May 21, 2024

South West News

South West News from Gloucestershire to Cornwall

Money remains number one UK taboo as millions struggle with cost of living crisis

A new survey by financial platform Unbiased has revealed that Brits don’t like talking about money and are reluctant to seek help when it comes to debt worries

New research from Unbiased shows that 67% of Brits lie to their partners about the extent of their credit card and store card debts with almost 50% admitting that they can’t talk about money worries with family members.

 

The survey highlights the following:

  • Only 27% of Brits are debt free
  • 49% are not comfortable talking to family members about their money worries
  • Only 20% would talk to a bank about their money concerns
  • 55% are not comfortable confiding in their partner when it comes to money
  • 14% say talking about money is embarrassing
  • 21% believe their money issues are nobody else’s business
  • Almost a third of Brits (29%) are unaware of the direct debits, standing orders, subscription fees etc that leave their bank accounts each month

 

Unbiased is a financial services platform that has helped more than 10 million people make confident financial decisions and urges Brits to be more open about money.

 

Nihal Pekbeken, Chief Commercial Officer at Unbiased, has the following advice for those struggling with the cost of living crisis: “Our survey shows that UK residents are reluctant to talk about money and with the current squeeze on everyone’s finances, it is more important than ever for us to learn to open up.

“Sweeping money worries under the carpet and not understanding your finances will only store up problems for the future. If you take action now and speak to a trusted adviser, it is possible to avoid further debt. Even small savings can make a big difference over time.”

 

Unbiased recently entered into a two-year charity partnership with Samaritans, the charity that provides emotional support 24/7 for anyone struggling to cope, whatever they’re facing.

 

Richard Amos, Head of Corporate Partnerships at Samaritans says: “”We are concerned about the rising cost of living and its impact on people’s wellbeing. Suicide is complex and is rarely caused by one thing. However, there is strong evidence of associations between financial difficulties, mental health and suicide.

Samaritans is there to listen to anyone struggling to cope, whatever they’re facing, any time of the day or night. It’s thanks to the support of our partners like Unbiased that we can continue to be there

Anyone can contact Samaritans FREE any time from any phone on 116 123, even a mobile without credit. This number won’t show up on your phone bill. Or you can email jo@samaritans.org  or visit www.samaritans.org  for more information