Research from price comparison site Money Guru has revealed that more than half of consumers under 35 would prefer to talk about embarrassing health issues or the intimate details of a relationship than their financial woes. Money Guru’s data shows that 63% of consumers feel negative and disturbed emotions when thinking about their finances. However, their survey of 2,000 consumers revealed that 82% of consumers would not speak to a financial advisor.
Money Guru’s data: The nation’s top money worries.
|Top Money Worries *|
|2||Reliant on overdraft||30%|
|3||Overspending / unemployment||29%|
|4||Credit or store card debt||26%|
*multiple choice question
Northern Ireland is the UK’s most stressed region with 50% of respondents in that area reporting that they worry about money on a daily basis and 30% saying that their money worries make them feel stressed.
|The UK Money Worry Map|
|Number||Region||% who worry about money|
|12||Yorkshire and the Humber||8%|
Money Guru’s survey revealed that 61% of the UK are worried about money, with almost a quarter of us worrying daily. 58% of men have lied to their partner or loved one about their finances, compared to 42% of women. The main reason for lying about your finances at 50% was that consumers don’t think you should talk about money.
Deborah Vickers, channel director at moneyguru.com said “50% of Brits don’t think you should talk about money and the fact that our finances are so taboo is adding to the rising stress levels and financial angst in the UK. So is our British-ness around discussing money making us broke?”
“Our study of 2,000 Brits shows that 61% are worried about money with over a quarter of us worrying daily about how they are going to make ends meet, but we refuse to discuss it, even with our nearest and dearest. 58% of men and 42% of women have lied to a partner or loved one about the state of their finances and Brits under 35 would prefer to talk about an embarrassing health issue or the intimate details of their relationship than their financial woes, however over 82 % of those that we spoke to said they would not speak to a financial advisor.
Hiding our anxiety about money and ignoring problems is only perpetuating our financial distress and can cause more problems further down the line as we try to handle debt or rising re-payments alone. If you are having financial difficulties, you can find information and guidance from organisations like Money Advice Service, National Debtline and StepChange Debt Charity or speak to a friend or family member, you might be surprised at how many people are feeling the same way you are.”