Monthly Reflection: Financial Communication

Quote: “The single biggest problem in communication is the illusion that it has taken place.”

• Communication extends far beyond the words we say. It requires a mutual understanding of the message we’re trying to convey. 

• When you communicate, be clear. Don’t try to hint or imply. People can’t read your mind.

• After you’ve shared, confirm. Make sure the right information successfully got through.

Question: Who do you dread talking to about money?

• People don’t like to talk about their money. It should come as no surprise, really. It’s one of the most intimate, vulnerable aspects of our lives.

• When we discuss our money, we’re talking about more than a number on a balance sheet. We’re talking about success, security, power, freedom, status, safety, and control. 

• Our money stories aren’t a sequence of numbers—they’re a series of emotional experiences. Consequently, most people are selective about who they entrust this information to.

Quill: Financial Attitudes and Family Communication About Students' Finances: The Role of Sex Differences by Renee Edwards, et.al

• Studies have indicated that male college students often perceive themselves as more financially knowledgeable and confident compared to their female counterparts. Additionally, research exploring attitudes toward money has revealed a stark contrast between genders: young men typically hold a more favorable perspective on finances, while young women tend to harbor more negative and conflicted feelings regarding financial matters.

• These disparities might stem from the differing ways parents traditionally educate and shape the financial attitudes of their sons and daughters. Parents often expect greater financial self-sufficiency and proficiency from their sons, leading to a situation where daughters frequently find themselves in a more financially reliant position due to these parental expectations.

• The extent of financial dependence on parents during the early stages of adulthood significantly impacts the manner in which individuals communicate about money. Those who rely more heavily on parental financial support tend to display increased openness and transparency concerning their financial behaviors.

• Among college students, there is a reduced inclination to share information about their financial status with their parents when they perceive their parents to be excessively fixated on money. Instances where parents view money as a source of control, exhibit high levels of financial stress, or demonstrate poor financial habits tend to discourage their children from seeking guidance or discussing financial matters with them.