Caring and sharing
How much money we earn is a hot topic. But it appears to be a topic that most of us are open to discussing with our nearest and dearest.
The results of this eZonomics poll echo the results of a question in the ING International Survey on Savings 2014 – due to be released in January – that found 65% of almost 13,000 people didn’t mind if their friends and family knew how much they earn. Attitudes did vary between countries, however, with people in Luxembourg the least willing to share the information and Romanians the most.
Let’s do this together
One consequence about being open with loved ones is tapping into the power of peer pressure. This double-edged force can encourage negative actions (such as spending too much for your budget with high-spending friends) or, more helpfully, positive actions (such as group motivation to improve financial standing, studied here).
Tapping into the positive power might include setting goals with others and meeting to discuss progress, setbacks and other milestones along the journey. Known as a type of commitment device, this type of peer support can encourage progress by making it more painful to fail, providing moral support or keeping the goal front of mind.