A fifth of Brits believe there is no shame in getting into debt, while the same percentage of adults surveyed by Tesco Bank said more awareness needs to be raised to support people in need of financial help.
Meanwhile, a third of the 2,000 respondents said they proactively discuss their unsecured debt with family.
One in seven opt to speak to their friends on the topic.
However, while more people are willing to talk about debt, there is still some stigma that continues to stop people from opening up.
Over a quarter (27%) actively hide their debt, with 18-34-year-olds the most likely to keep their financial issues quiet.
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A fifth of that age group choose not to discuss their debt with friends, while only a tenth of adults over 34 years old keep their debt off the table when chatting to friends.
There are more than 20 million adults in the UK considered to be financially vulnerable, according to a separate study as part of Debt Awareness Week.
‘Keeping debt a secret can have broader impacts’
With having some form of debt being so common, Mamta Shanbhag, director at Tesco Bank, hopes the upward trend of discussing the matter can rid more people of financial and mental struggles.
“The topic of debt isn’t always talked about openly among family or friends, with many feeling uncomfortable. However, as more conversations take place about money generally, it’s important that debt is part of this.
“Keeping debt a secret can have broader impacts on people’s mental wellbeing as well as their overall financial health. Opening up about debt can be a difficult but important step in the journey to becoming debt-free, so it’s important to find a safe environment to talk about it.
“Family and close friends can provide support and understanding, and specialist charities such as StepChange can provide free tailored advice and debt solutions.”
Shanbhag added: “Financial pressures can build easily, but having the opportunity to talk about any money concerns or debt troubles can go some way to lifting the burden.”
