WESTFIELD, N.J.–There appears to still be one topic that many “shy away from in fear of making people uncomfortable”: money, according to a new survey.
At Moneyzine.com decided to investigate whether the taboo of talking about money actually hinders Americans personal finances.
Among the findings:
- One in four peoplebelieve it is impolite to talk about money.
- More than a third say they were taught never to ask how much money someone makes.
- 68% of Americans say they avoid money talk at work.
Additional Findings
According to Moneyzine.com, the lack of openness surrounding money has caused a “deficiency in good financial habits.”
The company said the survey further found:
- Fewer than two-thirds of Americans know their own net worth.
- More people have checked Elon Musk’s net worth (28%) than their own family’s (24%).
- Just 32% of Americans say they were taught how to budget, 21% taught to save for retirement, 18% to negotiate a salary, and 17% to invest.
- One-in-four Millennials have seen a fortune teller for advice, while just one-third have spoken with a financial advisor.
Talking Would Help
Despite the findings outlined above, a significant share of American agree that more conversations about finances would be beneficial.
The survey found:
- More than half of U.S. workers wish discussing salaries wasn’t taboo.
- One-in-two workers believe openness around pay would make them work harder.
- 66% of people believe open conversations around money would help them achieve financial freedom.
- 62% believe it would help close the gender wage gap.
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