Almost half (47%) of the Uk population struggle to talk about debt with family and friends, new research by Go.Compare Loans has revealed.
The current cost of living crisis has left 41% of UK adults worried about whether they will be able to pay their bills on time. For this reason, financial transparency with loved ones is more important than ever, as hiding debt can add undue stress and burden on a family unit.
Yet, discussing money-related issues is something that many are not comfortable with. A huge 47% of respondents told Go.Compare they won’t openly discuss debts with family or friends. This figure rose to over half (52%) of those aged 55 and over – the highest response – but fell to just 43% and 41% of 18-34 and 35-54-year-olds respectively. This could signify that there is becoming less of a stigma around debt with younger generations, but more still needs to be done.
Impact of debt on your mental health
Worrying about money can negatively affect your mental health and for those people experiencing mental health problems, it makes it harder to manage their finances.
Talking about Debt and Money Worries
It’s important to start talking about money worries before your situation worsens. Talking about money will give you the confidence to get help and find out who can best advise you on any problems. It can give you a great sense of relief to share your problems, so you’re not facing them alone. It’s important to seek professional advice as soon as possible and not wait until it’s more difficult to find a solution.
Getting Debt Help
If you would like to talk to someone about debt, we offer a free and confidential consultation to anyone in serious financial difficulties. We can advise you on a range of debt solutions suited to your individual circumstances, helping to protect you and your family with a sustainable way to manage your debt. Call 0800 121 48 63.
