It can be difficult to talk about money and finances. Whether you hide spending from your partner, grew up in a home where money conversations were taboo or you feel awkward talking about money, we know these conversations can be difficult.
Talk Money Day, observed on November 8, celebrates and encourages open and honest communication about money and finances. It is a global grassroots movement to break the stigma surrounding talking about money and increase financial literacy.
Northwestern Mutual celebrates Talk Money Day with our podcast, A Better Way to Money™, which empowers listeners to uncover blind spots and opportunities and make their money work smarter.
Why is it so hard to talk about money?
In 2024 Study from Bankrate It found that only 38% of American adults feel comfortable talking about their finances with their family and friends, compared to 71% who feel comfortable talking about their weight and 81% who feel comfortable talking about their health. So, why do we still avoid talking about money?
How we feel about money and finances is very personal, and contributes to the judgments we make about ourselves and others. Nathan Astle, a certified financial therapist and marriage and family therapist, was recently a guest on A Better Way To Money™.
“I would say that money is one of the most sensitive topics ever, because there’s a lot of judgment that goes into money, and there’s a lot of what I should or shouldn’t do… should I do this or shouldn’t I do this with my money… because Lots of moralizing, right? According to Astle, “We allocate our money so much because it’s so deeply tied to how we feel about ourselves.”
Astle specializes in helping couples talk about finances. In his practice, he encourages them to explore each other’s financial histories to gain a deeper understanding of their own. This can be a way to understand where your partner is coming from as well as delve deeper into your relationship with money. You can find conversation starters to spark this conversation with your partner here.