5 Money Mindsets to Leave in 2023

More than six in 10 Americans don’t talk about money.¹ Not even with their closest friends or family. Since we’re not talking about it, financial norms stay the same — even as society continues to evolve. That isn’t exactly setting us up for success. So we teamed up with Edward Jones to break down five outdated money mindsets we need to kick to the curb.

1. We shouldn’t talk about money 

“It’s rude to talk about money.” If this sounds familiar, you’re not alone. 1 in 4 Americans were taught that talking about finances isn’t polite.¹ And home isn’t the only place where money talk is considered taboo. In a recent survey, 61% of Americans said they didn’t learn about personal finance in school and 68% avoid the topic at work.¹ But staying tight-lipped isn’t doing us any favors. It can cause relationship issues, stop you from getting financial advice when you need it, and reinforce the wage gap. So, how can you start discussing money in your everyday life? Try setting aside 15 minutes a week to discuss finances with your partner, be open about your financial limits with friends, or talk to a financial advisor.

2. Investing is always super risky

While investing always involves some risk, not investing is a risk in itself. Because investing gives your money the chance to grow and outpace inflation. Yet this mindset persists — especially among women. Case in point: A recent study found that 45% of women believe putting money in the stock market is too risky for them.² Knowledge and confidence seem at least partially to blame, with only 22% of women feeling confident about investing in another study.³ Lena Haas, the Head of Wealth Management Advice and Solutions at Edward Jones says, “We empower women to invest by helping to create relationships for financial learning and working toward goals. Experienced advisors, education, and tailored strategies can help you build a financial future you'll be proud of — whatever that means to you.”

3. In a relationship, one partner handles the money

Being in a committed relationship doesn’t have to mean combined bank accounts with one person acting as CFO. Now, 57% of American couples say they have at least some separate financial accounts and 23% have completely separate finances.⁴ Bottom line: There’s more than one way to manage your money, so do what works best for you and your partner.  

4. Leave kids out of money conversations

All those hushed conversations your parents had behind closed doors? Many of them were probablyyyy about money. And the tradition (unfortunately) continues: A recent survey found that 31% of parents never talk to their kids about their household finances.⁵ But experts say talking to kids about money and involving them in financial decisions can help them build skills and absorb information that can be useful in the long run.⁶ So whether you’re buying a new car, saving up for a vacation, or just trying to manage all your monthly bills, try discussing it at the dinner table instead of waiting until the little ones go to bed. It might feel a little awkward at first, but it will help set them up for future financial success. 

5. Estate planning is only for wealthy people

It may not be the most fun topic, but it’s important to think about what will happen to your loved ones when you’re gone — no matter your net worth. Here’s why you should establish an estate plan sooner rather than later: 

• You stay in control. By documenting your wishes, you choose who makes decisions for you, what type of medical care you want to receive, and what happens to your assets when you’re gone. If you don’t, the state could end up making your decisions for you. 

• You protect what you care about. You work hard for your money, but without a plan in place, your assets might take longer to disburse or go toward unnecessary expenses needed to settle your estate instead of into the hands of your loved ones or causes that you’re passionate about. 

• It makes things easier for your loved ones. If you have everything laid out in writing, then it’ll be much easier for them to follow your wishes. It can also help them avoid conflict in the future.