In Asian culture, it’s generally considered rude to ask someone how much money they make. That might not stop your well-meaning relative from doing so during Chinese New Year. Some closed ones might even go a step further to pry on how much your significant other is making.
Whether it’s among family or friends, talking about your financial situation can be uncomfortable. According to an Instagram poll of Baiduri Bank’s audience, 64% responded that they do find it hard to discuss the topic with their family or friends.
When we asked, “why do you find it hard to talk about money or finances?” The majority responded that they don’t want to be judged on their financial situation, that their parents never discussed it or that it’s too personal. Some said they preferred not to discuss it because they perceive that others are doing better than them.
Whether it’s among family or friends, talking about your financial situation can be uncomfortable. According to an Instagram poll of Baiduri Bank’s audience, 64% responded that they do find it hard to discuss the topic with their family or friends.
When we asked, “why do you find it hard to talk about money or finances?” The majority responded that they don’t want to be judged on their financial situation, that their parents never discussed it or that it’s too personal. Some said they preferred not to discuss it because they perceive that others are doing better than them.
It’s time to change the narrative and destigmatise the topic. Why is it important to talk about money? Firstly, we live in a world that revolves around money. We make decisions that involve money, and we need it to survive and thrive. Yet, we don’t talk about it enough! Secondly, if we don’t talk about it, we’re not learning how to manage it. Finally, if your wealth and wellness is dependent on it, you need to talk about it.
In many countries, cost-of-living issues are resulting in higher levels of stress among adults and financial pressures are prompting many to question if they have enough for their future.
For more on inflation and its impact, read our article on Higher prices, lower income: Winning the race against inflation.
With this backdrop in mind, there is no better time than to start having this conversation with three groups of people. However, before you dive into it, remember that everyone has a different view on money, depending on how they were raised. It’s important that when you start the discussion, it should be done objectively and without any judgement on what the other party may say.
First, your spouse. Many of us also grew up with the idea (perhaps planted by our parents or grandparents) that the husband is the head of the household and will take care of the family and finances. Times are a little different now, with more women forging ahead with their own career paths and men taking a more active role in raising their children.
First, your spouse. Many of us also grew up with the idea (perhaps planted by our parents or grandparents) that the husband is the head of the household and will take care of the family and finances. Times are a little different now, with more women forging ahead with their own career paths and men taking a more active role in raising their children.
Second, your parents. In many Asian cultures, kids are expected to give a portion of their income to their parents once they start working. Some children don’t mind giving back to their parents to repay them for their love and sacrifices made during their younger days, while others don’t as they feel their parents are financially secure. Remember that it’s important to give within your means, and you don’t have to feel pressured to give because your friends or cousins give a certain amount to their parents.
Regardless of which group you fall into; it is important to manage expectations by being transparent about it with your parents. It is very likely that if you’ve grown up in Asia, your parents dislike the idea of discussing this. Preparing for the conversation is crucial and you may want to discuss it as soon as possible, to ensure that expectations are met once you start working. Once you’re further along in your career, it is also important to continue the money conversation especially if your parents are about to transition into retirement. This is where having open and honest discussions will help prepare of any major financial issues that may come up as they age.
Regardless of which group you fall into; it is important to manage expectations by being transparent about it with your parents. It is very likely that if you’ve grown up in Asia, your parents dislike the idea of discussing this. Preparing for the conversation is crucial and you may want to discuss it as soon as possible, to ensure that expectations are met once you start working. Once you’re further along in your career, it is also important to continue the money conversation especially if your parents are about to transition into retirement. This is where having open and honest discussions will help prepare of any major financial issues that may come up as they age.
The bottom line
Let’s get comfortable talking about money. According to CNBC, loud budgeting is a new viral money trend that emerged on TikTok. Essentially, it is about having an honest and transparent conversation about what you are and aren’t willing to spend on. Experts in the article say this could be the start of a generational shift where discussing money issues “out loud” is no longer uncomfortable.
And this is big takeaway - starting a conversation is the toughest first step. With enough preparation and the right mindset, it will go a long way in destigmatising the money talk.
And this is big takeaway - starting a conversation is the toughest first step. With enough preparation and the right mindset, it will go a long way in destigmatising the money talk.
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