Unfortunately, researchers report almost half of Australians don’t want to talk about money.
Surveys show 42% avoid discussing personal finance, a higher percentage than avoiding talking about religion (40%), sex (38%), or politics (23%).
I think that is disappointing. Whilst keeping personal finance details confidential is understandable, general discussions and passing on to others what you have learnt is an important part of assisting friends and family find their way financially.
Attitudes are changing, with the younger generations being more open. The study did show Gen Y being far more open to money talk than Baby Boomers.
Of course, it is always important to consider the ‘qualifications’ of who you talk with. A healthy dose of scepticism should always be on hand. However, in these days of social media bombardment we are all used to that.
We should remember:
There will always be someone who knows something we do not; learning opportunities should be sought.
There will always be someone you can assist to a better financial knowledge.
Learning from mistakes is as important as any other advice! Let others know your mistakes and try to learn from mistakes made by others.
With 74% of home loans now submitted via the broker channel, mortgage brokers are proven to be a key part of the ‘money talk’ team for most Australian homeowners.
Brokers exist to help you to the best loan and structure, but also to make the experience of purchasing a house stress-free. If you have a great broker, keep in touch, ask questions, learn from them. If you need a broker with experience and integrity, give us a call.
Integrity Finance Australia has been serving the community since 2006. If you have any questions on the issues raised in this article or borrowing capacity or your home loan in general, then please email support@ifafinance.com.au , or call us on 03 9511 8883.