make the right decisions for you and your family.
Get in touch with us today and we’ll be happy to speak with you.
It is important to take professional advice before making any decision relating to your personal finances. Information within this article does not provide individual tailored investment advice and is for guidance only. We cannot assume legal liability for any errors or omissions it might contain. Ethical Futures llp is authorised and regulated by the Financial Conduct Authority.