Can you remember the last time you had a candid, open conversation about money? If you're anything like the majority of Brits, talking about your finances is lower down the to-do list than opening up about your sex life with your nearest and dearest. It's not just friends that we avoid talking about money with, either; so reluctant are Brits to talk about money that we are twice as likely to say 'I love you' in the early days of dating than dive into talking about cash.
It's clear that despite money being an ever-present theme in the headlines, there's still a long way to go when it comes to talking about money behind closed doors.
© GettyAlthough the thought of baring all on your bank account might fill you with horror, the benefits of talking about money are wide-ranging. From avoiding unnecessary conflict to knowing whether you’re being paid fairly or not, opening up about your finances can change your life for the better. Clare Seal, financial coach and content creator, sees the benefits of being open about money in the workplace.
"The closer we hold our cards to our chest when it comes to money, the more room there is for inequality to grow, and the bigger the risk of people comparing themselves unfavourably or having unrealistic expectations of others. If we were all a bit open, it would empower us to negotiate for the salary we deserve through knowledge of what others are being paid, but also to be realistic in terms of what we should expect from ourselves and others," she explains.
As a society, it;s about time we break down the barriers to talking about money and start reaping the rewards, so here are four steps to smash the taboo and help you have empowering and positive conversations about money.
Dip your toes in, don't jump head first
Conversations about money don’t have to go from zero to laying out the intricacies of your bank account in one fell swoop. Start off by bringing the wider topic of money and finances into conversation, perhaps through referencing a story you've spotted in the news, or an article you've recently read online.
© GettyUsing pop culture references or stories that have caught your attention to open up the topic of conversation - whether it’s the latest Netflix real estate reality show or your favourite inspirational podcast - can lead the way to discussing wider financial subjects without personal experience and emotions coming to the table straight away.
Hold back on judgement
It might sound obvious, but if a friend or partner opens up about their financial situation or their relationship with money then it's important to stay judgement free and listen to what they want to say without jumping in and giving your own take right away. Opening up about money can feel exposing and many people find it tricky to share personal financial details, so holding space for others to be vulnerable without judgement can build trust and confidence.
You might not have the same views or experiences when it comes to money, but there's a lot to be said for allowing others to put forward their perspectives and opinions.
© GettyLead by example
We share all kinds of experiences with our inner circle, from beauty product picks to holiday destinations, so take the same approach with money and be a willing participant when it comes to sharing details about your financial circumstances. As with many areas of our lives where we can feel exposed, being frank with someone about your financial situation can be a sign of trust and encourage those around you to follow suit.
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The best thing about being more open with money is that there's a huge opportunity to learn from each other, share knowledge and support each other in pursuit of your goals.
Ellie Austin-Williams is the author of Money Talks, a Lifestyle Guide for financial wellbeing. Find her on Instagram at @thisgirltalksmoney.
