Financial taboos: talking about money with friends
Talking about money with friends isn’t the easiest of things to do. However, having an open, honest discussion can help to lift a financial weight and lead to healthier finances overall. It may even improve your relationship with your family, friends or partner.
For this video series, we invite four members of the ABN AMRO team to break money taboos by answering some 'awkward' questions. In part 2: talking about money and your earnings with your friends.
KaiLe shares investment tips with her friends. Lisa openly talked to her friends about her salary at her first job, but has since stopped sharing the exact figures. As a freelancer, Inge finds it tricky to talk about her hourly rate with her friends. And Jeroen said some of his friends became jealous after he made a huge profit selling his home.
How do they talk about money? Take a look at the video to find out.
Tips from our adviser
Bobby Le Febre, an adviser on the Preferred Banking team, shares his tips on how to discuss the subject of money with friends.
"Asking open questions is one option, depending on the topic. You could start with: ‘I’m thinking of buying a house’ or ‘I’d like to retire early. Have you given it any thought?’ Or ‘Have you made any plans?’ Good conversations start when you make it clear that you’re asking the question because you’re thinking about your financial future."
Talking to friends about money can help you to achieve your financial goals and ambitions faster. That’s why it’s important.
"Everyone has their own financial goals and ambitions. Some might choose to invest their money, whereas others might be risk-averse and put it in a savings account. There’s no one way to achieve a goal or dream. You need to work out what’s right for you. Your friends’ attitude to money might be different from yours. Sharing those different perspectives can be an eye-opener."
What’s right for you?
If you’re unsure what you should and shouldn’t discuss with friends, Bobby has some tips he’d like to share. "Only discuss things you feel comfortable talking about. You can keep things general – you don’t have to share any figures."
"Take your pension, for example. Some people might be paying off their mortgage early; some might be topping up their pension, and some might be actively investing. What’s behind those choices? While I always accept advice, I keep in mind that other people’s recommendations might not work for me."
"If you’ve talked about certain financial solutions with your friends and are wondering whether they’re right for you, feel free to get in touch with an adviser. We’d be happy to look into the options with you!"
