Can COVID change the conversation about the money?
Two-fifths of UK adults are hiding the financial truth from their partners, according to Money and Pensions Service.
From hidden credit cards (37%) to undisclosed personal loans (23%) and secret savings accounts (21%), we are still reluctant to talk about money because of embarrassment and the fear of being judged. Could COVD change the way we talk about money?
Even with Covid-19 impacting our finances and mental health, up to 38% of UK citizens remain silent about money troubles. Millennials (25-34 year-olds) turned out to be the most secretive generation, with three in five (59%) hiding money products.
And while people struggle financially for many reasons, the longer they keep it hidden, the bigger the threat of the spiralling debt, broken relationships and poor mental health.
This week we celebrate Talk Money Week (9-13 November). It presents an excellent opportunity to start a conversation about finances with loved ones.
Research has shown that people who are open about money make better financial decisions.
They also tend to have stronger personal relationships and are more in control of their emotions.
Financial wellbeing starts with identifying any underlying issue of the money problem. Next comes budgeting, setting clear priorities and gaining emotional support. In the end, a financial crisis does not define us; our actions do.
If you or your business is facing financial difficulty, don’t put it off. Opening up is usually the first step to regaining financial stability. Contact us for a free chat on 0800 118 2948.
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