Discussing important issues such as personal finance plans can be difficult for many Americans, and some are not as comfortable talking about them as they are for other major issues.
Nearly 45 percent of Americans noted that speaking about their finances was more difficult than any other issue, according to a report from Wells Fargo. This was more than those who were uncomfortable with speaking about death, as 38 percent said this. Taxes were a topic 21 percent of people would rather avoid, while 35 percent noted politics.
Close to 40 percent felt that financial issues were the biggest point of stress for them, the report explained. Another 39 percent noted that this was more prevalent this year than last. One-third of those surveyed said that they have lost sleep due to their money problems.
“It’s not surprising people don’t want to talk about money, investments, tax strategies, or even how much to put aside for a child’s education,” said Karen Wimbish, director of retail retirement at Wells Fargo. “But not spending time today to think about the future can be costly in the long-run. I think of personal finance in the same vein as my health – I wouldn’t keep concerns about my physical health private. I’d consult a doctor or talk to a friend or family member about it.”
Partners squabble on financial issues
While many people may have problems discussing money issues, this can become a major point of contention in couples. Approximately 38 percent of couples are not on the same page when it comes to retirement lifestyles, according to a report from Fidelity Investments.
“The fact that many couples disagree about money isn’t surprising, but the realization so many don’t actually resolve their financial squabbles is cause for concern,” said Lauren Brouhard, senior vice president of Retirement at Fidelity. “When it comes to making your relationship a financial affair to remember, even the closest of couples have opportunities to get more on the same page. Just as you plan for everything else in life, it’s important to make financial planning a regular part of your conversations.”
More than half of those polled explained that they argue on a regular basis about financial problems with their partner, the report added. Nearly 40 percent of that group are unable to solve their issues.