1 in 4 Brits ‘prefer to stay quiet about money’

Money remains a taboo subject for many, but this can have a financial cost.

New research from KPMG UK and National Numeracy has found that one in four UK adults prefer not to talk about money with others.

In fact, figures showed that most aren’t even comfortable discussing money with their partner.

And just one in ten people polled said they were relaxed talking about financial matters.

But this silence can have consequences for many.

Of those polled, more than a third said they find themselves short of cash at the end of each month, for reasons such as:

• unexpected costs
• high bills
• not enough income

But many also put it down to:

• a lack of savings
• bad budgeting
• poor money management

Meanwhile, many said they struggle to understand financial documents.

This suggests that many people aren’t reaching out for help or advice when they’re struggling, or asking questions when they don’t know how to best manage their money.

"Number confidence can have a significant impact on our lives, especially when it comes to understanding ‘everyday’ numbers like mortgage or credit card interest rates,” said Bina Mehta, chair at KPMG UK.

"Good numeracy skills can improve confidence with financial decision making, enhance job prospects, and even guard against vulnerability to fraud and debt, all of which contributes to a healthier and more inclusive economy."

Why don’t people talk about money?

People who tend to stay quiet about money gave many reasons for avoiding the topic, such as:

• being conscious of financial gaps
• the notion that discussing money appears greedy
• how they were raised 

Sam Sims, chief executive at National Numeracy, said the study shows that many people have a “deeply personal” relationship with money, and that it’s their confidence with numbers that shapes their financial decisions.

“While it’s encouraging that so many people feel confident with numbers, the reality is that millions are still struggling with budgeting and understanding bills and financial documents,” he commented.

We can help

If you’re worried about your finances, even just a little bit, talking to someone could make all the difference.

We’re here to listen to you without judgement, understand you and improve your financial wellbeing, whether that’s through:

• helping you budget
• letting you know what benefits you’re entitled to
• recommending debt solutions

If you can clearly see what options you have, you’ll feel far more in control and more confident making financial decisions.