Poll: Americans Think Money Is More Taboo Than Their Political or Religious Views

Americans believe that money is a more taboo subject than their political or religious views

American culture is changing rapidly—just ask Stanley Cups and skinny jeans fans in 2024. But one mantra hasn’t changed much in the last few decades: Don’t talk about your personal finances. According to Bankrate’s new Financial Taboos Survey, money is such a sensitive topic these days that only 38% of U.S. adults feel comfortable discussing their bank account balances with family and close friends.

It’s normal to feel anxious at the thought of discussing your financial situation. But open conversations about money can be a powerful tool for learning more about your finances. If you ask common financial questions, such as: Like how to take advantage of credit card rewards or save more, you might be surprised at how often you get helpful advice from those around you.

Bankrate’s latest data breaks down exactly how Americans discuss their finances, especially this upcoming holiday season—and we explain how you can tackle uncomfortable conversations about lending money.

Only 38% of U.S. adults are comfortable discussing their bank balances with family members or close friends, a smaller percentage than those who are comfortable discussing their love life (47%), credit card debt (52%), weight (71%) and political issues views (78%), religious views (81%) or health (81%).

Only 14% of U.S. adults say money is a normal topic of discussion at holiday gatherings with friends and family.

55% of people who borrowed money or paid for a group expense expecting to get the money back had a negative experience afterwards, such as: E.g. losing their money, affecting their credit rating, affecting their relationship with the person, etc.

Younger generations prefer to talk about money than older generations

People don’t like to talk about money, even with those closest to them. Fewer than 2 in 5 Americans (38%) feel comfortable discussing their bank balances with family and close friends, a smaller percentage than those who feel comfortable discussing details about their love life (47%) or credit card debt (52%) would. , weight (71%), political views (78%), religious views (81%) or health (81%):

In general, older generations are more reluctant to talk about money than younger generations. For example, around half of Gen Zers (52%) and over two in five Millennials (44%) are happy to share their bank balances with family members and close friends, compared to 34% of Gen Xers and 29% of Baby Boomers.

Additionally, 57% of Generation Z and 55% of Millennials would like to share information about their credit card debt with family members and close friends, compared to 48% of Generation X and 50% of Baby Boomers.

During the holidays, it is more common to provide financial support than to ask for help

With the holiday season just around the corner, table conversations are likely to be about anything but money. Only 14% of people say money is a normal topic of discussion at holiday gatherings with friends or family.

When money comes up, things can get awkward: 10% of respondents say friends and family members often ask them awkward money questions around the holidays.

Some people help their loved ones financially during the holidays, but few say they ask for help themselves. Nearly one in five (19%) have provided financial support to a friend or family member at a holiday gathering, while only 9% of people have asked a friend or family member for financial support at a holiday gathering. A small percentage (8%) of people say they are concerned about a family member or friend’s financial situation and plan to discuss this with them over the holiday season.

Additionally, Millennials and Generation Z appear to encounter money discussions at holiday gatherings more often than older generations. A quarter (25%) of Gen Zers and 18% of Millennials say money is a normal topic of discussion at holiday gatherings with friends and family, compared to 11% of Gen Xers and 7% of Baby Boomers.

Is re-awarding ever acceptable?

Regifting is usually a financial taboo – but it happens more often than you might think. A third (33%) of people say that re-gifting Christmas gifts is an acceptable practice, and 30% of people say they have re-gifted something they received as a Christmas gift.

Baby Boomers are the generation most likely to say that regifting Christmas gifts is an acceptable practice:

It’s common to borrow money – but it’s also not paid back

Relatively few people provide financial support to their loved ones during the holidays, but a higher percentage lend them money throughout the year. According to Bankrate, half (50%) of adults in the U.S. have loaned money to someone with the expectation that it will be paid back. Similarly, 32% of people have paid for a group expense (e.g. a restaurant bill, tickets to an event, or a group gift) with the expectation of a refund.

Lending money to a friend or financing a group purchase is generous, but it can also have unintended consequences. People who have borrowed money or paid a group expense with the expectation of repayment have lost money (42%), damaged the relationship with the person (24%), damaged their credit rating (9%), or even found themselves in a physical crisis Conflict (4%).

(Percentages reflect U.S. adults who lent money to someone and/or paid a group expense with the expectation of getting it back. Respondents were able to select more than one option.)

Compared to other generations, Millennials (ages 28 to 43) are most likely to be burned – nearly two-thirds (62%) who have borrowed money and/or paid a group expense with the expectation of getting their money back would experience a negative outcome as a result. That’s more than 53% of Generation Zers (ages 18-27), 54% of Generation X (ages 28-43) and 51% of Baby Boomers (ages 60-78).

Most commonly, Millennials who borrowed money and/or paid a group expense with the expectation that they would get it back lost money:

—Impaired relationship with person: 28%

—Damaged credit score: 12%

—Getting into a physical altercation: 7%

—Some other negative effects: 2%

3 tips to keep in mind when lending money

When you lend money to a friend or family member, you hope that you will get the money back shortly afterwards. Unfortunately, it’s not always that easy. Consider these three tips the next time you loan someone money or pay the bill during an outing.

1. Adjust your expectations.

Lending money to a friend or family member can feel uncomfortable, but it can feel even worse if you repeatedly ask for the money. If you want to borrow money, it may help to change your mindset about credit.

“Lending money to family and friends is a potentially delicate situation,” said Ted Rossman, senior industry analyst at Bankrate. “First, don’t lend more money than you can afford to lose. Second, consider treating the money as a gift rather than a loan.”

Before lending money to someone, ask yourself whether you are willing to consider the money as a gift rather than a loan in the event that the person is unable to pay you back. Make sure you can afford to take the loss if you never see the money again.

If you’re hesitant about borrowing money, Rossman suggests offering your help in other ways, such as offering advice on how to make extra money on the side. Or, if the person is looking for a job with a higher salary, offer contacts, such as an introduction to someone in your network.

If you’re not comfortable giving financial advice to someone else, Bankrate offers the latest guides on common financial issues, such as: B. What to do if you find yourself in financial distress. Or consider referring someone to sources of free financial advice, such as their bank or credit union, budgeting apps, or local organizations.

3. Use a bill splitting app.

You don’t have to rush everyone for their contribution the next time you pick up the bill. Instead, consider a free bill splitting app that eliminates the hassle of figuring out who pays what. Splitwise is one of the most commonly used apps for splitting everything from restaurant bills to monthly expenses. However, other apps also include Tab and Tricount.

Most bill splitting apps offer the ability to upload expenses and bills, calculate who owes what, and allow you to submit requests directly from the app. You can also use them to cover expenses with roommates or your partner, so you can worry more about who’s doing the dishes and less about who’s behind on utilities.

Bankrate commissioned YouGov Plc to conduct the survey. All figures are from YouGov Plc unless otherwise stated. The total sample size was 2,502 U.S. adults, including 1,594 who had borrowed money or paid for a group expense with the expectation that they would get their money back. The fieldwork was conducted between August 28 and 30, 2024. The survey was conducted online and meets strict quality standards. Non-probability sampling was used, using both quotas up front in the survey, followed by a sample matching process and then a background weighting scheme that was proven to produce nationally representative results.

Poll: Americans Think Money Is More Taboo Than Their Political or Religious Views | Business

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