Financial Condition Openness? Let’s (Not) Learn From US

30 Jan 2018 by Edwin
As citizens of Indonesia, different financial conditions are experienced by every household. Various ways to achieve a stable financial condition can be achieved by everyone, but of course, to achieve it takes sacrifice and the right strategy. Good money management can start from the openness of talking about money. In Indonesia alone, the ‘talk’ about money only revolves around income and expenditure only. Although there is no thorough research here, experts in the United States (US) stated that talking about money can help improve your financial condition with your partner.
Of the entire community, 68 percent of Americans (US) say that they prefer to talk about weight rather than money. It was based on a survey by Acorns investment firm that surveyed more than 3,000 Americans aged 18-44.

Talking about money is embarrassing culturally in the US. Conservative thinking can be one of the reasons. In the ethical “Etiquette In Society, In Business, In Politics, and At Home” ethic written by Emily Post says that someone should keep their personal finances to themselves.

Meanwhile, psychiatrist Kirsten Thompson said, if in the US culture, money is not only the basic needs but also the measure of success.

By gender, women have a harder time facing this problem. Based on the Fidelity Investments Money Fit Women Study study states, if 56 percent of women say refrain from discussing financial issues.

While about 44 percent, women hesitate to talk about money and investment. Though talking about money can also benefit, NerdWallet finance expert Brianna McGurran says talking about money opens up the possibility that someone can find common ground.

From the results of the survey, one in five people claimed to blame their partner for financial worries. The other side accuses the couple of wasteful and fails to budget the income properly. Based on data from the UK national statistics bureau shows that 107 couples divorced in 2016, up to 5.6 percent from last year. Imagine, the problem most often occurs only because of the lack of mutual openness to each financial condition.

So, what should we practice to keep household conditions stable?

Certainly, the disclosure of financial information is a top priority.