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We're increasingly open about a number of topics - money excluded. Read more here.
Why Is Money Still the Last Taboo?
It seems we’ve become increasingly open about once-taboo topics over the past few years. There’s more conversation about mental health, politics, even our sex lives, than ever before—but there’s one subject that people still seem to avoid like no other: money. It’s everywhere, influencing nearly every aspect of our lives, yet we don’t talk about it openly.
This discomfort around discussing finances isn’t just a generational issue, but the experiences of Gen Z, as highlighted in a recent Intuit study, offer insight into how deeply ingrained this silence is. Gen Z, like many others, craves transparency when it comes to finances, but they’re still hesitant to have these important conversations.
We Talk About Everything but Money
Take this example from the popular podcast Bad With Money: The host asked people in a coffee shop two simple questions. First, “What’s your favorite sex position?”—answered with ease and even enthusiasm. Then, “How much money is in your bank account?”—and suddenly, the room went quiet. This is certainly a reflection of our larger culture; we’re willing to share deeply personal details but can barely bring ourselves to talk about what’s sitting (or not sitting) in our bank accounts.
The Impact of Silence
Money influences everything, including daily decisions like deciding if we can go out to dinner with friends as well as overarching life decisions – how we feel about our careers, or what the future holds. Yet, many of us, especially younger generations, feel a constant pressure to appear like we have it all together financially. According to Intuit’s survey, 70% of Gen Zers who compare themselves to others on social media feel behind, and more than half have lied about their financial situation.
But this tendency to keep quiet about our finances doesn’t just hurt Gen Z. Across the board, people are reluctant to admit they don’t have everything figured out. We often compare ourselves to others, believing they’ve got money sorted out when, in reality, many are just as uncertain as we are.
Why We Need to Start Talking About Money
As much as we avoid it, money is emotional. It triggers feelings of shame, stress, and insecurity. If you’ve ever cried over credit card debt, felt anxious about checking your account balance, or avoided telling a friend you couldn’t afford to join them, you’re not alone. Everyone is worrying about money. That’s why opening up these conversations is so important.
It’s easy to feel like the only one struggling, but transparency brings relief. Just like the podcast host who started talking openly about her confusion with finances, we can begin to take the first steps toward financial clarity by simply admitting we don’t know it all. Learning and growing with the support of others can make a world of difference.
There is also research to support how discussing income and benefits at work can help increase earning potential, particularly for women due to the pay gap.This has been very true in my own career. Several years back, the company I was working for had a strict rule about not discussing compensation, which felt off to me, and raised several questions in my mind. I was lucky enough to have a male colleague (working the same role as I was) who was willing to have an open conversation about our salaries, regardless of this rule (which is now illegal!). I had started the job about a month before he did, and I learned his initial salary was $15,000 higher than mine was. This led me to attempting to negotiate for a raise, which was refused. Shortly after, I left the company for a job paying me $70,000, $5,000 higher than what my male colleague was making at the previous company.
Had we never opened up that conversation, my career earnings trajectory would have been significantly different than it ended up being in reality. I’m very grateful to this colleague’s openness; otherwise, I wouldn’t have known what salary expectations were realistic for me at that time, given my background and experience.
How to Break the Silence
For many people, discussing finances feels just as taboo as it does for the rest of us. Yet, the same Intuit survey found that 69% of Gen Z wishes people were more open about personal finances. They want to learn, they want to talk, but the stigma surrounding money talk keeps them silent.
The truth is, you don’t need to have everything figured out before you can start having these conversations. Talking with a trusted friend, partner, or financial advisor, while being honest about your situation and asking questions can open up opportunities to learn and grow. Talking about money doesn’t have to be intimidating or shameful. It can be a way to take control of your financial life.
It’s Time to Rewrite the Money Narrative
It’s clear that money touches every part of our lives, and ignoring it won’t make it any easier to handle. Whether you’re struggling with debt, unsure about saving for retirement, or simply trying to make sense of it all, you don’t have to do it in silence.
At Money Illustrated, we believe that financial success is personal and looks different for everyone. You don’t have to be a money expert to start talking about it—you just have to be willing to start the conversation. Let’s break the taboo, one conversation at a time.
Schedule a free consultation here to begin your money journey.
Sources
https://www.intuit.com/blog/news-social/gen-z-would-rather-talk-about-anything-but-their-finances/
https://podcasts.apple.com/us/podcast/bad-with-money-with-gabe-dunn/id1144712710
https://www.fastcompany.com/90845097/gen-z-money-finances-sex-survey-politics-mental-health
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