Editorial & Advertiser Disclosure Global Banking And Finance Review is an independent publisher which offers News, information, Analysis, Opinion, Press Releases, Reviews, Research reports covering various economies, industries, products, services and companies. The content available on globalbankingandfinance.com is sourced by a mixture of different methods which is not limited to content produced and supplied by various staff writers, journalists, freelancers, individuals, organizations, companies, PR agencies etc. The information available on this website is purely for educational and informational purposes only. We cannot guarantee the accuracy or applicability of any of the information provided at globalbankingandfinance.com with respect to your individual or personal circumstances. Please seek professional advice from a qualified professional before making any financial decisions. Globalbankingandfinance.com also links to various third party websites and we cannot guarantee the accuracy or applicability of the information provided by third party websites.
Links from various articles on our site to third party websites are a mixture of non-sponsored links and sponsored links. Only a very small fraction of the links which point to external websites are affiliate links. Some of the links which you may click on our website may link to various products and services from our partners who may compensate us if you buy a service or product or fill a form or install an app. This will not incur additional cost to you. For avoidance of any doubts and to make it easier, you may consider any links to external websites as sponsored links. Please note that some of the services or products which we talk about carry a high level of risk and may not be suitable for everyone. These may be complex services or products and we request the readers to consider this purely from an educational standpoint. The information provided on this website is general in nature. Global Banking & Finance Review expressly disclaims any liability without any limitation which may arise directly or indirectly from the use of such information.

MONEY IS THE LAST SOCIAL TABOO FOR THE RICH, REVEALS DEVERE STUDY

Money is the most uncomfortable topic of conversation for six out of ten high-net-worth individuals, according to a new international poll.

In the global survey conducted by deVere Group, one of the world’s largest independent financial advisory organizations, 61 per cent of those polled ranked personal finance as the most difficult subject to discuss with family, friends and colleagues.

Nigel Green, CEO deVere Group
Nigel Green, CEO deVere Group

It came ahead of politics (14 per cent), sex (11 per cent), religion (8 per cent), and health issues (6 per cent) in the study of 1,125 clients who have investable assets of more than $1.5m.  The respondents came from the U.S., the U.K, Hong Kong, the United Arab Emirates, and South Africa.

Of the findings, deVere Group founder and chief executive, Nigel Green, comments:  “Money may be on most people’s mind much of the time but this poll underscores that personal finance – which can include income, debt, tax, savings and expenses, – is almost universally regarded as the worst topic of conversation.  I imagine that it might come as a surprise to many that those who have money still dislike talking about it.

“For many, wealth comes with plenty of intense emotions so perhaps it’s little wonder that even the ‘better-off’ prefer to discuss almost anything else – including those famous dinner party taboos of politics and religion.  Money is the last social taboo, it would seem.

“I think the survey’s findings suggest that there is perhaps some degree of misplaced guilt or embarrassment surrounding money by those who have accumulated it – despite the fact that high-net-worth individuals are typically likely to be society’s primary wealth and job creators and major tax contributors.”

Mr Green adds: “On a wider level, the survey indicates how there remains a ‘bury your head in the sand’ attitude to finances as people simply don’t want to talk about money even to their nearest and dearest.

“Ignoring or putting off tackling any personal finance issues is always the worst way to handle such things as you will, almost inevitably, be creating far bigger challenges in the future – this is especially true when it comes to managing debts and investments and saving for retirement.

“You wouldn’t put off tackling a serious health issue and the same logic should be applied to money.

He concludes: “By banishing the money taboo, society can celebrate how wealth can enrich lives and build further on this value, plus we can become more proactive in dealing with any challenges that may arise.”