Discussing finances has long been considered an uncomfortable topic, or even “taboo.” More U.S. adults would rather talk about politics and religion than anything related to money with family members and close friends, according to a new survey of 2,502 respondents from Bankrate.
Over half of those surveyed, 62%, said they are very uncomfortable sharing their financial details with friends and family, and only 38% said they are comfortable sharing their bank details with family members and close friends.
“It’s important to de-stigmatize discussing money matters,” Ted Rossman, Senior Industry Analyst at Bankrate, said in the report. “Not that you need to reveal all your financial details to strangers—but especially with people we’re close to, it’s good to be able to talk about things like your money goals and challenges.”
The report found that individuals would even rather share details about each other’s appearance – 71% said they are comfortable commenting on weight and 81% said they are comfortable discussing their health.
Meanwhile, 78% said they would openly discuss their political views or affiliations, and 81% said they would openly discuss their religious views.
Younger generations are more likely to talk about money with their family members and close friends compared to older generations.
About 52% of Gen Zers ages 18 to 27 and about 44% of Millennials ages 28 to 43 said they are comfortable talking about their financial details with family members and close friends.
While only 34% of Gen Xers, those between the ages of 44 and 59 and 29% of Baby Boomers aged 60 to 78 are comfortable talking about their financial details, the survey found.
As the holiday season approaches, many individuals use family gatherings as an opportunity to ask for financial help and expertise from their friends and family. However, only 14% said money is a “normal” topic at holiday gatherings with friends and family.
About 1 in 5, or 19%, said they have provided financial help to a friend or family member at a holiday gathering, while 9% said they have “asked” for financial help from a friend or family member at a holiday gathering.
“Lending money to family and friends represents a potentially sticky situation,” Rossman added. He also said people should learn not to borrow more money than “you can afford to lose” and consider treating the money as a gift rather than a loan.
“While it’s nice to help if you can, I’m wary of mixing business with pleasure. It may be better to help in another way, such as offering advice or connections.”