Ranked: The Most Scandalous Taboo Topics About Money

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People often struggle to talk about money. You might not want everyone to know your credit score or how much debt you have. But did you know just how taboo certain money topics really are? A new survey from Wells Fargo and The Female Quotient, "Our Secret Numbers," pulls back the curtain on how Americans feel about their finances -- and which secrets are the most sensitive.

Let's look at a few scandalous taboo topics about money identified in the recent survey from Wells Fargo and The Female Quotient.

1. People struggle to open up about their financial stress

If you're feeling a lot of financial stress during times of high inflation and an uncertain global economy, you are not alone -- 63% of U.S. adults say that money is "a significant source of stress" in their lives. However, a much smaller percentage can talk about their money troubles: 45% of adults feel "embarrassed" talking about their personal finances with others.

If you're racking up credit card debt or struggling to make ends meet, it can be a lonely feeling. But try not to keep it all inside. You're not the only person who's in a tight financial situation, and sometimes talking to others can be therapeutic.

2. Credit scores are almost as taboo as your number of romantic partners

The survey found that many adults are reluctant to share sensitive financial details like their salary, their amounts of savings and debt, or how much they spend on non-essential items. But the credit score might be the biggest taboo number in personal finance. The Wells Fargo/Female Quotient survey found:

• 81% of adults have shared the number of prescriptions they take
• 79% have shared their salary
• Only 71% have shared their credit score

After the credit score, the only number that survey respondents said was more scandalous was the "number of romantic partners" they've had. Only 65% of adults said they have shared that (non-financial) secret number.

This reveals that many people have shame about borrowing money, or worry they'll be judged for not managing credit responsibly. But the truth is, your credit score is not a permanent marker of your value as a human being; it's just a financial tool. You can use your credit score to get personal loans, credit cards, and apply for mortgages. Your creditworthiness can change over time, often due to proactive choices and actions that you take.

Your credit score is too important to be treated like a dirty secret. If more people would talk with friends about their credit, it might reduce the stigma of having a less-than-perfect credit history -- and encourage more people to take action to improve their credit scores.

3. Talking about your salary could increase your salary

According to the survey, people are more comfortable talking about their prescription drugs than sharing their salaries. But talking more about salaries can help people get a better deal. In recent years, there's been a big trend in the job market toward "pay transparency," where companies are listing salary ranges on job postings, and sharing salary information within the organization.

Pay transparency has been a good thing for workers. Research cited by Harvard Business Review found that pay transparency has reduced the gender pay gap and other unequal pay disparities! When you give people more information about money (like salary info), they can make better-informed decisions about where to work and how to ask for a pay raise.

Sharing your "secret numbers" like salary information can help level the playing field for everyone. More public sharing of information and louder discussions about money can lead to more money in underpaid people's bank accounts.

4. The new gender gap: Financial confidence

Women and men both are equally interested in financial wellness. They all want to have strong, healthy finances. The survey from Wells Fargo and The Female Quotient found that:

• Men and women are equally likely to say that their financial situation is important to their feelings of self-worth (62% of women and 63% of men).
• Men and women are about equally interested in financial health. 74% of women and 76% of men said "financial health is important to living my life."

However, men and women diverge on how confident and happy they feel about their finances. In fact, 65% of men feel confident about their management of their personal finances, compared to 51% of women. And while 58% of men are happy about their financial situation, only 42% of women feel the same.

Why do women feel less confident about money? Many women receive negative messages from families and social conditioning that discourages them from learning about money and investing, or being proactive about their finances. Some men are overconfident about their knowledge of finances and investing -- and make too many risky, money-losing investments as a result.

One possible solution could be to encourage more women to talk about their finances with trusted friends and loved ones. The survey from Wells Fargo and The Female Quotient recommends that women talk more to peers, friends, family, and financial professionals, to "help dismantle the idea that someone is all alone in their situation, and lend itself to women being able to build financial confidence."

Bottom line

Some money taboos deserve to be ignored. If money taboos and social stigmas are holding you back from getting help with your money stress, it's time to overcome that taboo and have open conversations. Getting past the "scandal" of sharing your finances can help you improve your credit, build your savings, and send more money to your brokerage account.

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