Celebrate Talk Money Day with our A Better Way to Money™ Podcast!

Money and finances can be hard to talk about. Whether you’re hiding spending from your partner, grew up in a household where money conversations were taboo or just feel awkward talking about money, we know that these conversations can be difficult.

Talk Money Day, observed on November 8th, celebrates and encourages open and honest communication about money and finances. It’s a global grassroots movement to break the stigma around talking about money and increasing financial literacy.

Northwestern Mutual is celebrating Talk Money Day with our podcast, A Better Way to Money™, that empowers listeners to uncover blind spots and opportunities and make their money work smarter.

Why is Money Hard to Talk About?

In 2024 a study from Bankrate found that only 38 percent of American adults are comfortable talking about finances with their families and friends, compared to 71 percent who are comfortable talking about their weight and 81 percent who are comfortable talking about their health. So, how come we’re still shying away from conversations about money?

How we feel about money and finances is deeply personal, and contributes to judgments we make about ourselves and others. Nathan Astle, a certified financial therapist and marriage and family therapist was recently a guest on A Better Way To Money™.

“I would say that money is one of the most touchy topics there is, because there's a whole lot of judgment that goes into money, and there's a whole lot of should or should not ... I should do this or shouldn't do this with my money ... because there's a lot of moralizing, right?” According to Astle, “we personalize our money a lot because it's deeply connected to how we feel about ourselves.”

Astle specializes in helping couples talk about finances. In his practice, he encourages them to explore each other's money histories to gain a deeper understanding of their financial history. This can be a way to understand where your partner is coming from and also dig deeper into your own relationship with money. You can find conversation starters to spark this conversation with your partner here.

Why do we need to talk about money?

Despite American's reluctance to talk about money, it impacts each of us daily affecting our relationship with ourselves and others. In an upcoming episode of A Better Way to Money™, Dr Elizabeth Scott, an expert in stress management, says that money is a huge stress trigger.

“Money is tied to our survival, our sense of security and even our future. It's something that we all face, and it's not just about paying bills and managing debt,” Dr. Scott says. “It often represents our identity and our feelings of control over our environment and in our lives. When people feel like they don't have enough money and they're falling behind, it triggers this fight or flight response in our body and has a cascade of physiological changes. Because money is such a pervasive issue, it can create a sense of chronic stress where we're always feeling triggered. So uncertainty, whether it's about paying rent, affording retirement, medical expenses, it feels threatening and that keeps our stress levels high.”

By not talking about our struggles with money stress, there is no way to find a solution. Additionally, avoiding these conversations means you may miss out on valuable insights and advice that could help you manage your finances better, save more effectively, and plan for your future.

How to talk about money

According to the Northwestern Mutual Planning and Progress Study 2024, respondents of all generations are thinking about money and their financial future. That means that everyone needs to be sitting down and thinking about their financial plan, no matter their age or stage.

How to prepare to talk about money:

• Review your finances. It might feel daunting, but a thorough review of your finances can help you have a more informed conversation about your money. Sit down and go over your monthly spending, saving and goals. And if you need help, you can always reach out to an advisor.

• Be prepared to be uncomfortable. It’s normal to feel discomfort when having an open discussion about your finance Especially if you’re talking about finances openly for the first time, things can feel uncomfortable. And if the conversation is with a partner or family, things can escalate quickly. Remember to listen without judgment.

• Get informed. There are great resources available to help increase financial literacy and help you feel confident going into money conversation. Our podcast, A Better Way to Money™, covers topics like money and work, how to plan for the future, and estate planning, to help you talk about money.

Listen to A Better Way to Money™ on your favorite podcast listening app today: Listen now