Third of consumers find it difficult to talk about finances

Consumers are struggling to open up about their finances according to research from TopCashback.co.uk; finding a third (33 per cent) still find it awkward or difficult to talk about money.

More than two-thirds (68 per cent) believe that as a nation, we are not open to talking about our finances without fear or embarrassment. Shame and fear of judgement are keeping the public tight-lipped, while over a third claiming they do not see the benefit of talking about money. With seven in 10 (70 per cent) trusting the internet as their preferred source for financial advice, this reinforces the associated embarrassment of communicating with friends and family.

If people had to speak to a person about money, almost two-fifths (38 per cent) would not talk to their friends about finances at all. Perhaps unsurprisingly partners came out most favourable. Interestingly only four in 10 (46 per cent) would speak to a financial adviser (although whether this is because of the cost associated is not determined).

Clearly, the subject of money remains out of bounds regardless of age, given that around a third of both 18-30-year olds (30 per cent) and 30+ year-olds (35 per cent) find it difficult and awkward to talk about this.

The research also shows having an open dialogue about finances was almost as taboo as discussing sex and relationships. While the latter is still regarded as an off-limit topic with parents or elderly relatives, the majority would prefer to talk about their relationship with friends (61 per cent) and colleagues (33 per cent) versus their financial situation.

People would sooner talk about salary (30 per cent) than savings (37 per cent) in the workplace. Although, remarkably, two-fifths (40 per cent) would be more comfortable talking about a win from a bet rather than telling friends and family about a pay-rise (25 per cent).

Although most would prefer not to discuss their financial situation, encouragingly over three quarters (77 per cent) did acknowledge there are benefits to talking about money, with the most popular reason being that they could learn something new in the process (77 per cent).

Adam Bullock, UK Director of TopCashback.co.uk said “There are few things that can trigger happiness and stress the way that money does. It can be a difficult pill to swallow but talking about your finances – to a trusted friend or family member – helps keep worries at bay and prevents small problems snowballing out of control.”

“More than ever, in these unsettling and worrying times, opening up to your friends or family about your finances, maybe a weight of your mind. After all, we are all in this together and they may appreciate you opening a dialogue.”