Money isn't something openly discussed in many Nepali houses. This has led to numerous financial conflicts in Nepalese households. Children as well as adults lack basic budgeting skills and this often leads to financial illiteracy in the long run. Various financial opportunities are missed as well and misunderstandings are created due to this and we often hear stories of conflict in families due to financial related topics. Open communication about money empowers everyone, laying a foundation for individual success and family unity.Why the Silence Around Money?1.Cultural Norms: In Nepal, talking directly about wealth or debt can feel boastful or shameful, even
when the intent is just being practical. Most people keep their finances and earnings secret. This concept seems to be deeply rooted in Nepalese households.2. Lack of Financial Education: Most parents themselves lack money management skills, often due to lack of communication or education and they can't pass on what they never learned.3. Generational Differences: Older people accustomed to cash-based systems might not easily trust banks or newer forms of financial investments available today, making discussions harder.Benefits of Breaking the TabooBreaking the taboo around money in Nepal can unlock wide arrays of benefits for individuals and families. Some of which are:1. Smarter Kids, Stronger AdultsChildren should be included in money related conversations from an early age and age appropriate conversations should be done. This will foster a lifelong habit in them of good financial planning as well as management of money in later stages of life.2. Proactive PlanningWhen there is open conversation about money and related topics in families, financial goals and aspirations get easier to manage and track. Whether it's saving for higher education, collectively purchasing property, or preparing for retirement, transparent communication enables better decision-making.3. Reduces ConflictBeing transparent about properties, assets and debts helps families to avoid potential conflicts. Clear expectations will be set and will minimise future disagreements between family members.4. Builds TrustOpenness about money strengthens family bonds, allowing for seeking support when needed. This creates a supportive environment in the family.How to Start the Conversation?1.Small StepsStart by introducing simple and doable money concepts to children. For example, you can talk about pocket money with your kids, then teach them to keep aside some portion for future bigger purchases. Here, the 50/30/20 budget rule can be incorporated.2. Timing MattersWhile discussing money with family, find a calmer and positive time when everyone is in a good mood and willing to listen. Introducing finance matters during stressful situations might backfire you.3. Age-AppropriateTalking to people about money according to their age and understanding level is crucial. While talking to children, basic budgeting concepts might be practical and teenagers might benefit from talking about setting financial goals for the future. For adults, business and retirement might be the topic of choice.4. Seek Outside HelpIf family discussions about money reach an impossible to convince state, a financial advisor can be a good choice to seek help. A knowledgeable third party can provide proper guidance as per situation.By taking these steps, you can open up meaningful conversations about money within your family. A positive mindset about money always helps to attract good financial status.SBS: A Resource for ALL AgesWe believe financial literacy shouldn't be challenging. Our tools and blogs help:Adults: Learn budgeting, savings plans, and loans and deposits comparisons.Teens: Learn about bank accounts and avoiding debt traps.Kids: Fun as well as financial related blogs and resources tailored for young learners and various children’s savings accounts.Changing the Culture, One Family at a TimeSocietal shifts take time but you can start the change within your own family. By making money a less taboo topic, you give your children a stronger financial foundation, reduce your own stress, and ensure important decisions get made with everyone informed and involved. Let's build a Nepal where money isn't a source of secrecy, but a tool for empowerment, family unity, and reaching goals together.
