The fear of talking about money is a complex phenomenon influenced by various psychological, cultural, and societal factors, as discussed with prominent writer, activist and editor of Women Talk Money Rebecca Walker. Here are some reasons why people might fear discussing money:
- Social taboos and norms
- Fear of judgment
- Privacy concerns
- Emotional attachments
- Fear of conflict
- Lack of knowledge
- Unequal power dynamics
- Insecurity and comparison
- Superstition
- Financial stress
- Perceived social hierarchy
Read: How to be open about finances – with Girls that Invest author Simran Kaur
Overcoming the fear of talking about money involves recognising and addressing these underlying factors. Open communication about finances can lead to healthier financial behaviours, better decision-making, and reduced stress. However, the process should be approached with sensitivity, respect for privacy, and a willingness to understand and empathise with others’ perspectives.
Why do people fear talking about money?
Thanks to the following author for participating:
Rebecca Walker was chosen as one of Time magazine’s fifty future leaders of America, one of the most influential leaders of her generation. Walker has made a substantial contribution to the global conversation about identity, power, culture, and the evolution of the human family through books, lectures, blogs, social networks, popular magazines, literary and academic journals, radio programs, film and television appearances and content development. She graduated cum laude from Yale in 1992.
She is the author of the memoirs Black, White and Jewish and Baby Love; the novel Adé: A Love Story; and editor of the anthologies To Be Real, What Makes a Man, One Big Happy Family, and Black Cool. Her writing has appeared in Glamour, the Washington Post, Bookforum, BOMB, Newsweek, Vibe, Real Simple, Modern Bride, Essence, More and Interview, among many other magazines and literary collections. She has appeared on Charlie Rose, Good Morning America, Oprah, Fresh Air, BET, and dozens of blogs, sites, and other media. She lives in Los Angeles and we talked about her book in a very meta way Women Talk Money: Breaking the Taboo.
Other wonderful guests who took part:
Phoebe Ellis is Head of Operations at Thrive Money, set up by the team at First Wealth, which helps to improve financial education and break down the taboos around money with a focus on women and younger people.
Jay runs YorkshireFinances.co.uk.
Here are some of the resources from the show:
ABC News’ Stephanie Ramos spoke with “Financial Feminist” author Tori Dunlap about negotiating salary, investing and helping women have a better relationship with money.
Books looked at this week:
Rebecca Walker: Women Talk Money: Breaking the Taboo
Tori Dunlap: Financial Feminist: Overcome the Patriarchy’s Bullsh*t to Master Your Money and Build a Life You Love
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