While people know money makes the world go ‘round, and movies and songs about money are ingrained into the American psyche—62% don’t talk about money.
This is according to a Harris Poll survey of 2,000 adults conducted Jan. 3 to Jan. 10, 2023 for investment firm Empower.
Death a Preferable Topic
In fact, 43% would prefer to discuss politics as opposed to money, 32% find death a more palatable subject than their finances, and 28% would prefer to gossip about celebrity news. A mere 24% are willing to talk about their financial plans.
People are even uncomfortable talking about money with their family (63% say it isn’t something they’d like to do), friends (75%) and spouse or partner (46%).
However, Empower believes that like much like financial education, openly talking about and asking questions about money could help people better understand it and improve their financial standing.
It is clear that, like the saying “money talks,” becoming comfortable talking about money could help people shore up their personal balance sheets, including retirement savings, says Carol Waddell, president of Empower Personal Wealth.
“When it comes to retirement savers, we’ve seen that more engaged participants have higher savings rates,” Waddell says. “Conversation is a currency on the pathway to financial security, and open discussions about money can have a truly transformative effect on society. Talking to an advisor and financial education are key to achieving financial success.”
Empower’s “Money Talks” survey also discovered that growing up, eschewing discussions about money becomes engrained in people. Fifty-two percent never talked about finances as a child or teen, and 25% were taught that it isn’t polite to talk about money.
Lack of Guidance
Nearly a third, 32%, were raised without learning about budgeting, 21% were never taught about the importance of saving for retirement, and 21% never learned anything about 401(k)s, arguably the staple of retirement savings.
Parents and teachers of 18% of respondents never discussed how to negotiate a salary, and 17% never were given practical advice about how to invest.
Another 35% were taught never to ask someone how much money they make, and the same percentage were taught that it's a good idea to stash cash in a sock drawer.
As to real-world financial skills that respondents have, 58% say they believe they know their own net worth. However, only 38% know their partner’s net worth.
A mere 40% say they have financial clarity around their full financial outlook, and just 36% have spoken with a financial adviser. Slightly over a third, 34%, each, have pursued financial education or basic financial literacy classes.
With inflation still high at 5% and recent news of Social Security and Medicare possibly becoming insolvent by 2023, it is imperative that people become better financially educated and more proactive about talking about money.
As Waddell puts it: “In these challenging times, staying tight-lipped about money is something people can no longer afford.”
What People Yearn to Learn
As to what, specifically, people would like to learn about money, 86% would like to be able to ask a number of general questions about it. Sixty-seven percent would like advice on how to make more money, and 63% are curious about how much to save for retirement.
Fifty-eight percent would like guidance about how to plan their financial future, 66% want to know more about building generational wealth, 62% want to improve the gender wage gap, and 56% think open conversations about money could make workplace compensation more transparent.
As for the biggest money stressors that people face in society, 67% say it’s how much to spend on a wedding gift. The same percent say it’s how to negotiate with a dealer to buy a car.
Fifty-nine percent say figuring out if they need a prenup is harrowing, and 56% bug out on how to split a bill at a restaurant on a first date.
As well, 56% don’t know how to budget for a vacation.
Asked a series of questions about how they define financial freedom, for a third of people, financial freedom is just as much about being able to go on vacation when they want (28%) as it is about the classic American dream of owning a home (29%).
Another 54% say it’s being debt-free, 50% say it’s having a comfortable lifestyle, and 30% say it is being able to successfully retire at their goal age.
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