Money remains number one UK taboo as millions struggle with cost of living crisis
A new survey by financial platform Unbiased .co.uk has revealed that Brits don’t like talking about money and are reluctant to seek help when it comes to debt worries
New research from Unbiased shows that 67% of Brits lie to their partners about the extent of their credit card and store card debts with almost 50% admitting that they can’t talk about money worries with family members.
The survey highlights the following:
Only 27% of Brits are debt free
49% are not comfortable talking to family members about their money worries
Only 20% would talk to a bank about their money concerns
55% are not comfortable confiding in their partner when it comes to money
14% say talking about money is embarrassing
21% believe their money issues are nobody else’s business
Almost a third of Brits (29%) are unaware of the direct debits, standing orders, subscription fees etc that leave their bank accounts each month
Unbiased is a financial services platform that has helped more than 10 million people make confident financial decisions and urges Brits to be more open about money. Nihal Pekbeken, Chief Commercial Officer at Unbiased, has the following advice for those struggling with the cost of living crisis: “Our survey shows that UK residents are reluctant to talk about money and with the current squeeze on everyone’s finances, it is more important than ever for us to learn to open up.
“Sweeping money worries under the carpet and not understanding your finances will only store up problems for the future. If you take action now and speak to a trusted adviser, it is possible to avoid further debt. Even small savings can make a big difference over time.”
Unbiased recently entered into a two-year partnership with Samaritans to help reduce the negative impact of money worries on the nation’s mental health. Samaritans are accessible at all times,, for everyone in need.
A spokesperson for the Samaritans says: “We are delighted to be working alongside Unbiased to help people cope with money worries. Our report Dying from Inequality shows that financial inequality, unmanageable debt and poverty can all increase suicide risk.”