Money is power—but that doesn’t mean Americans want to talk about it. Empower, a financial services company, surveyed 2,000 Americans over the age of 18 on how they feel about talking about money. Here’s what they found:
- Over half of Americans don’t talk about money: 62% of respondents said they don’t talk about money, even though 61% said they think about money. Over half of Americans say they never talked about money growing up, and one in four said they learned it’s not polite to talk about money. Today, 43% of respondents said they talk about politics with other people, 32% said they talk about death, but only 24% said they talk about finances with others.
- It’s easier to believe in magic than financial planning: 71% of Americans said they bought a lottery ticket, and 24% of millennials said they’ve spoken to a fortune teller, but only 33% of Americans have spoken with a financial planner.
- Americans would like to talk about money more: 56% of Americans said they wish talking about money weren’t taboo, and 66% believe more conversation could help people achieve financial freedom. Meanwhile, 62% said they believed it could help improve the gender pay gap.
- But we don’t even know our own net worth: Only 58% of Americans know their own net worth, and only 38% know their partner’s. Meanwhile, 28% said they knew Elon Musk’s net worth, but only 24% knew their family’s.
“Conversation is a currency on the pathway to financial security, and open discussions about money can have a truly transformative effect on society,” said Carol Waddell, president of Empower Personal Wealth. “Our study shows people believe that clarity about their financial picture, talking to an advisor, and financial education are key to achieving financial success.”
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