One in five UK adults do not speak to loved ones about their finances, as research reveals the nation's reluctance to discuss money matters.
When it comes to the preference of topics people are willing to talk their friends about, Atom Bank found Brits would rather chat politics, health, religion and sex matters, before their financial matters.
Further, just 15% of people aged over 55 in the 2,000 adults surveyed were willing to speak to friends about their cash – compared to over a quarter (26%) of 18-34 year olds.
The findings come during Talk Money Week, a campaign which encourages households in the UK to discuss money matters more.
Aileen Robertson, head of savings at Atom Bank, said: “We know having conversations about money can feel awkward or taboo. This has been highlighted in our new research, which shows that people would rather speak to their friends about topics such as politics and religion rather than their personal finances.
“Being open about your finances with those you trust can help you feel more confident about how best to manage your money, enabling you to build financial resilience.”
Two thirds of parents dodge cost-of-living chat with their adult children
As part of the initiative, a separate study from TopCashback found almost two thirds (65%) of parents with children over the age of 18 haven’t discussed the cost-of-living crisis with them.
Of the 2,001 respondents, 75% of those with children over 18 said they haven’t talked about saving for the future, while 84% are yet to discuss debt or borrowing money either.
Adam Bullock, director at TopCashback said: “Despite the cost-of-living crisis impacting so many people, parents aren’t discussing the effect of this with their children. We found that even those with adult children are shying away from the tough topic.
“While it’s encouraging to see budgeting and the price of everyday items spoken about more frequently, the fact that so few are talking openly about debt and the cost-of-living is worrying – especially for the children who are likely to be starting to live independently.”
Bullock added: “Money has long been seen as a taboo topic, particularly by Brits, but it’s prime time to break that stigma, especially amongst loved ones. For those with children over the age of 18, this is arguably even more crucial as they enter adulthood. With the cost-of-living continuing to put a strain on household finances, the more we can do to help people understand how to be savvy with their money, the better.”
To help families be more open about money matters at home, The Money Charity has offered some tips.
Three Tips on how to approach cash chat with children
1. Little and often
The more you talk about money the better, and it’s a good idea to start simple and weave in the topic naturally. When you’re shopping for groceries, point out what you’re buying, what it’s costing and why you’re making those decisions.
2. Ask questions
While your children might expect you to have the answers all of the time, a good place to start is to ask them what they do and don’t understand and focus on those topics first. Share the things about money management that you find tricky, so they understand some of the challenges of staying on top of your money and that we’re all only human.
3. Put it into practice
Give them some responsibility and get them involved in some budgeting around the home expenses or something fun like a family day out.
