Conversations about money are less popular among Americans than discussions about politics. Avoiding such talks can have financial consequences.

• A recent survey reveals that many Americans prefer discussing their presidential election choices in November rather than discussing money.
• Although many individuals are hesitant to discuss finances, there has been an increase in the frequency of money conversations.
• Financial issues can lead to conflicts and tension in relationships between couples and parents if not discussed openly.

There are few topics Americans would rather not talk about more than money.

According to a survey of 3,500 individuals conducted by U.S. Bank, people would rather disclose their voting preferences in the November presidential election than discuss their financial matters.

A recent Wells Fargo national survey of 3,403 adults revealed that discussing personal finances is almost as challenging as discussing sex.

According to Wells Fargo's research, most people are hesitant to discuss money and two topics they'd rather not disclose are how much they've saved and how much they've earned.

Scott Ford, president of wealth management at U.S. Bank, said that it is a "big surprise" for most people to be willing to discuss the U.S. election instead of their personal finances.

Financial planning expert Preston Cherry, founder of Concurrent Financial Planning in Green Bay, Wisconsin, stated that people are often reluctant to discuss money because it is associated with their anxieties, concerns, and aspirations.

Cherry, a member of the CNBC FA Council, stated that while money is a "deeply personal," everyday relationship, presidential elections occur only once every four years.

Although they were hesitant, a study by U.S. Bank reveals that families are increasingly discussing financial matters with their children, particularly during parent-child conversations.

Ford stated that while there is more discussion about money, it remains a superficial topic.

The survey by U.S. Bank involved 1,000 participants from the general population, 1,000 mass affluent individuals with at least $250,000 in investable assets, and 500 high-net-worth individuals with at least $1 million in assets.

'Missed opportunities' of not talking about money

Financial advisors caution that not discussing crucial financial matters with couples and families can lead to financial difficulties.

If you lack the knowledge or confidence to discuss money with your loved ones and those around you, it can hinder your ability to build wealth effectively, according to Winnie Sun, co-founder and managing director of Sun Group Wealth Partners in Irvine, California. She is a member of the CNBC FA Council.

If you don't discuss money matters, you risk miscommunication, financial misalignment, and missed opportunities to plan for the future, according to Douglas Boneparth, president and founder of Bone Fide Wealth in New York City. He is also a member of the CNBC FA Council.

Have talks 'before an emergency situation arises'

Some money conversations are becoming more frequent, according to U.S. Bank's research.

According to the firm, today's parents are almost twice as likely to discuss financial concepts with their children, including investing in stocks and bonds, compared to their parents.

A study by U.S. Bank found that 45% of respondents are unaware of their parents' financial situation. Many believe they will have to provide financial assistance to their parents or in-laws in the future, according to the research.

If aging relatives have a health scare, a lack of family financial discussions can cause problems, as Ford learned when they had to quickly pay property taxes for a loved one who fell ill without knowing where the checkbook was.

Ford advised that it's best to have those conversations before an emergency situation occurs.

Ford advised starting with everyday items, such as prescription medication costs, to better comprehend older family members' financial situations.

Ford advised starting small and simply initiating the conversation.

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According to Boneparth, avoiding conversations about important estate planning, health-care decisions, and intergenerational wealth transfer can prevent these decisions from being made.

If these factors are not taken into account, it could lead to costly legal errors or tax inefficiencies in the present or future, according to Boneparth.

To have a comprehensive emergency plan, families should be aware of their bank account information, long-term health care plans, will, and durable power of attorney, which allows someone else to make financial or medical decisions on their behalf.

It can be challenging to get older family members to discuss their finances, according to Ted Jenkin, a certified financial planner and CEO of oXYGen Financial in Atlanta. He is also a member of the CNBC FA Council.

Jenkin stated, "It's always best to communicate with parents and express that we don't prioritize their financial status, but rather the implementation of necessary measures to avoid legal complications in the future."

Couples often don't agree on money

A lack of communication among couples can also lead to financial problems.

According to U.S. Bank, over one-third of Americans disagree with their partners about managing their money, including planning for their current needs and retirement.

A study found that 30% of people have lied to their partner about money, while research shows that financial infidelity can be common when couples have different financial goals.

"Cherry stated that couples often face challenges in communicating and understanding each other's perspectives without bias in order to achieve a shared objective."

Cherry advised that couples can overcome financial disagreements by fostering a more inclusive atmosphere for discussing money with their partners.

Ford stated that financial advisors frequently act as impartial mediators during discussions.

U.S. Bank found that over 50% of investors with over $250,000 in assets reported that their financial advisor had assisted them in navigating difficult family discussions about money.

Numerous individuals might be reluctant to seek advice from a financial expert if they believe they lack funds or are unsure of the inquiries they should pose.

Taking the first step towards financial education, whether through talking to an advisor or doing research, can help alleviate financial stress, as stated by Sun.

"The majority of financial advisors, particularly the skilled ones, offer a complimentary first consultation," Sun stated. "This is an excellent opportunity, so don't hesitate to accept it."