Frich Reveals: Discussing Money with Family
Do you feel comfortable discussing money stresses with your family?
The reason we chose to tackle this topic is because money anxiety among young adults is spiking. But one untapped source of potential comfort is our families. Unfortunately, many of us feel that discussing money with our family is taboo (we get it!). But by starting this conversation together with Headspace, we hope that we can take our first step together in breaking this taboo.
When it comes to Frichies - almost a third of you said that you never talk to your family about money. And another third would turn to your families for support only in emergency situations.
Have you discussed your inheritance with your family?
Only 27% of you said that you know what to expect financially from your family. We get it - navigating money conversations with your family might just be the most taboo money topic out there.
So take a look at the video below where we suggest a few questions you can ask your parent(s) to ease into the conversation & build a more transparent relationship around money!
Is your family aware of your financial situation?
We hope that the video above will help you ease into this topic with your family. The general goal of practicing a more transparent way of talking about money with your family, is to get rid of any negative feelings of shame, guilt or anxiety. Hopefully, the outcome is that, even if you're not born into generational wealth, your family's awareness of your financial situation will help you feel safer, when it comes to big (or small) financial decisions.
And btw - when it comes to the people around you - 34% said that their family is fully aware of their financial situation. Not bad, but there's still many of us that could be practicing this honest money approach more often!
