Money - your relationship with it, how much of it you have, your ability to get more of it - has a huge impact on the quality of your life and your decisions, yet it remains a topic that we, as Aussies, often avoid. Whether it's talking openly about your salary with colleagues, discussing your financial situation with friends or family, or just being honest about when we're struggling to manage our money, most of us would rather talk about almost anything else.
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Some of it can be put down to cultural norms. We're taught early on that discussing how much money or how many assets you have is basically just showing off. And, at the opposite end of the spectrum, many of us think that not having as much money as you should have, or as others have, could lead to shame and judgement.
For many, money is tied closely to personal success, security, and identity, which aren't topics you'd normally bring up at a barbecue. However, the lack of open dialogue can also make it hard to access important information. For example, many of us just aren't aware whether we're paying too much in rent or mortgage repayments, simply because there's nobody we can trust to ask.
We don't know what we don't know
One of the biggest reasons people avoid talking about money is that they feel they don't know enough. Personal finance and money management isn't a subject currently taught at school (though we at Blossom believe it should be!).
Many Australians feel out of their depth when it comes to managing their money, understanding Super, or knowing how or where to invest. This in turn results in embarrassment or insecurity, and ultimately, in avoidance.
Money is not a dirty word
The good news is, it is improving. With loads of impartial and useful insights and education on government supported sites like moneysmart.gov.au, financialcapability.gov.au and the ATO, it's much easier to get your head around your financial position, and your options, than it used to be.
Believe it or not personal finance is currently one of the top trending topics being discussed across all social platforms in Australia.
Talking about money is a crucial step toward making informed decisions and helping you reach your financial goals. Put simply, the more we talk about money, the better we'll get at managing it.
- Any general information doesn't cover your financial situation. All investments carry risk. ACM co-owner Alex Waislitz has a stake in a company that provides services to Blossom. ACM is the publisher of this article. Please consider the PDS and TMD available at www.blossomapp.com to ensure the product suits your needs.
