Some even think its bad manners to ask if someone has a financial advisor
There are always those who like to flaunt their wealth and tell anyone who’ll listen about their latest financial deal.
But for most Canadians, it seems that investments and other financial matters remain topics that should be kept out of the conversation.
A Sharechest™ Inc. study reveals that 71% of Canadians believe that it is rude to ask how much money someone makes and almost one quarter thinks it’s unacceptable to ask what someone invests in.
More than one in 10 of respondents think asking if someone uses a financial advisor is rude and a similar share feels the same about discussing which investment platform someone uses.
Two-in-five (42%) Canadians say they are open about finances with their friends when it comes to salary but are less likely to disclose a bonus (25%) or their net worth (23%).
"It really doesn't seem possible to change the conversation about Canadian investing until we can bring ourselves to have an actual conversation about it," said Chad Williams, the proudly Canadian chairman and founder of Sharechest™ Inc. "Let's all stop being so clammed up and stereotypically 'Canadian' about investing and share some information with our friends and family, so we can all make better and informed investment decisions."
The survey shows that Canadians are happier discussing health, religion, and personal relationships with others, rather than be open about finances.
Interestingly, there is a split among English and French speaking Canadians with nearly twice as many French speakers happy to talk about their finances (40%) as their English-speaking peers (22%).
Who is talking about money?
Asked who they do discuss money or investing with, only 66% said 'with their spouse/partner or significant other,' meaning that a third of Canadians (34%) aren't having that conversation.
Men are more open to talking to a friend about their finances than women (70% vs 58%) as are those 18-34 years old (84%) compared to 35-54s (69%), or over 55s (43%).
Unfortunately, reticence also means parents may not talk to their children about investing and finances; just 41% of respondents said their parents had done so.
