Stressed About Money? Here’s Why Talking About It Helps

Most of us have experienced a moment – or two, or three – when managing our money feels overwhelming. Maybe it’s worry about paying down credit cards, stress about the rising cost of living or the feeling we’re not making the best decisions with our funds. If this sounds familiar, you’re not alone – financial anxiety can affect almost anyone, regardless of age, income or background.

Despite how common these feelings are, talking about money remains taboo. These days, we’re more comfortable speaking openly, even publicly on social media, about our mental and physical health, our careers or our relationships, but a lot of the time, we keep our financial woes locked away. Nearly half of Canadians rank money as their top source of stress, but many of us don’t talk about it.

Financial stress is common, but silence is worse

Sharing your feelings about financial uncertainty can be tough, but bottling up money worries can lead to anxiety and poor decision-making that can add up over time. Those silently struggling with financial stress are twice as likely to report poor health and four times as likely to experience sleep issues. The physical and mental toll can strain relationships and contribute to serious health issues like heart disease and high blood pressure.

Opening up about your finances may feel uncomfortable at first, but it’s an important first step toward taking control of your money. “Financial decisions made today, in this current economic environment, can have long-term consequences. Talking to someone, especially a financial advisor, can help you understand how to best manage opportunity and risk.” says Kris Depencier, Executive Vice President, Personal Banking with Royal Bank of Canada.

Talking about money promotes emotional and financial well-being

Having honest conversations about finances with people you trust can reduce the stigma associated with money issues and help you clarify your thinking and brainstorm solutions. Here are a few reasons why talking about it can make it easier to manage money anxiety.

Reminds you that you’re not alone

Making money mistakes can be frustrating, but they happen to everyone. An RBC Financial Habits Poll found that although three in four people say they have strong financial habits, 74 per cent admit to having made decisions in the last year that could harm their financial well-being. “Canadians of all ages and walks of life have differing relationships with money and feel the impacts of financial stress in ways that are unique to them,” says Ravi Chhabra, a CFP professional at Cigfin Corp. in Vaughan, Ont., in a news release about the 2025 FP Canada Financial Stress Index.” So, the next time you’re worried about a financial misstep, share it with someone you trust. You might find they’ve been there before and can offer you guidance.

Helps you learn

Don’t know the difference between your credit score and your social insurance number? You’re in good company. Only 30 per cent of Canadians rate their financial literacy as strong, according to a study by Abacus Data. Talking about money lets you exchange know-how with your friends and family so you can offer support and fill in knowledge gaps.

Changes how you feel about money and yourself

Talking more openly about money can empower you to change the narrative around your finances. Being proactive, learning from others, sharing ideas and focusing on future goals can help shift your money mindset. Talk about your financial goals, share your dreams and even laugh at your money foibles (if you’re far enough removed from them to find them funny).

Steps to talking about money

Not only can learning how to talk openly about money help support your financial well-being, it can also help you feel more connected to your loved ones. Here are some tips to get you started:

• Pick someone you trust. Money is a deeply personal subject, so you want to be selective about your financial support team. A close friend or family member, a colleague or a mentor could all be good choices. You may also want to speak to a professional, like a financial advisor, accountant or credit counsellor, to help you figure out a plan. It’s their job to guide people with money issues, so there’s no need to feel embarrassed in front of them.

• Decide on when and where. Although there is likely never a wrong time to start talking about money, Friday night at a noisy bar probably isn’t it. Choose a place where you’re comfortable and relaxed – a quiet dinner at home or a cozy café might give you the calm environment and space you need to open up.

• Narrow your goal focus. Whether you want to confide in someone about your guilty spending habits and figure out how to curb them, set a savings goal, learn about investing or escape living paycheque-to-paycheque, don’t tackle it all at once. Start with one or two smaller money issues so you don’t feel overwhelmed.

• Make a plan. Use what you’ve learned to create small, actionable goals for yourself and watch how your money habits evolve for the better.

Opening up about money isn’t a weakness, it’s the first step toward control and confidence

Many of us associate money with feelings of safety, love, fear and security. For example, if your parents were always short on cash and that created stress, you might be extra thrifty or afraid that you won’t have enough money. Or maybe you felt deprived of things you wanted as a child, and now you spend to fill that void. Understanding how your experiences and emotions influence how you view and use money is an important part of getting a handle on your finances.

Talking openly helps build that awareness and can help us take control of our money, instead of the other way around.

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