Fear of Discussing Finance Keeps Us From Learning What We Need to Know About Money, Debt, Savings and Investments ... That Must Change

Americans are heavily indebted today. That's a very big problem restricting both our economy's growth and our citizens' employment prospects.

The reason is straightforward. Money needed to pay back money previously borrowed is money unavailable to spend currently on other things. Less spending today means lower economic growth tomorrow.

In a related vein, as Americans we are free to talk about whatever it is that we may wish to discuss. We have opportunities to ask questions of others in order to learn more about those things that we wish to understand better -- such as money, debt, savings and investments.

The perils associated with excessive debt are many, both for us as individual citizens and for our nation as a whole. Student loans, credit cards, auto loans, mortgage loans and home equity loans are at historically high and troubling levels today. As a result, the shortfall of needed savings and investments for financial security and retirement income are at historically low and troubling levels as well.

So why don't we, both as youngsters and oldsters, talk and learn more from each other about the simple and profound benefits to be acquired from a greater knowledge of the basics concerning personal financial issues? I don't get it.

The Money Conversation Americans Need to Have is subtitled 'For All Their Worry About It, Few Broach the Topic:'

"Americans are . . . reluctant to talk about money . . .

This follows . . . survey(s) . . . (in) which investors ranked personal finance a thornier topic than either religion or politics, and . . . in which nearly three-quarters of parents admitted to having some reluctance to discussing financial topics with their children.

Not that money isn't on lots of minds. Those surveyed . . . rated personal finance a top priority (second only to personal health), and the majority felt their financial planning could use improvement.

Yet fully 42% have never spoken to anyone about their retirement, and only 39% have spoken with their spouse or partner about the subject. . . .

Mostly we worry about money. A lot. Money has ranked as Americans' No. 1 source of stress for six years running . . . .

One-third (of those surveyed) . . . said they've actually lost sleep over money, and a third . . . said they worry about money "all the time."

The biggest reported obstacles to improving our financial health: lack of time . . . and lack of knowledge ..... So it seems we don't have time to talk about finances even if we wanted to, and we wouldn't know where to begin anyway.

Complicating matters: In polite conversation, money remains taboo."

Summing Up

Money problems are frequently the biggest source of our worry and unhappiness.

They need not be.

In this case, a little knowledge is not only not dangerous but rather a huge asset.

Of course, more knowledge is always better than a little, but the important part is to start the journey.

Once begun, it gets simpler and easier with each additional step. The first step is the biggie.

That's my take.

Thanks. Bob.