Money – the last taboo? Why we should talk about money

When was the last time you really, honestly, openly and profoundly talked to someone about money? Remember who you were having this conversation with? Was it your partner, a parent, your children, a close friend or maybe someone from the other family? Did you enjoy this conversation? Did you gain new insights from this or thenfelt more relaxed and content? There is a high probability that your answer to these questions will be rather sobering: “Never yet”, “with no one” or simply “no”. In our society, it is a widespread attitude that one does not talk about money. In German there are more than a hundred different synonyms for the word money – a remarkable variety forA topic that is so rarely addressed openly in everyday life.

Mysterious silence: The causes of the money taboo

From a purely rational point of view, it is hardly possible to explain why the silence about money is so deep in our heads. With the exception of people who live in monasteries as Buddhist monks or exist as self-catering on remote farms, the topic of money influences the lives of almost all people in countless facets. Money not only determines the standard of living, butalso shapes values, relationships and one’s own self-image. Nevertheless, it is much easier for many to exchange ideas about seemingly even more controversial issues such as politics or religion than about one’s own income, assets or austerity behavior. This is paradoxical, because in capitalism money is the everyday fuel of our society. We’ve got it all the time, it penetrates itAlmost every area of life – and yet we often lack the ability to speak openly, honestly and competently about it.

The consequences of speechlessness: errors and uncertainties

This weakness of communication involves enormous risks and means that we are groping in the dark in one of the most central areas of life. If you don’t talk about money, you can hardly think about it in a reflective manner. The result is often serious financial wrong decisions. Of course, conversations about money occasionally occur, but these are usually superficial and unhelpful. oneHear from acquaintances who proudly explain what stocks they invest in. Others prophesy the next economic crisis and at the same time tell how to protect their assets. Still others rave about generating seemingly risk-free prosperity with real estate. But all too often these conversations are nothing more than speech bubbles that serve more for their own self-expressionas a real orientation. In the worst case, they even lead to wrong decisions because the given advice is taken unchecked.

Financial education: A social deficit

The core of the problem lies in a deeply rooted lack of financial education, which can be found almost everywhere, regardless of origin or social status. Many people do not know much more than basic arithmetic, while complex issues such as compound interest, capital markets or risk management are largely unknown. In school, financial knowledge is rarely imparted.The financial sector is also of little interest in the fact that its customers are optimally informed. In this way, knowledge often remains incomplete, and at the crucial moment, a lack of information can become very expensive.

Money and Emotions: Feelings as Stumbling Stones

In addition, emotional access to money is often even more problematic than rational understanding. Money is by far not just a number in a table or an abstract value. It is closely linked to feelings, hopes, expectations and fears. These feelings are not infrequently filled with negative convictions, prejudices or family imprints from childhood.sit deep. Many people shy away from the open conversation about money because they fear being convicted or exposed. Instead of constructive discussion, there is often only blasphemy about supposedly wealthy people or derogatory remarks about their alleged cold or greed.

Prejudices and clichés: How thought patterns block us

Instead of speaking honestly and openly about the possibilities and limits of money, many conversations are blocked by envy, resentment and deadlocked prejudices. The positive sides of money – such as how it can make dreams come true, create security or help others – quickly get out of sight. Far too often, conversations about money are directing towards common clichés andend in a dead end. A typical example: A child proudly reports that it was in the opera, but the adults react promptly with statements like “Opera is only for the rich” or “Money is evil”. With a few words, deep-seated beliefs are revealed: Money is bad, success is suspicious, and prosperity is suspect.

The cycle of silence: imprinted through education and environment

Such beliefs and thought patterns have been shaping us for a lifetime, since our parents have rarely learned to speak sensibly about money, let alone really understand it. The lack of willingness to talk about money is passed on from generation to generation. The result is a vicious circle of ignorance, uncertainty and avoidable mistakes. Many people stayTherefore, among their possibilities, because they have never learned to deal with the topic of money with self-confidence and informed information.

The way to more openness: strengthen awareness and competence

How much better would it be if we were able to hold open, honest and meaningful conversations about money? If we could rationally clarify why money is important to us and would make smart and sustainable decisions on this basis? From earning to investing to spending – a conscious and reflective handling of money begins with theconversation. The first step on this path is to question the myths and prejudices that our thinking and our conversations about money dominate.

A plea for the open handling of money

Before we can really understand why money plays such a central role in our lives, we should first be aware of how dominant it actually is in our society. Only through the willingness to speak openly and reflectively about money can we sustainably improve our financial skills and free ourselves from false beliefs. In the end it’s fineTo understand the conscious handling of money as an opportunity – for more satisfaction, security and design options in one’s own life.