Privacy vs. Secrecy
Many families tend to avoid talking about money, unfortunately with wide-ranging consequences. Children can be left in the dark about how to think about money or handle their finances, creating needless mystery and anxiety around money. Wealthy families are not necessarily more adept at talking about money than middle-class families. They may in fact communicate less, due to a culture of secrecy around wealth. Yet affluent parents possess much information which the children eventually need to know. All too often, this information doesn’t come out until circumstances force the issue.
There are ways to understand the differences between healthy privacy and unhealthy secrecy. This article can help clarify know how and when to face anxieties and break the silence around money.
James Grubman, Ph.D, The More than Money Journal, Winter 2001