Growing up, did you ever receive messages that talking about money was rude, inappropriate, or disrespectful? Because of these beliefs, talking about money can sometimes feel uncomfortable – but it doesn’t have to be that way.
Talking about money shouldn’t be taboo or shameful. Often when we talk about financial challenges and stress we tend to focus on the individual. However, this doesn’t consider other influential factors like economic inequality, wealth disparities, and discrimination. We don’t all start out at the same place, and we don’t always have access to the same resources and information. One way to help learn more about financial wellness is to talk about it!
Although it is not a comprehensive list, here are some reasons to talk about money:
- Having conversations about money can allow friends and family to share knowledge, strategies, resources, and experiences. Maybe you’ll learn a new budgeting tool or investment strategy!
- Talking about money can help destigmatize debt. Due to the high cost of college and graduate/professional school, it is necessary for many students take out student loans to be able to afford pursuing their degree(s). In 2015, approximately 65% of Ohio State graduates had student loans (Farkas, 2019). If you have student loans, or other forms of debt, you are not alone.
- Awareness of income and salary information can help with negotiations. If you know what your peers with similar qualifications are making in similar roles, you’ll have a better understanding of what to reasonably ask for. Additionally, sharing salary information with coworkers and friends can help to ensure that people are being paid fairly and equitably.
- Discussing expenses such as the cost of services or rent openly can help establish a baseline understanding of average costs. This understanding can help you save money in the long run!
If you have financial questions or would like additional support relating to your financial wellness, the Student Wellness Center’s free Scarlet and Gray Financial Coaching is a peer-to-peer service that can provide you with financial education and help you set goals.
Additional Financial Resources
- IGrad – https://osu.igrad.com/
- SWC Financial Education Presentations – https://swc.osu.edu/presentations-and-outreach/presentations/
- Buckeye Food Alliance (on-campus food pantry) – https://www.buckeyefoodalliance.org/
- Student Advocacy Center Emergency Financial Assistance – https://advocacy.osu.edu/emergency-financial-assistance
References
- https://studentloanhero.com/student-loan-debt-statistics/
- https://www.cleveland.com/metro/2016/08/ohio_college_grads_in_2015_who_borrowed_owed_an_average_of_29391_report_says.html
-Lucy Hennon, Graduate Student Assistant