Money \u2013 for the first time – is no longer the biggest taboo topic of conversation, according to an international poll, replaced by politics as a no, no at the dinner table.<\/p>\n
In the global survey conducted by deVere Group, one of the world\u2019s largest independent financial advisory and fintech organisations, 48% of those polled ranked politics as the most difficult subject to discuss with family, friends and colleagues.<\/p>\n
It came ahead of personal finance (34%), sex and relationships (9%), religion (5%), and health issues (4%) in the study of 750+ clients. The respondents came from the UK, Europe, North America, Asia, Africa, Latin America and Australasia.<\/p>\n
In the 2019 survey, 56% of those asked cited money as the hardest topic. It was the same in previous years too.<\/p>\n
DeVere Group chief executive officer and founder Nigel Green, said: \u201cThis has been a year of immense political polarization around the world.<\/p>\n
\u201cGovernments\u2019 handling of the pandemic, and events such as the US presidential election, Brexit, tensions in South Asia and in the Gulf, among other factors, have made things seem more divisive and partisan than ever.<\/p>\n
It is perhaps of little surprise that 2020\u2019s biggest conversation taboo is politics, Green said.<\/p>\n
\u201cIt\u2019s been a highly unusual year and it\u2019s very encouraging that personal finance \u2013 which includes income, taxes, pensions, debt, savings, expenses and estate planning \u2013 is now regarded as less taboo than in previous years. This is a good thing.<\/p>\n
\u201cThe subject of money needs to be de-stigmatised.\u00a0 Wealth provides people and their loved-ones with incredibly positive, life-enhancing opportunities, and if it is seen as unseemly to discuss there\u2019s more chance that financial goals will go unrealised.\u201d<\/p>\n
One area of personal finance which has traditionally been regarded as \u2018awkward\u2019 to talk about is wills and estate planning.\u00a0 This mindset has also shifted in 2020, said Green for two key reasons.<\/p>\n
\u201cFirst, is the Covid-19 pandemic. Drawing up a will is not something anybody really rushes to do. But with alarming death tolls, infection rates and confirmed cases, there\u2019s been an unprecedented focusing-of-minds in this area.\u00a0 People are more aware than ever about what really matters: your loved ones\u201d he said.<\/p>\n
\u201cAnd second, the Great Transfer of Wealth. Tens of trillions of dollars of assets are to be passed down from the baby boomers \u2013 the wealthiest generation ever – to their children and other heirs over the next\u00a0few years.<\/p>\n
\u201cAs such, increasingly individuals are taking appropriate estate planning advice to avoid paying unnecessary inheritance tax and having beneficiaries miss out on their legacy.\u201d<\/p>\n
Money, Green said, is a critical part of our lives, it gives us freedom, security and opportunity. \u201cIt appears that 2020 has taught us that we need to get more comfortable discussing it.\u201d<\/p>\n