Quarter of people feel anxious, stressed or ashamed when talking about money

Latest research from Lowell has found that a quarter of people (25%) feel anxious, stressed or ashamed when talking about money.

With January being a tough month financially, from gaps between paychecks to the aftermath of festive spending 47% of people admitted they are heading into 2024 feeling worried about money.

The nationwide survey revealed that nearly a third of people are avoiding checking their bank account due to their financial situation.

Lowell says talking about money can bring up varying emotions. With there still being a stigma around discussing finance 17% of people surveyed said that they felt uncomfortable talking about money.

However, when overcoming the stigma talking about money can help people take control of their situation with one in five (20%) feeling empowered or in control when talking about their financial situation. Interestingly, men (31%) are more likely to feel comfortable talking about their financial situation than women (19%) overall.

22% of people said that they avoided seeking financial advice from a professional,.

John Pears, UK CEO of Lowell UK said “As we move into the New Year, taking control of your finances can help set us up for good habits for the rest of the year. Not only can this have a positive impact on our financial health, but it can help us realise our goals in other ways from mental wellbeing to social wellbeing.”

“Although Blue Monday is pushed as the challenging day of the year, mental health affects people across the nation, all year round. With debt being a large trigger for many people’s mental wellbeing, having an open and honest conversation with yourself, and eventually, your wider support network can help alleviate negative feelings around finances.”