Money is a difficult topic of conversation for many people in the UK. The tendency to feel judged or embarrassed, when discussing your financial situation, is generally pretty normal. Unfortunately, these feelings can prevent open and honest discussion, even with close family and friends..
Last year, it was reported that nearly half of UK adults were hiding more than £4,000 worth of debt from their family and friends. This widespread problem has been recognised by the government, as well as organisations across the country which are trying to improve people’s money management.
Unfortunately, this is not an easy task. Recent research from Lloyds bank found that 50% of UK adults believe money is a taboo topic – more so than the subjects of religion, sex, or politics.
Being able to openly discuss finances is an important part of achieving overall wellbeing. Problems with money often spread to negatively impact other aspects of your life. Continuing to shy away from the topic can be detrimental to your mental health, financial wealth, and personal relationships.
The positive impacts of having open conversations about money are becoming better understood. Research shows that people who talk about money experience a range of benefits including:
By talking about money openly, we can insulate ourselves and each other about any shock financial situations which may arise.
It is important to talk about money with someone you trust - for some people this might be close family or friends.
Sadly, more than 44% of people have avoided a discussion about money with their loved ones and a quarter have lied to their family and friends about personal finances. This reflects how difficult it can be to start conversations about money.
If opening up to loved ones about money problems seems too daunting, there is always professional advice available - which can be a real relief.
Money management is a common part of life and – unless if you’re extremely fortunate – it’s something that you will also struggle with.
This comes with its own set of problems. For example,7.4 million people in the UK have problems with sleep due to money worries and 1.7 million worry about debt issues on a regular basis. Considering so many of us share money anxieties and concerns, the topic should not be so off-limits. Regular and frequent conversations surrounding money can help us reduce such a common and widespread anxiety.
Although money is a sensitive subject, it doesn’t need to be. If you have any additional questions about debt, you can always turn to a member of our team. They are ready and willing to help you.