New research has found that most New Zealanders would rather talk about drugs, alcohol and politics than money, and many don’t talk about money at all with their family, friends and colleagues.
A survey by the Commission for Financial Capability (CFFC) for its annual Sorted Money Week, running this week from 9-15 September, showed that money topics such as debt, saving and mortgages came a poor second to alcohol, politics and drugs as conversation starters.
Among friends, 35 percent would rather talk about alcohol, 31 percent about politics and 25 percent about drugs compared to KiwiSaver (26 percent), saving (24 percent) or debt (21 percent).
The most common answer people gave when asked why they didn’t like talking about money, was that it wasn’t an accepted topic of conversation. Other reasons included fear of judgement, worrying that people might ask for money, partners having different views of money, and wanting to protect children from money worries.
Financial Advice New Zealand CEO, Katrina Shanks, says this year’s Money Week theme ‘Now we’re talking’ highlights the importance of getting financial matters on Kiwis’ conversation agenda.
She said when people take the time to talk about their financial life it helps them to focus in on what’s working and what’s not and highlight risks, money-behaviours and habits that could change.
She added: “Around one third of the Kiwi population don’t have a plan in place for their financial life and goals – and that is certainly a very sobering thought.
“Giving your financial life regular attention is crucial for effectively managing your money today and for planning for your future, be that for the next five years, for retirement, or for other milestones” Shanks said.