I cannot recall my parents ever having a conversation with me about money, wealth or how they made money. What I do remember is them telling me that ‘money does not grow on trees’ and that ‘the only way to succeed in life was to do well in school and get a job’.
My parents were both very generous with their time and money, more so when it came to the wider family. So, I never understood it when they rejected the majority of my requests for them to spend money on the things that I felt were essential to my existence. Now as a parent, having to deal with the demands of my daughter and my personal goals, I have made my own conclusions about the reasons for the numerous ‘No’s’ that I received when my requests involved money.
My journey so far as a professional in the financial services industry has made me realise that my experiences with money are not unique. Indeed, many adults are not aware of the impact that some of their childhood experiences have had on their money habits and money mindset. More often than not what their parents taught them and, in some cases, did not teach them has directly influenced how they manage their money. The end result is that talking about money has become very difficult for a lot of people.
It has been well documented that people who are able to talk openly about money:
- make better and less risky financial decisions
- have stronger personal relationships
- help their children form good lifetime money habits
- feel less stressed or anxious and more in control.
So, I would encourage everyone to make an effort to talk to at least one person in their family about money.
A great time to have your money conversation could be during Talk Money Week, 9 - 13 November 2020. The goal of Talk Money Week is to turn talking about money from one of the UK's least favourite topics of conversation into something that becomes as natural and familiar as talking about the weather.
Nothing on this website should be construed as personal advice based on your circumstances. No news or research item is a personal recommendation to deal.
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