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Wednesday, November 24, 2021

How Fighting the Money Taboo Protects Your Financial Future



It is often considered rude or embarrassing to speak openly about money matters. Local and international articles and financial experts have discussed this “money taboo” and found the main reasons behind this dilemma.

First, people are afraid of being judged—either they are thought of as a bad provider if they admit they’re struggling financially, or they’ll be judged as "mayabang" if they talk about their financial gains.

Another reason is that they’re afraid of people asking them for money or that people’s friendship or affection will only be based on greed: how much people can get from them. These are valid fears. right?

But research has shown that the refusal to discuss money within the family and the lack of trust and communication between parents and children—especially when it comes to money talks—can result in financial losses.

When parents are not able to properly discuss something as important as managing money, children fail to learn such essential skills—and as grownups, they would be more prone to making wrong decisions on spending, saving, and investing.

Help your child grow up without being hampered by the money taboo. Discuss finances as part of the family conversation. Depending on the age of your child, you should discuss, in an appropriate way, the family’s expenses: payments for rent, utilities, tuition, groceries, etc. Discuss them in a way that helps your child appreciate the value of hard work and of earning money and spending it wisely.

Then you can talk about income, salaries, allowances, and how important it is to stick to a budget and to put away savings and investments. Talk about how all these go together in making your family financially secure now and in the future. When these financial conversations happen regularly, as ordinary family talks, it does much in reducing the power of taboo over your family’s financial assessments and decisions.


One family conversation you should look forward to with your child is their first savings account. Opening your child’s own savings account is one of the first steps in teaching them financial skills. You can visit the online product page of a kiddie savings account like BDO Junior Savers and discuss what a savings account is and why a person would need one. Go through the requirements and explain to your child the steps involved in opening the account.

The next topic would be what you and your child could do to grow the savings account. Teach your child how to put away savings from his or her allowance to be deposited in the account. You could then discuss and set up a Junior Savers Plan where money can be transferred automatically into your child’s account. This can be done by enrolling your child’s account in your BDO Online Banking account and setting up scheduled ‘Send Money’ transfers from your account to your child’s account.

Money is too important to avoid talking about. A proper discussion of finances within your family ensures wiser financial decisions and a better future for your children.

14 comments:

  1. Great info! Agree that open talk about money in a household is imp and start saving little early on

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  2. This is such a really great post and so helpful! I'm surely gonna check this out!

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  3. Such a really informative post you have here! I really enjoy reading this very helpful post!

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  4. Definitely a great and helpful tips. It is important to discuss this matter with the kids at the early age so that they will know how to manage their own financial in the future.

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  5. It's definitely important to discuss money and finances with your kids!! We try to focus on finding a way to make money doing what you love, and that money itself isn't the focus, it's what you can use that money to do for yourself, your future, your loved ones, and your community.

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  6. Great article! We've talked with our kids about this and are teaching them how to save properly.

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  7. Great article! I agree with a lot of this and we do talk about these things with our kids and have also started teaching them how to save money and manage their money.

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  8. Great article! I agree with a lot of this and we do talk about these things with our kids and have also started teaching them how to save money and manage their money.

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  9. Great article! I agree with a lot of this and we do talk about these things with our kids and have also started teaching them how to save money and manage their money.

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  10. Great article! I agree with a lot of this and we do talk about these things with our kids and have also started teaching them how to save money and manage their money.

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  11. I have been open with my son about our financial expenses and it really helps a lot. He understands how we spend our money. This is a really great post.

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  12. My parents never really talked to me about money. We will probably do our best to include our daughter when she is older.

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  13. So important to be able to talk about finances!

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  14. Such an important conversation to have with your family.

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