So what exactly is going on here? In a society that is one of the wealthiest in the world, why is everyone so frightened to talk about such a basic subject?

The reasons given are that money is a source of judgement and comparison between people and can lead to embarrassment, jealousy and even exploitation. Australians want to avoid social comparisons where we can be viewed as more or less successful than our peers. Money is arguably a more emotive topic than religion or politics, as it’s so closely related to our happiness, power and personal success, so it can be very scary. 

However, silence is not healthy. If we prevent ourselves from discussing money openly and honestly, we hinder ourselves from being able to establish and grow wealth. 

Raise the conversation

Discussing your finances with others can not only make you feel better, but can help ensure better financial management. Silence on the other hand, can be quite damaging to the quality of our lives. Without attention, after all, money problems only tend to get bigger. 

If we raise the conversation about money we can all learn and benefit from one another, and that's a good thing. Talking about money can reduce money worry, increase the chances you'll actively manage it and can help reduce money conflict in relationships. 

The taboo against talking about salary and bonuses in the workplace does damage to those who are being penalised based on stereotypes. Therefore, it can be personally useful to inquire about others’ finances in order to see whether you’re getting a fair shake, and promote overall equality.

How to talk about money

Discussing money is considered awkward in certain situations but acceptable in others. Firstly be savvy about who you talk to. In most cases you only want to discuss money with your family or close friends. When you want to ask a personal question about money always check your own motivation, are you asking to be nosey? And remember, when asking someone a potentially personal question about money, always do so in a private setting.

Make sure you approach the topic in the right way, what you don’t want to do is put people on the spot. For example, if you’re wondering about the rent of someone who lives in a suburb to which you’re about to relocate, catch them when you two are alone and say, ‘I’m thinking about moving to St Kilda and considering a two bedroom apartment. Do you have any sense of the range for an apartment like that?’ That will take the pressure off, and ensure you’re getting a fair deal!   

Start them young

Generally, it’s not considered a social norm to discuss household finances as a family – which is a shame because families who openly discuss money will usually be better off. Our personal money habits as parents can have a big influence on what our children believe about money. The starting point for financial literacy is therefore with our kids. If they understand financial literacy from a young age they will appreciate the value of things more and how hard work pays off in the end, which leads to financial independence in the future.

Don’t miss out on valuable help

If you wanted to learn how to play the piano, you would get a tutor. The same thing with talking about money, you really need someone to help coach you through this. 

Even if you never talk about money and would not know where to start, people who deal with this stuff for a living can help you get over the hump. Find a professional Financial Adviser like at Telstra Super Financial Planning.  Talking to a professional about money – your income, your outgoings, your savings, your debt – could help you get a feel for whether you’re on the right track or unknowingly making big mistakes with your cash.  

Once you get started, you’ll realise it’s not as scary a subject as you thought!

General and simple personal advice about your TelstraSuper account is available over the phone. You can speak with a TelstraSuper Financial Planning Adviser about your TelstraSuper account for no additional cost – it’s part of your membership. You can start the money conversation by calling 1300 033 166 or request a call back online.