New research from Moneyfarm has laid bare Britons’ discomfort around talking about money, with most adults preferring to discuss intimate aspects of their lives rather than inheritance or debt.
A study of 2,000 adults by digital wealth manager Moneyfarm found that two thirds (64%) would prefer to talk to their parents about an intimate health problem, the challenges of trying to find a job (50%) or a messy break up (35%) than attempt to discuss their financial situation.
A third (32%) admitted they find it difficult to talk to loved ones about sensitive money issues like being in debt, making a will or how much money will be left to them in inheritance.
The research found the nation’s unease with money starts in childhood, with 59% of respondents noting that their parents didn’t talk to them about money and finances when they were young, a trend that continues into adulthood for two thirds (64%). As a result, 60% admit they don’t have a clear understanding of their parents’ current financial situation and the vast majority believe it would be rude to ask.
Difficulty around discussing financial matters also extends to romantic relationships, with more than two fifths (43%) struggling to talk to their partner about certain aspects of money, including how much they really spend and save and what they spend their cash on. A fifth (21%) admit they have no idea how much their partner earns.
Moneyfarm said the findings highlight a deep-rooted cultural unease, with many agreeing that finding it hard to talk about money is a very British trait, as well as something that Brits don’t do.
However, more than half (55%) say they wish they felt more confident asking close relatives about things like wills, inheritance and savings, with 49% admitting that this reluctance has affected their current financial situation and financial knowledge resulting in stress and anxiety (31%), financial uncertainty (23%), poor health brought on by worry (22%) and tension within the family (18%).
Carina Chambers, pensions technical expert at Moneyfarm, said: “Our findings show just how damaging this silence can be. Families talk about everything from careers to relationships, yet money is too often left out of the conversation entirely. We believe that some conversations, even if they feel uncomfortable at first, are worth having.
“Greater financial openness can help people plan better, protect their futures and support one another more effectively. Money can have a significant impact on people’s mental health, so sharing the burden, worries, and knowledge about finances can have a profoundly positive impact on friends and family. It may take time to get used to discussing money openly, but it’s an important thing to practise and start doing more regularly.”
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