Talking about money can be a difficult conversation, but how does it stack up against other awkward topics that we try our very best to avoid?
To find out, we conducted a survey that found out just how uncomfortable Brits are when it comes to talking about money.
According to a survey we conducted on 2,000 UK adults run in March 2022, it transpires that over half (52%) would go online for money advice around loans, debt, savings and money management – preferring this to talking with friends and family about these matters.
Furthermore, there are other conversations we’d rather have, with discussions about sex, politics, ex-partners and religion all considered preferable to talking about money for many.
A shocking one in ten (10%) would rather speak to their parents about sex than money, and another 43% claimed that they would rather discuss politics or have a conversation about ex-partners (13%).
Over a third of those we spoke to (36%) would rather discuss politics with their grandparents than speak about money, and one in five (20%) would rather explain their relationship problems to their children than talk about any potential money woes.
Perhaps most astonishingly, one in five people (21%) would rather speak to their current partner about ex-partners, than discuss money matters with them!
On a regional level, those living in Northern Ireland turned out to be the people that are least comfortable talking about money, with almost half of those surveyed (44%) saying that they felt embarrassed, anxious, upset, or ashamed by the thought of it.
One thing we can be thankful for is that according to our research, discussing money does become easier with age; 83% of 65+ year olds say that they are ‘happy’ to talk about their personal finances with their partner, compared to 64% of 25–34-year-olds.
In comparison, only 4% of 65+ year olds claim that they would feel embarrassed speaking to their partner about money, compared to double (8%) the amount of 35–44-year-olds.
And despite us all worrying about these conversations, 71% of people even said that when they have finally plucked up the courage to have a discussion around money, it turned out to be fine.
One survey respondent told us: “I’m very open and will talk about anything. It’s good to share and get advice so it’s a positive.”
We sought professional advice from psychologist Dennis Relojo-Howell who makes it clear that being as open as possible regarding money and any associated issues is the best approach, as trusting others with this information can be rewarding and even help you receive the advice you may need.
The founder and managing director of Psychreg, explains: “Money matters can bring negative feelings such as embarrassment and guilt. Often, we avoid asking for financial help. This is because anything important in our lives is emotional. Our relationships are emotional, our work is emotional, and so is our money.
“When you experience financial difficulties, this can create some tension between you and family and friends. But when it comes to money, it is best to be truthful.”
It’s perfectly normal to need help from time to time, whether that be advice from a family member or friend, or a financial product like a loan.
We may be able to help with a loan, you can apply online here. You can read the great things our customers have been saying about us here.
You can also get help and advice from Money Helper, go to moneyhelper.org.uk
The statistics featured in this piece came from a survey of 2,000 UK adults run in March 2022. The data was split by respondent age, gender and nearest city.
Representative 22.93% APRC variable.
For a typical loan of £26,600 over 180 months with a variable interest rate of 19.56% per annum, your monthly repayments would be £484.00. This includes a Product Fee of £2,660.00 (10% of the loan amount) and a Lending Fee* of £763.00, bringing the total repayable amount to £87,030.00. Annual Interest Rates range between 11.7% to 46.5% (variable). Maximum 50.00% APRC. *Lending Fee varies by country: England & Wales £763, Scotland £1,051, Northern Ireland: £1,736.
Think carefully before securing debts against your home may be repossessed if you do not keep up repayments on your mortgage or any other loan secured against it. If you are thinking of consolidating existing borrowing, you should be aware that you may be extending the terms of the debt and increasing the total amount you repay.
