Halloween is next month and, for some, talking about money is a scary subject. But, in fact, we think it’s rather a funny one. There are a few topics that you don’t discuss in polite society, and money is one of them. It’s the last taboo. In British culture, it is very much disapproved of, with one study showing that Brits would rather talk about sex than money. We’re brought up by our parents not to discuss money, and despite death and taxes being the only two certainties in life according to Benjamin Franklin, they’re also two things we avoid talking about. It hasn’t changed over the years, and even young people and millennials shy away from talking about money.
We aim to change all that, so here are three reasons why we think you should start talking about finance with your staff:
Better deals through better research
You can’t learn about things you don’t talk about. Encourage employees to ask their family and friends who they bank with, who has the best rates and offers, or where they get their financial services from. Recommendations from people who have been there are always the most valuable. You could even hold a session for staff on how to conduct comparisons of rates, or you could invite companies in for an open day.
You don’t have to talk about pay but talking about managing money with staff can be very helpful. It lets them explore different ideas and strategies for helping to manage their finance which they might not have known about before. Pool together ideas on money-saving tips, approaches to picking a bank, and how to cut back when things get tough.
Money and finance can be stressful. Just talking about them can act as a stress release and help to take the edge off any concerns your staff are having. ‘A problem shared is a problem halved’ after all. Salary, money, home ownership and other issues around finance are often tied to self-worth and talking about one’s own financial situation can lead to feelings of shame, especially if cash-flow and debt is a problem. By being bold enough to talk about money in the workplace, you’re challenging that idea and building the confidence of employees in the process.
Why are your employees so scared? Is it because they don’t really understand money? Our workshops help everyone to become better with money. In the workshops, we talk about the ins and outs of budgeting and help people boost their confidence whilst learning more.