High earners uncomfortable speaking about money

New research from financial wellbeing provider Money Wellness found that 22% of higher earners (those earning between £35,000-£54,999) feel uncomfortable talking about money, almost double the 12% of lower earners (earning £17,000 – £34,999) who feel the same.

Despite the discomfort, financial struggles affect all kinds of households. Nearly one in five (18%) say they’re scarcely getting by, while a further 34% admit they’re only just managing. When it comes to opening up, family is the safe zone. 62% would confide in relatives, but just 15% would turn to a professional such as a debt adviser or bank. Worryingly, 4% wouldn’t talk to anyone at all.

The awkwardness isn’t just about income. Many people would rather discuss almost anything else than their finances, with 48% feeling more comfortable talking about religion or politics than money. 30% would be more comfortable discussing their feelings whilst 22% would even prefer sharing details about their weight or sex life

Sebrina McCullough, Director of External Relations at Money Wellness, said “Talking about money is awkward – sometimes more awkward than sex, politics, or your feelings. But staying quiet can be costly, emotionally and financially.

“This Talk Money Week, we’re urging everyone to break the silence. Talk to a friend, a family member, or a professional. Don’t let fear or embarrassment cost you your peace of mind.”