How to talk to loved ones about money

Talking about money with the people closest to you can feel awkward, but it doesn’t have to. A 2025 survey of 2,400 adults found that only 44% felt comfortable talking to a friend about money, and just 52% felt comfortable discussing the topic with a family member. But talking about money helps break the taboo and can give you more confidence about your financial responsibilities. 

Being able to have constructive conversations about money is especially important when buying a home. Whether you’re seeking financial support from family or you’ve decided to take the next step in your relationship by purchasing a home with your partner, we’ve put together some practical advice to help you navigate the conversation. 

How to start a conversation about money 

Money can be a sensitive subject, so it’s important to approach the conversation thoughtfully. You don’t need to prepare a full script, but having a clear idea of what you want to discuss will help you stay focused and confident. 

These tips will help you plan a productive chat: 

Bring up the subject 

If you’re unsure how to initiate the conversation, start by being straightforward and honest. A simple ‘Can I talk to you about something?’ can break the ice and help you open up. 

Choose a time and place 

Let the other person know you’d like to have a proper conversation. This gives them time to prepare and consider their position on the subject. It’s also good to pick a time when you’re both feeling calm and able to focus on the topic at hand.  

Frame the discussion around goals 

Be clear about your financial goals and how the other person can help, whether that’s support with saving a deposit or pooling your finances. Just be mindful that if you want them to open up about their finances, you need to be prepared to do the same. 

Stay open to outcomes 

Approach the conversation as a discussion, not an expectation, as the other person’s circumstances may differ from what you assumed. If things don’t go as planned, you can always revisit the conversation when everyone feels more comfortable. What matters most is staying calm, respectful and open-minded to outcomes. 

Talking about money with your parents 

Financial help from parents when buying a home is often referred to as the ‘Bank of Mum and Dad‘. From gifting your deposit to lending money to cover the costs of buying, their support could boost your affordability. If you’re considering asking them for help, be clear and practical in your discussion. Key points to cover include: 

• Whether the assistance would be a gift or a loan. 

• Repayment terms, if it’s a loan. 

• Whether a written agreement would provide clarity and peace of mind for everyone involved. 

Beyond financial support, there are other reasons you may want to discuss money with your parents. You may want their wisdom on managing monthly expenses as a homeowner or help understanding home-buying jargon and terminology.  

Talking about money with a friend or partner 

If you’re considering buying a home with someone else, it’s essential to be transparent about your finances, as homeownership means sharing financial responsibility and making joint decisions. 

Topics to discuss with a partner or friend include: 

• Debts, savings and credit history, including anything that could affect your mortgage approval. 

• Whether you’ll open a joint bank account or keep separate accounts. 

• How you’ll contribute to the deposit and split mortgage repayments. 

• Creating a shared budget for monthly expenses like food and bills. 

• Whether you’ll formalise arrangements in writing, such as through a cohabitation agreement.  

Money isn’t the only thing to talk about before buying a home together. For more topics to discuss, read our blog detailing questions to ask each other before embarking on your homeownership journey together. 

Next steps: Get advice from a financial expert 

Talking about money isn’t a one-time conversation. It’s something you’ll revisit throughout your life, so building the communication skills to discuss finances confidently and openly will serve you well – your future self will thank you for it.  

When buying a home, professional guidance can make a big difference. Speaking to a mortgage broker can help you understand your options and affordability, whether you’re receiving family support, buying with someone else or purchasing independently. 

Explore our mortgage broker panel to find a specialist who can support you on your home-buying journey.