A new report by Lowell has revealed that 32% of consumers say that the pandemic has made them talk about their finances, whilst 31% of the UK worry about their finances every day.
Whilst for those who have opened up to others regarding their own debt, 42% said it made them feel that they had a clearer path to sorting money worries and 73% say their finances caused them to feel stressed.
The report asked those who had debt why they would feel uncomfortable talking about their situation. The top reasons those in debt choose to stay quiet have been revealed as:
|Reason||% of those in debt|
|It makes me feel uncomfortable||41%|
|It makes me worried||35%|
|It makes me feel ashamed||36%|
|It makes me feel embarrassed||34%|
Whilst some people are finding opening up about debt has become easier for them during the Covid-19 pandemic, it may be easier said than done to reach out for support on a topic that still holds such stigma, and there is still a vast majority who struggle alone in silence. The constant worrying can have a huge impact on people’s mental health, which in turn, can make the situation feel so much worse.
Talking to someone about debt can really help. The report revealed that those who open up about their financial situation saw a positive impact such as:
|Benefit of talking about their debt had on the respondent||% of those in debt|
|It made them feel that they had a clearer path to sorting money worries||41%|
|It made them feel comforted||32%|
|It made them feel relieved||29%|
John Pears, UK Managing Director at Lowell said “At Lowell, we understand that everyone’s personal circumstances are different, however, talking about debt can help you feel less stressed and more positive about addressing the situation.”
“During these unprecedented and uncertain times, we understand that many people may be struggling. We encourage anyone who is struggling financially to open up to someone who they feel comfortable with, be that family, friends or support organisations.”
“As our report shows, by talking about debt you may feel a weight lifted from your shoulders and get the support you need to become debt free.”