When it comes to money, we were once self-taught and tight-lipped. Not anymore. People not only want to learn more about money and how to manage it, but also they are quite willing to talk about it with friends and family. Best of all, they want to share this newfound financial know-how with their children. That’s the word from a survey by Ipsos that found that money matters, once a taboo subject for conversation, are now discussed more openly. Three out of four people say they are more likely to talk about money issues with co-workers since the recession, and 39 percent say they’re talking more freely about finances with friends and family. A separate survey conducted by Mint.com looked at how people’s childhood money memories prepared them to manage finances as adults and how they now teach their own children about money matters. The Mint.com survey found:
- More than 50 percent of those surveyed talk often to their children about the value of money, living within their means and saving to buy toys, games and clothing.
- Three out of four talk more openly with their children about money than their parents did with them.
- Most play the primary role in teaching their children about money, but more than half identified obstacles that prevent them from doing a better job.
Meanwhile, couples who do not think money and possessions are important have stronger, more satisfying marriages and fight less than their materialistic counterparts, according to a recent study of couples in the Journal of Couple and Relationship Therapy. “Materialism may cause spouses to spend money unwisely, which creates financial stress in the marriage,” says study author Jason S. Carroll, Ph.D., an associate professor of family life at Brigham Young University.
Sunmark is always here to help guide you on the path of financial success. Have a money question? Call us at 866-SUNMARK and we’ll find the answers together.