- A tenth of Brits don’t know how to tackle difficult conversations about their money issues
- 17% would never discuss gambling debt with their partner
- 28% would never discuss credit card debt with their parents
New research from financial services provider 118 118 Money has found that 13% of Brits say they’re too embarrassed to discuss their money issues with anyone, including family and friends.
The study of 2,030 people identified attitudes to talking about a range of financial burdens they might have. Finding that while more than a quarter of adults (28%) believe talking about money issues is important, nearly one in ten (9%) admit they do not know how to tackle conversations about their money issues, and the same number often lie to family and friends about the state of their finances.
More specifically, when it came to speaking about money issues with a partner, almost a fifth (17%) said they would never discuss gambling debt, with 9% unwilling to talk about their unpaid fines and 8% their store card debt.
The top five money issues that British partners would never discuss are:
- Gambling debt (17%)
- Unpaid fines (9%)
- Store card debt (8%)
- Bank account overdraft (8%)
- Credit card debt (8%)
Adding to this, more than a quarter (28%) would never talk to their parents about credit card debt, with 26% avoiding conversations about bank account overdrafts and 30% unwilling to discuss unpaid fines with their parents.
The study also found that many find it difficult to open up to mates about money issues, with around a third admitting they would never broach the topics of credit card debt or bank account overdrafts respectively, or unpaid bills and fines with friends.
On the other hand, the public surprisingly would be relaxed about discussing finances with their children, with 12% saying they would feel comfortable talking about help needed paying unexpected expenses, such as car or home maintenance, and 9% at ease discussing credit card debt with their children.
Commenting on the study, Mark Burgess, Chief Operating Officer at 118 118 Money, said: “It’s concerning that despite our understanding of the importance of discussing money issues, so many of us feel embarrassed or worried to talk about our financial situation – even with the people who care about us the most.
“At some time or another, we all find ourselves stressed about money, whether this be an unexpected payment, approaching an employer for a pay rise or even something more serious, such as debts or unpaid bills.
“However, regardless of the severity of your financial worry, our advice would be that it’s always better to reach out and speak to others, rather than let the issue escalate in private.”
For helpful guides on how to approach a number of difficult money conversations, visit: https://www.118118money.com/money-guidance/money-talks/talking-to-your-family-friends-about-money-issues/