Why It’s Important to Talk About Money


Why is talking about money frowned upon so much? 

Sure, bragging about how much you make is tacky. And divulging how much you spend on something extravagant isn’t always needed…but it is important to talk about the other side of money. 

It’s important to start talking more about saving, investing, how to get out of debt, how to handle situations if you’re in debt. If you feel like you can’t talk about these at home or with friends, where do you talk about them?

Money genuinely affects everything from your decisions, to your relationships, to the jobs you have, and even your dreams for life. 

However, most of us have fears about money, likely stemming from the undoubted importance of money. These can range from a lack of security, not realizing your dreams, past mistakes, and even the unknown. These fears can be a big driver in why we don’t talk about money and bottle in our money concerns…

 

Why Should We Talk More About Money?

Money impacts the choices we make with everyone around us, which can be a positive or negative. In fact, the way you view wealth and materialism may have a significant effect on how satisfied and happy you are with your life. 

How does money impact us in today’s world?

  • Money is the number one issue married couples fight about and is consistently a leading cause of divorce. 
  • The average credit card debt in America stands at $6,270
  • Just 39% of Americans have enough cash to cover a $1,000 emergency, meaning many employee savings accounts are not comfortable
  • Only around 25% of Americans have some kind of written financial plan
  • Just 21 states require US high school students to take a course in personal finance 
    • No wonder there is more debt now than ever before…

As a whole, education surrounding money could be revamped and improved, which can start with having honest conversations about funds. 

 

3 Tips to Talk About Money More

There are a number of different ways to incorporate money talk into your world. 

  1. Start by being honest with yourself. Ask questions such as:
    • What are your fears around money?
    • Do you feel stable with your money?
    • Do you have a financial plan?
  2. Take the time to listen to others around you. When others have money concerns, let them talk things through with you without any judgement. In fact, you don’t even need to give advice. Act as a soundboard and allow them to give themselves their own advice to work through whatever they need.
  3. Use your voice and reach out to your employer benefits team to ask what benefits are available regarding finances. Use questions such as:
    • Do you have any financial counseling available?
    • Do you have access to short-term loans if need be?
    • Do you have a financial planning resource?

More often than not, the questions you may have are questions many of your friends, family and colleagues have as well, though they haven’t vocalized them. Stand up for your needs and ask your benefits team if they can look into options for you.

While any changes won’t happen overnight, rest assured knowing your employer is here to support you. Let me know how important it is to you and encourage your colleagues to do the same. 

If you’re interested in learning more about TrueConnect, our no-cost employer-sponsored loan program that does not require a credit score, share this ondemand demo with your benefits director.*

 

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*Approval if you meet identification criteria



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