Australians would rather discuss just about any topic other than personal finance, with one exception – their sex life – according to a new survey.
A national survey run by industry super fund-owned bank ME showed that 28 per cent of Australians don’t like talking about their finances.
Only their sex lives were identified as a more awkward topic, by 36 per cent of respondents, in a long list including health, relationships, politics, career, death, religion, taxes and emotions.
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That coyness on money matters is counterproductive, the survey found.
“Of respondents who said they don’t like talking about their finances, 78 per cent were worried about their finances compared to 35 per cent of those who do like talking about their finances.”
Moreover, although 64 per cent of respondents said they were most comfortable discussing finances with their partner, not having those discussions could be damaging to the relationship.
“Of those who like talking about their finances with their other half, 61 per cent rarely/never experience tension or conflict because of money, compared to 34 per cent who consider the subject off limits,” the report found.
ME head of deposits and transactional banking Nic Emery commented: “Discussing your finances with others is clearly linked to better financial management. It reduces money worry, increases the chances you’ll actively manage it and can help reduce money conflict in relationships.”
Mr Emery said that people uncomfortable with discussing money with family and friends should consider talking to a professional, such as an accountant, “particularly around complex or embarrassing financial issues. It’s their job to talk about money”.
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