An Australia-wide survey from Suncorp has revealed that over a quarter of Aussies struggle to talk about their finances for fear of judgement or embarrassment.
The study, conducted with the help of behavioural psychologists, is a part of Suncorp’s Financial Well Being Study which surveyed more than 3,200 Aussies.
Patrycja Slawuta, consultant social psychologist and founder of behavioural change agency SelfHackathon developed the study and said that by not talking about their family finances, Aussies are risking their overall health.
“Even in 2017, money is still very much a taboo topic and Australians have a tendency to shy away from discussing their finances. This may have implications to both financial and overall wellbeing,” she said.
While admitting that we have an “emotional” and “complex” relationship with money, Slawuta believes that financial conversations are important to improving our money nous.
“The more people talk about money, the more motivated they are to learn about money and their financial behaviour to improve their financial situation and gain financial confidence. That is, talking about money is an omen for motivation to financial change,” said Slawuta.
The study also found that we are less likely to talk about money the older we get with Millennials and Generation Z more likely to discuss their financial situations than Baby Boomers.
Despite money being a touchy subject for a lot of Aussies, it isn’t a topic of conversation we should be avoiding.
“Honest conversations about our money experiences can be liberating — sharing tips, goals and ideas can be a great way to learn and help us get a more accurate perspective on our own financial situation,” said Suncorp Executive General Manager for Brand and Marketing, Kristi Woolrych
The research has been used to help set up Suncorp’s new Money Profile tool - an initiative to help Aussies better understand their relationship with money.
“The Money Profile tool aims to improve self-awareness around money attitudes that underpin behaviours, and to encourage and open up money conversations among people. We want everyone to feel confident about managing their money,” said Woolrych.
For tips and tricks to increase your money-savviness head to Mozo’s Life & Money Hub.