Family Communication about Money: Why the Taboo?

Abstract

Money is seen as such of a taboo subject that even parents are uncomfortable talking to their children about it. Society regard money as both profane and sacred, while social and cultural meanings and associations are attached to money. Also, money presents psychological factors such as feelings of power, shame and guilt. All of these reasons cause individuals to regard money as a taboo subject and avoid communication about it, even in the family context. If parents do not talk to children about money, then children could inherit their parent’s perceived attitudes, behaviours and actions with regard to money (good and bad). The contribution of this article is that it discusses money as a taboo subject, but also brings it into the realm of the family in an effort to indicate the importance of financial communication as it affects financial attitudes and behaviours later in life. Responsible communication about money is suggested, whereby the children are not necessarily burdened with sensitive financial information, but rather openness and honesty about money, so that mistakes, negative emotions and anxieties about personal finances are not conferred upon the children from the parents.

DOI: 10.5901/mjss.2014.v5n16p516