Money Talks LIFE

Key stats:

• Growing pains: 1 in 4 Americans were taught it’s impolite to talk about finances and only 32% learned how to budget while growing up.  
• Stressed out: A third of Americans regularly worry about money. 
• Mirror, mirror: 43% of Americans say they have prepared for a money conversation by practicing in the mirror or writing down their thoughts ahead of time.  
• Would you rather: More than a quarter of Americans (29%) would rather wait in line at the DMV, sit on jury duty (27%), miss a flight (26%), or have a TV show spoiled (26%) than tell a stranger how much money they have.  

Break open the piggy bank 

Don’t talk about money: that’s the message half (52%) of Americans hear, learning it’s impolite to talk about finances (26%), and certainly not what you earn (35%). The taboo prevails for two-thirds (60%) of people who don’t feel comfortable on the topic.

Americans recall stowing away coins in a piggy bank (41%) but say many practical financial lessons weren’t discussed – like the importance of having an emergency fund (31%), building good credit (30%), and managing debt (27%) – as kids or adults. This might explain why Americans tend to clam up when the conversation turns to money. While many received an allowance (36%), the majority (68%) were never taught how to manage a budget. Nearly a quarter of Gen Zers (23%) grew up in a household with a swear jar teaching about money and manners – yet 79% of all people say they never spoke about how much is “needed” to be financially secure.

YOLO

One in 5 (18%) Americans surveyed say they were raised with a YOLO money motto: “You only live once, so don’t worry too much about finances.” Despite the saying, more than a third (37%) say they regularly worry. That’s even higher for Gen Z and Millennials (51% and 49%) and women, who are considerably more stressed about their personal finances than men (42% vs. 33%).

Less than a quarter discussed saving in a 401(k) (21%), salary negotiation (18%), or investing in the stock market (17%), critical lessons that could alleviate some anxiety in their adult years. When it comes to the stock market, 75% of men vs. 50% of women say they understand how it works. All this silence may come at a cost, leading to increased uncertainty about opening up: 43% of Americans admit to having practiced a money conversation in the mirror before the real thing.

48% say money doesn't buy happiness. 41% had a piggy bank. 36% received an allowance. 35% always keep extra cash in sock drawer. 26% say it's not polite to talk about money. 18% You only live once, so don't worry too much about money. 14% Wealth management is for rich people. 9% My household had a swear jar.

Budgeting/Managing a budget, 32% when growing up. 48% as an adult. 30% Never. Building good credit / importance of a credit score, 30% when growing up. 50% as an adult. 30% never.

Let’s change the subject

People are more open about polarizing subjects like politics (43%), existential topics (32%), or even relationship advice (31%) – before conversing about cash. People prefer dishing about their favorite food (57%), what they watched on Netflix (46%), or celebrity news (28%) over sharing their financial plans (24%).

Food, 57%. Work, 53%. Netflix and other TV shows, 46%. Politics, 43%. Existential topics, 32%. Relationship advice, 31%. Celebrity news, 28%. Fashion or style tips, 26%. Personal financial details, 24%.

Ever hear the phrase, time is money? Not to the more than a quarter of Americans (29%) who would rather wait in line at the DMV, sit on jury duty (27%), or miss a flight (26%) than reveal how much money they have in the bank. Nearly a third (28%) would rather give a big presentation at work, and 17% would prefer a blind date to showing their financial statements. More than a quarter of Americans would rather have a movie, TV show or book spoiled than share how much is in their coffers.

I'd rather Give a presentation at work than show Family 18%, Friends 21%, Coworkers 28%, Strangers 23% how much money I have. Wait in line at the DMV, Family 22%, Friends 26%, Coworkers 25%, Strangers 29%. Go on a blind date, Family 17%, Friends 23%, Coworkers 19%, Strangers 24%.

Asked but not answered 

Besides their spouse or partner, less than half of Americans talk about their personal finances with their own family (49%), friends (35%), financial advisor (34%), or a coworker (12%). And while 70% of Americans think money conversations should be kept private, the vast majority (86%) have at least one question about money on their minds. ​“How do I make more money?” (67%) and “How much money do I need for retirement?” (63%) are two of the biggest ones asked today.​ Nearly half (44%) say they never talk about how much money they have or how much they need to be financially secure (44%), even though 65% feel confident about their long-term plan.

How do I make more money? 67%. How much money do I need for retirement? 63%. Can I afford this? 62% Am I setting myself up for a prosperous financial future? 61%. How do I save more money for the things I want? 58%. When can I retire? 52%. How do I track my net worth? 40%. Will I be able to pay of my credit card bills this month? 39%. What is a 401k? 33%.