Trends and the rules of what’s considered polite in our culture change over time, but one that’s stayed the same decade after decade? Don’t talk about your personal finances. In fact, money is such an awkward topic that only 38% of U.S. adults feel comfortable talking about their bank account balances with their family and close friends, a new poll finds.
According to Bankrate’s new Financial Taboos Survey:
- Talking about money is more taboo than politics and religion. While just 38% feel okay discussing their bank account balances with loved ones, they’re much more comfortable talking about their love lives (47%), weight (71%), political views (78%), religious views (81%) or health (81%).
- Money just isn’t brought up, as only 14% say it’s a normal topic of discussion at holiday gatherings with friends and family.
- When it does come up, it can be really awkward. One in 10 respondents say friends and family ask them uncomfortable money questions around the holidays.
- While 19% say they’ve helped a friend or family member with financial assistance at a holiday gathering, only 9% have asked for that help themselves.
- Throughout the rest of the year, half of those surveyed say they’ve lent money to someone with the expectation of being paid back and 32% have paid for a group expense, like a restaurant bill or event tickets, expecting to be paid back. But 42% of them lost money and 24% say it damaged the relationship with the person, and for some, it even damaged their credit score (9%) or led to a physical altercation (4%).
- Overall, older generations tend to be more hesitant to talk about money than younger folks. While 52% of Gen Z and 44% of millennials are comfortable sharing bank account balances with relatives and close friends, only 34% of Gen X and 29% of baby boomers feel the same.
- Younger Americans are also more open to sharing details about their credit card debt. More than half of Gen Zers (57%) and millennials (55%) would be fine with it, compared to 48% of Gen Xers and 50% of baby boomers.
Source: Bankrate
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