An aversion to discussing money matters with family, commonly known as the ‘Money Taboo’, runs deep in the Indian culture. Discussing finances as a family has been misinterpreted for years as sharing of personal data is perceived as inappropriate and awkward. However, with 75% of Indian families now discussing financial matters, that story takes on a positive spin.

Scripbox, India’s leading digital wealth manager, released their findings on the changing mindset around financial awareness in Indian families, just ahead of the International Day of Families on May 15. According to their recently-concluded survey, 64% of conversations on financial matters for people aged 35+ dwell on monthly budgeting and expenses, whereas new investments and big purchases account for 60% and 54%, respectively.

Among people aged 35+, there is absolute agreement when it comes to the benefits of creating a financial plan together as a family. Over 60% of those surveyed said that it leads to a better understanding of current finances, 58% said it increases the ability to meet financial goals together, and 51% believed that it promotes more trust and understanding among family members.

But here’s a twist. Though there are more family discussions happening on general financial matters, limitations still persist in making investment decisions. Younger couples (below 35) are more comfortable in discussing investments (47%), as compared to only 38% of older couples (above 35). Similar patterns are visible in terms of how often people speak of such investments. 60% of younger Indians (below 35) discuss regularly as compared to 42% above 35.

Read More at https://www.financialexpress.com/money/75-of-indian-families-discuss-finances-together-survey/3089482/