Why half of Australians don't want to talk about money

In a recent article from Mortgage Professionals Australia (24 February 2016), research showed that around half of the Australian’s surveyed would rather avoid the topic of money.

The survey found 42% of those surveyed find personal finances the most difficult thing to talk about, even more than religion (40%), sex (38%) and politics (23%). The article revealed that Aussies will talk about their sex lives before they discuss their personal finances. While Gen Y (aged 18 – 34) were the most comfortable with one in three regularly discussing personal finances,
Baby Boomers (aged 55 – 74) were the least comfortable generation when it comes to talking about money, with 56% never discussing it. This could be due to the perception that talking about money is rude or impolite and these perceptions can be hard to shake.

Clearly, it’s not a good idea to share things like financial passwords and PINS, but in not discussing money more freely do we miss out on opportunities? Sharing ideas on how to save money or manage finances can be beneficial.

The survey included three reasons why it is important that money matters be discussed.

Gain knowledge: Talking to someone who has more financial knowledge than you is a great way to educate yourself on personal finance.

Take action: This might sound obvious, but we see many people procrastinate. If action is required, nothing will change unless action is taken.

Learn from others mistakes: Chances are that someone you know has learned the hard way about a financial matter you are contemplating. By finding out what they would do differently, you then have a real case study to learn from.

At ‘All About You’ Financial Solutions, we are here to listen. We are a great source of information and research tool – not only for loans.

We can also often steer you in the right direction of other professionals who can assist with the ‘big picture view’ of your finances. Whether you need help with Superannuation, Tax Planning, making the most of Centrelink, finding a great Real Estate agent or a competent conveyancer, we have spent years listening and formulating key relationships with true experts in a large array of specialty fields.

So instead of you having to start a lot of often difficult conversations and wade through what is often a time consuming and confusing process, speak with us first.

Speak up – try a new conversation on anything financial with us and see where this could lead you!