Why We Lie About Money
Kathy Longo, CFP®, CAP®, CDFA® Monday, 24 September 2018
We tend to lie about things we’re uncomfortable with, embarrassed about, or ashamed of. It’s no different with one of the most significant forces in our lives: money. My passion and focus is helping individuals truly flourish financially. To do this though, people need to be willing to have real, sometimes uncomfortable, conversations about money and life.
After working in financial planning for more than twenty-five years, I’ve noticed that there’s a deep-rooted resistance in our culture to talk about money. Talking about money requires a willingness to be vulnerable and most people are not confident in their money choices. They’re embarrassed about making poor choices or not having the know-how to make good ones. This is unfortunate for many reasons. Chief among them is the fact that money is a source of stress for most people.
A 2017 PricewaterhouseCoopers (PwC) Employee Financial Wellness Survey, which tracks the financial and retirement well-being of US working adults, showed that 53 percent of all employees are stressed about their finances. Over half of this country’s largest source of stress is money, yet for most of us, it’s the hardest thing to talk about. This weight of perceived expectations around money can cause us to be dishonest with ourselves and others about the true state of our financial affairs.
An American Express study found that 91 percent of couples find reasons to avoid talking about finances and only 43 percent discussed money before marriage. A UK study reported that 44 percent of people don’t feel comfortable managing their own money. It also showed that 39 percent of parents don’t feel confident talking about money with their kids. We are not honest with ourselves about money and we avoid talking about it with our spouses, children, and siblings.
Being Honest with Ourselves
To financially flourish, it’ll require necessary and sometimes uncomfortable money conversations with yourself, and key people in your life so you can make the best financial decisions for your family. In order to have effective and honest conversations, it will require having an understanding of your personal relationship with money and how that has been shaped and influenced throughout your life. In previous posts, I’ve discussed the importance of identifying your “money story” as well as the main emotions that drive your decisions. The more you understand yourself and what fuels your thoughts, feelings and behaviors, the more honest you can be with yourself and the greater success you can have now, and in the future.
Learn more about how to honestly address your financial situation so you can experience greater success by visiting, www.kathylongo.com.
About the Author
Kathy Longo brings over 25 years of expertise and experience to Flourish Wealth Management. Kathy is wholly dedicated to improving the life of each client and finds joy in making complex matters simple and easy to understand. She excels at asking the right questions, uncovering new possibilities and implementing the most advantageous strategies for success. Playing such a pivotal role in her clients’ lives remains an honor and a privilege. After earning a degree in Financial Planning and Counseling from Purdue University, she began her career at a small firm in Palatine, Illinois where she worked directly with clients while learning to build a viable, client-centric business. Over the years, she gained extensive knowledge and wisdom working as a wealth manager, financial planner, firm manager and business owner at notable, various sized companies in both Chicago and Minneapolis.