Talking about money is taboo

Abstract

Communication about money is a social, cultural and psychological taboo and yet it is essential in the financial planning industry, as a financial planner cannot be effective if all information is not disclosed. This article examines how financial planning students perceive communication about money, their willingness to talk about it and their biases with regard to money communication. The quantitative study obtained relevant data from financial planning students in South Africa. There is a need to oppose this taboo and create a new custom of money communication in order to enhance financial health.