One in five people would not seek support if they owed money

New data from Experian finds that the average adult will wait until they have debt totalling £7,835 before seeking help, with one fifth of the nation (20%) saying they wouldn’t look for any support at all if they owed money.

To support people who are finding money conversations difficult, Experian is partnering with Citizens Advice Nottingham & District to launch The Credit Paws Café. As new research shows that most of the nation (68%) find dogs comforting and 65% say that pets make them feel less stressed, stress-busting canines will be on hand to help create a more relaxing atmosphere for visitors who would like to seek expert financial support.

When asked why support wasn’t sought out, a fifth (20%) admitted talking about finances makes them feel stressed and almost the same proportion (19%) said that money conversations make them feel anxious.

Over one third (36%) of people worry about their personal finances every day, and over the past year 37% of people have had to use their savings. A further 29% have been worried by the fact they didn’t have any savings to fall back on at all, highlighting the importance of support intervention for so many people across the UK before they go into debt.

The rising cost of living has increased most people’s worries about money (69%). People admitted they would only seek help with their finances if they were unable to pay for essential household goods (40%), while 40% would only reach out for help if they couldn’t pay their bills for the month. Just 9% said they would look for money tips if they were rejected from a mortgage loan application, and the same number again if a credit card or loan was unavailable to them.

When asked why support wasn’t sought out when they were worrying about finances, nearly one in four (24%) said they were embarrassed about being in debt or seen to be struggling and 21% have a fear of being judged.

15% of adults said that they were always taught that matters of money should be kept to themselves, and one in ten don’t have anyone in their life that they feel comfortable talking to on the subject. Almost the same proportion (9%) said that they don’t believe there’s a way to resolve their financial concerns.

Attendees at Nottingham’s ‘pup-up café’ on 23rd May will be able to talk in private with experts from Experian and Citizens Advice Nottingham & District, in the comfort of furry company. The café is the latest initiative from Experian’s financial education programme, which aims to break the “money taboo” and help people have helpful, positive conversations about their finances at every stage of life.

James Jones, Head of Consumer Affairs at Experian, said “The economic landscape means that more people are finding themselves in increasingly challenging financial situations. Whilst money is often a taboo subject, being in over £7,000 worth of debt could be a significant burden, so it’s more important than ever that people feel they can have honest conversations about it and get the support they need. This can be daunting, so we’re launching The Credit Paws Café to provide a helping “paw” for those taking that first step in speaking about their money concerns and regaining control over their finances.”

Donna Cumberlidge, Chief Officer, Citizens Advice Nottingham & District, said “It’s vital that people seek help with their finances if they have challenges they can’t solve alone, so it’s great to see The Credit Paws Café helping people feel comfortable enough to start those conversations.”

“While it can seem daunting, I’d urge anyone who is worried about money to open up to an expert so they can take the first step toward feeling more in control of their finances. If you’re looking to make more informed financial decisions reach out to your local Citizens Advice for free, confidential services all year round.”