If You're Oversharing About Your Money, You're Doing It Right

Growing up, we were told there were three questions you could never ask other people: How old they were, how much they weighed, and how much money they made. We were told it was rude, and that was that. But as our generation grows up, we're splitting from our parents on the money thing: A survey form Ally Bank shows that millennials are much more willing to talk about money, and we're not ashamed to tell you how much (or how little) of it we have.

Advertisement

According to the study, 59 percent of millennials will talk about money in general, and almost half said they'll tell you what their salary is. That's huge in itself, because disclosing salary information is the first step to closing the wage gap and allowing people to make better informed decisions about jobs offers. 

Alexa von Tobel, founder and CEO of the award-winning personal finance site LearnVest, explains that openness about finances is the key to LearnVest's success.

"It is through these candid conversations about everything from student loans to credit card debt that [our planners are enabled] to create meaningful and actionable financial plans for our clients," von Tobel says. "It's incredibly refreshing to see that younger generations are increasingly open to talking about money."

More from The Stir7 Money Moves That Will Set You Up for a Successful New Year

Still, only one-third of millennials said they thought it was fine to talk about money in social situations (two-thirds called it rude), and 45 percent of all the survey responders said they'd choose to talk about this stuff over the dinner table. 

And, not surprisingly, people want to talk about their income the most. Savings and debt are less popular topics right now, but as the stigma around money talk dissipates, maybe we'll get to the point where we're open about the scary stuff, too.

"I think we all benefit by being open, whether recommending a credit card with great rewards to a friend or asking a mentor for salary negotiation tips," recommends von Tobel. "Like it or not, money is a central part of our lives, and I believe that the more we know, the better able we are to set ourselves up for a financially secure future."

 

Image via Rawpixel.com/Shutterstock

Read More >

finances