It’s good to talk about finance
MORE than 85% of adults admit to worrying about money at least some of the time, while for two-thirds (67%), money is right at the top of the list of things they fret about, research from Treasurybacked savings provider NS&I reveals, with men and women affected just about equally.
But looking at different age groups, 16 to 34-year-olds are particularly likely to be concerned about money, with more than half (57%) of that age group saying they worry about money all, or most, of the time.
Despite this, nearly threequarters (73%) of those who have worried about their personal finances admit they’ve never sought advice or guidance, formally or informally, on the matter.
So where do people turn to about their money worries?
Just under a third (29%) said they’d go to their parents for advice, guidance or information relating to financial matters. Women seem more keen to speak to their partner or spouse about money than men, with 31% saying they’d do so, compared with 24% of men.
While women showed a preference for more informal advice, men were more likely to say they’d prefer to get help from a professional financial adviser or bank manager, with 31% saying this, compared with 22% of women.
When those who worry about money were asked if they had considered being more open about their finances, a quarter (26%) thought it would be a positive step, although 52% felt it would have no impact.
Some 29% of people surveyed see aspects of their personal finances as a taboo subject.
Jill Waters, retail director at NS&I, says: “It’s healthy to talk about your finances, whether that be informally with friends and family, sharing experiences or speaking to an independent third party, such as a financial adviser, a local Citizens Advice Bureau or a similar organisation.
“Talking openly and in confidence about your financial situation, and making a plan for now and in the future, can help reduce that worry and help you get on top of the situation.”