Ten money taboos to challenge

Ten money taboos to challenge (Photo: iStock) In many cultures, talking about money with loved ones is considered taboo, often leaving financial matters shrouded in silence. Here is how to break the silence: Salary transparency People avoid discussing how much they earn with family and close friends. Margaret says this is because salaries are tied to status, self-worth and comparison. Talking about salary or net worth is seen as boastful or shameful since money magnifies inequality. "High earners may seem arrogant; low earners may feel inadequate. But in workplaces, salary transparency is key to closing gender and pay gaps," she states. Debt transparency It is uncomfortable for people to talk about debt, yet many live with it. Debt, though common, is spoken about with shame. Margaret notes that people fear being labelled irresponsible or broke, even though debt is a financial tool almost everyone uses, from mortgages to student loans."Open conversations can normalise debt management instead of shame," she says. Talk on inheritance and will People hesitate to talk openly about inheritance, wills or planning for death. Death itself is uncomfortable, and adding money makes it harder. Margaret says families avoid it out of fear of conflict or appearing greedy. "Yet silence causes more disputes and broken families later. Open, early conversations prevent chaos and ensure fairness," she advises. Financial mistakes There is stigma around admitting financial mistakes, being scammed, mismanaging money, or bankruptcy, because they are linked with failure or incompetence. It is even taboo to admit regret over a financial decision like taking a loan for education. She explains this is fuelled by society's glorification of sacrifice, where admitting regret feels like weakness. "In reality, mistakes are learning opportunities. Many successful entrepreneurs went bankrupt before bouncing back stronger. Talking openly reduces stigma and encourages resilience," she says. Negotiating salaries Cultural norms shape the silence around negotiating salaries or asking for a raise. In many cultures, especially African and Asian ones, negotiating pay is seen as disrespectful or pushy. "Cultural humility discourages self-advocacy. But times are changing, and younger generations are pushing for fair pay and transparency. When employees share pay information, it empowers fair negotiation and equality," she says. Masking financial status Many hide their true financial situation even from those closest to them for fear of judgment, pity, or pressure. Some pretend to have more, while others hide struggles. Margaret encourages sharing money challenges in safe spaces, pushing for financial education, and highlighting stories of recovery to make struggles less isolating, reduce guilt or shame, and set healthy boundaries and realistic expectations. Money talks with children Talking about money with children is considered inappropriate, yet it leaves them financially unprepared. The result is predictable: they become adults struggling with budgeting, saving, and debt. "Teaching children early, in age-appropriate ways, creates confident, financially literate adults who see money as a real-life issue and grow up with healthier financial attitudes," she says. Spending habits Margaret notes that people judge or feel judged for spending too much or too little, which stops them from revealing how much they paid for something, even when it could be useful. "It feels like prying into their financial life," she explains. Similarly, people feel embarrassed about using discounts or negotiating prices, as society links bargaining with poverty, yet it shows financial wisdom, she says. Money talks with friends "People have different budgets and expectations. Some want to split equally; others only want to pay for what they ate," she says. She advises on budgeting, saying that you can afford to normalise honest talks. On lending money to friends, she suggests setting clear terms or sometimes declining to prevent strain. Talking openly about financial privilege It is viewed as discourteous to acknowledge financial advantages, yet Margaret says doing so is the first step to closing inequality gaps. While wealthy individuals may hide or downplay their wealth to avoid envy, exploitation, or distance, openness can motivate others to pursue financial goals.

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