Almost half of Americans say they would rather discuss death, politics or religion than talk about personal finance, reports wealth psychology expert Kathleen Burns Kingsbury, author of a new book on how to talk about money.
Talking about money is still the ultimate taboo.
In couples, talking about money and sharing information about assets and debt is often an after-thought, says Kingsbury.
“It is quite common … for couples to marry without knowing anything about each other’s assets or debts or discussing assumptions about who will earn the money, how it will be spent, for what or how these decisions will be made,” adds Richard Trachtman, a pioneer in the field of money psychology.
It’s no surprise that this “money silence” has a negative impact on relationships.
It leads to conflicts within families and between couples, often leading to divorce.
Money silence, says Kingsbury, “gets in the way of planning for a secure financial future. It keeps women underpaid, and families from successfully passing on wealth. It contributes to the financial literacy crisis in this country, and the fact that many of our elderly live at or below the poverty level. Yet, we remain quiet.”
What can you do to break the money silence?
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