Younger Americans more likely to discuss salaries than older generations
- 6 months ago
Money is an important aspect of life, and the ability to talk about money matters could help individuals grow their personal finance knowledge. However, the hesitancy to discuss personal finance topics continues to plague certain generations.
A new survey by Forbes Advisor uncovered differences and similarities across generations (Generation Z, Millennials, Generation X and Baby Boomers) when it comes to talking about money.
The data also revealed how confident Americans are in their financial literacy, and identify the group Americans think should be responsible for teaching people about money.
We’re Generally Open To Talking About Money
No matter who you’re talking to, discussing money can be uncomfortable—but many people are up to the challenge anyway. The survey found that most people are open to talking about money, regardless of their age. When asked to rate their current openness when discussing money-related topics on a scale of zero to five, with five being the most open, there was little variance among generations. Overall, more than one-third of respondents (37%) chose four or five and about 35% chose three, indicating that they were neither open nor opposed to discussing finances.
When respondents were asked to select the personal finance topics they are comfortable discussing with others, the survey found that Millennials (55%) were the most comfortable discussing salary and compensation compared to those who are older and younger. But across all generations represented, savings and investments are consistently the most talked about topic.
While oversharing about your personal or financial information is never recommended, those who have healthy financial discussions with others are better for it. According to the survey, 68% of Millennials have learned valuable financial insights or information by having open conversations about money or finances, followed by Generation X (63%), Baby Boomers (56%) and Generation Z (55%).
But despite conversations about money being productive for most, money is often still taboo, and many people feel apprehensive about opening up. However, over half of all respondents stated that they would be more willing to have financial discussions if someone else initiated them. Millennials (65%) led the way, with Generation X (56%), Generation Z (54%) and Baby Boomers (49%) trailing behind.
For those who aren’t willing to discuss their finances with others, even if someone else initiates the conversation, Baby Boomers (57%) and Generation X (45%) cited “money is personal” as their top reason, and 48% of Millennials cited “insecurity about their finances” as theirs.
Financial Openness in the Workplace
Financial openness in the workplace could contribute to a more transparent work environment, but different generations have varying opinions about whether this would be beneficial or not.
A new survey by Forbes Advisor uncovered differences and similarities across generations (Generation Z, Millennials, Generation X and Baby Boomers) when it comes to talking about money.
The data also revealed how confident Americans are in their financial literacy, and identify the group Americans think should be responsible for teaching people about money.
We’re Generally Open To Talking About Money
No matter who you’re talking to, discussing money can be uncomfortable—but many people are up to the challenge anyway. The survey found that most people are open to talking about money, regardless of their age. When asked to rate their current openness when discussing money-related topics on a scale of zero to five, with five being the most open, there was little variance among generations. Overall, more than one-third of respondents (37%) chose four or five and about 35% chose three, indicating that they were neither open nor opposed to discussing finances.
When respondents were asked to select the personal finance topics they are comfortable discussing with others, the survey found that Millennials (55%) were the most comfortable discussing salary and compensation compared to those who are older and younger. But across all generations represented, savings and investments are consistently the most talked about topic.
While oversharing about your personal or financial information is never recommended, those who have healthy financial discussions with others are better for it. According to the survey, 68% of Millennials have learned valuable financial insights or information by having open conversations about money or finances, followed by Generation X (63%), Baby Boomers (56%) and Generation Z (55%).
But despite conversations about money being productive for most, money is often still taboo, and many people feel apprehensive about opening up. However, over half of all respondents stated that they would be more willing to have financial discussions if someone else initiated them. Millennials (65%) led the way, with Generation X (56%), Generation Z (54%) and Baby Boomers (49%) trailing behind.
For those who aren’t willing to discuss their finances with others, even if someone else initiates the conversation, Baby Boomers (57%) and Generation X (45%) cited “money is personal” as their top reason, and 48% of Millennials cited “insecurity about their finances” as theirs.
Financial Openness in the Workplace
Financial openness in the workplace could contribute to a more transparent work environment, but different generations have varying opinions about whether this would be beneficial or not.