A survey has found that discussing money is nearly as difficult as discussing sex, and women find it particularly challenging.

• A new survey from Wells Fargo reveals that 41% of men were reluctant to discuss money, compared to half of women who considered the topic private.
• Women were more open to discussing their earnings than men.

Discussing personal finances is more challenging than discussing religion, politics, or death, and nearly as difficult as discussing sex, according to a recent survey. Women are more likely than men to find it difficult to talk about money.

According to a survey by Wells Fargo in partnership with Versta Research, half of women and 41% of men said they were reluctant to discuss money due to it being a private topic. Feeling judged was a top-cited reason for 35% of women and 31% of men.

Women were less reluctant than men to discuss their earnings, while men were more open to discussing their savings, debt, investments, spending habits, and money mistakes, according to the survey.

In the period from September 5 to October 3, 2023, Wells Fargo conducted a survey among 3,606 individuals, comprising of 3,403 U.S. adults and 203 teens.

Why personal finance is a taboo topic

According to a survey, 60% of respondents found it challenging to discuss sex, while 57% reported difficulty in discussing personal finance. In comparison, 40% found it difficult to talk about politics, 29% religion, and 28% their personal health.

47% of people find it more difficult to have an open and honest conversation about their finances compared to discussing their romantic life. Privacy, fear of judgment, and not wanting others to know how much or little they have were the top reasons people cited for not talking about their money.

Michael Liersch, head of advice and planning for Wells Fargo, stated that the idea that discussing money and discussing sex are almost equivalent in their difficulty highlights the taboos that sometimes hinder us.

Liersch stated, "What's preventing us from obtaining the necessary information to achieve success on our own terms?"

Women of different generations have varying attitudes towards discussing money, with 53% of Gen Z women feeling judged and avoiding such conversations, compared to 35% of all women.

"According to financial therapist Lindsay Bryan-Podvin, women are frequently punished for displaying traits that their male counterparts are rewarded for, such as assertiveness in financial matters. This fear of backlash prevents them from advocating for themselves, including requesting raises or negotiating lower car insurance rates."

'There really are no stupid questions'

Experts suggest that framing conversations about money can help reduce feelings of judgment and improve comfort levels.

Liersch, who holds a Ph.D. in behavioral science, stated that while people may feel like their questions about finances are foolish, there are actually no stupid questions when it comes to that topic.

Bryan-Podvin, founder of Mind Money Balance, advised that although discussing money with loved ones can be difficult, try to incorporate it into the conversation naturally.

She stated that many individuals desire discussing money matters with someone but are hesitant to initiate the conversation.

"How can I ensure I receive a full merit-based raise during my upcoming performance review?" or "What advice do you have for saving up for a fun trip like the one you took to the Bahamas?"

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