Money : How and why we should talk about it despite the taboos.

Money is at the centre of our lives, yet it remains taboo.

This is both surprising and disturbing as financial worries are a major part of most people’s lives. For example, half of Quebecers say they are stressed by their financial situation. Money is the most important stressor, ahead of health or work.

So why should we break down the barriers between us and talking about money?

First and foremost, because talking about it is likely to reduce the stress that worrying about it causes. Talking openly about money with our close ones is a good way to get support, and may also help you realize (with relief) that your situation isn’t any different from anyone else’s.

As the saying goes, « Two heads are better than one »; our friends and family can benefit from sharing experiences and knowledge, however little it may be. What better way to prepare our kids to manage their own money than to talk about it with them?

Breaking the taboo is also beneficial for another reason: It is only by being realistic about our financial situation, our outlook about our finances and the strategy we undertake to manage them that we can truly benefit from relevant advice.

So, how do we break the ice? An obvious option is to speak with the person that helps you manage your finances. After all, their role is not only to help you set and meet your financial goals, but also to educate you.

Remember, practise makes perfect! The more you speak about money, the better you’ll be at managing it and less you’ll worry about it.

Your new motto: Down with taboos! Let’s talk about money and why it’s on your mind!

Author: Martin-Guy Bernier, Investment Advisor

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