Some say money is the last taboo. When we asked people how they felt about discussing money, just one fifth said they’d feel comfortable talking to a friend about their bank balance. People were far happier discussing just about anything else: mental and physical health, weight, age, sex life and political beliefs, according to the findings, which we published in 2018.
Today, being open about money is more important than ever, especially with everything that businesses and individuals have faced this year. It may help reduce stress around your finances. It can also help you build stronger personal relationships and make better financial decisions.
1. Support your mental wellbeing
“Money is part of everyday life but when we don’t speak about it, we turn money into this mystery,” says Timi Merriman-Johnson, founder of financial education platform Mr MoneyJar. “If you keep everything to yourself, that can start a vicious spiral downwards. Financial issues cause mental health problems and mental health problems cause financial issues.”
Timi, 30, started Mr MoneyJar to combat financial jargon, drawing on his experience in Financial PR and communications. “People in my generation were being shut out of money conversations,” he says. “I saw people going to university not understanding student loans and then worrying about them. If we felt able to talk about it, we’d realise that a student ‘loan’, functions more like a 9% ‘tax’ for people earning over a certain threshold. I thought this lack of financial understanding was a problem worth solving.”