Talking money with loved ones can be uncomfortable.
“It’s hard to remove the raw human emotion from financial decisions,” says Consumer Reports, the independent and nonprofit consumer organization.
A recent survey by the Consumer Reports National Research Center asked more than 2,800 baby boomers and Gen Xers about having difficult money conversations with their spouses, parents, siblings and children – including telling their spouse they’re not bringing in enough income, asking their siblings to borrow money, and discussing with their elderly parents whether it’s time for someone to take over managing their finances.
The survey respondents who had engaged in those conversations then reported how uncomfortable those talks were and those who hadn’t had those talks gauged how uncomfortable they thought those discussions might be.
For instance, the survey finds of those surveyed who told their spouse they weren’t bringing home enough money, 49% found it uncomfortable.
“Personal finance is as much personal as it is finance,” Tobie Stanger, Consumer Reports senior editor, said in a statement. “You can be great at money mechanics, but family emotions can really affect your decisions. When making decisions about family and money, there is more to consider than just the bottom line.”
The survey looked at conversations such as how uncomfortable it is to tell a spouse he or she is too cheap, and disagreements over big purchases. According to the survey, 23% of respondents had a conversation with their spouse about big purchases, and 45% of them found it to be uncomfortable. Meanwhile, 25% respondents who didn’t have the conversation thought it would be uncomfortable.