Do you avoid talking about money?

Discussing money can often feel awkward - and debt is a particularly uncomfortable topic for many.

Research by The Co-operative Bank has found that nearly one in three (30%) British adults are uncomfortable talking about money.

But some financial matters are harder to discuss with others.

More than one in four (26%) say they find it difficult to talk about debt.

That was followed by salary and earnings (18%) and savings (21%).

Why are people tight-lipped about money?

More than half of those who find talking about money uncomfortable (51%) say they find it an awkward subject.

Meanwhile, nearly one in three (31%) are worried about being judged.

And that has consequences.

For example, one in five (21%) say they’ve completely avoided a conversation about debt, and a similar number (18%) have chosen not to tell someone they can’t afford something.

At the same time, many believe financial discussions are a major social faux pas.

In fact, over a third (36%) say they think discussing money is bad manners and not acceptable at the dinner table.

Talking about money is good for you

While staying quiet might seem like a safe option in the moment, it can often cause more harm than good.

More than half (55%) of those polled said they think people would make better financial decisions if money was spoken about more openly.

And of those who have discussed money, nearly half (46%) said they found it helpful.

“When we do get talking about money, it can really help,” said Kat Robinson, head of family and everyday banking at The Co-operative Bank.

“Those who are more open about their finances are also more likely to save regularly and tend to have more money tucked away.”

Impartial advice, free of judgement

If you’re struggling with your money, it’s always best to ask for help rather than stay quiet.

We’re here to offer you impartial, practical advice without any judgement, so you can get on the front foot financially.

We can help you with:

• finding out what benefits you’re entitled to
• working out a household budget
• finding the right debt solutions