The new research conducted by the new YouGov research commissioned by Lloyds bank, states that money is a bigger taboo than religion or politics. This impacted half of UK adults which believe that talking about personal money matters is taboo in every conversation; higher than sex (42%), religion (26%) or politics (14%).
This report has affected the lender resulting in the launch of the M-word, which is a campaign to destigmatise talking about money, and teaming up with relate to launch a series of ‘The M-word Courses’ to aid people to talk about money at key life stages like marriage, leaving home or having to manage your finances for Christmas. The study also discovered that people don’t talk about money matters with their loved ones. More than two fifths (44%) of people have evaded conversations about money and a quarter (25%) have lied to friends and family about their personal finances. It has been stated that if the conversations do occur then it stirs up various emotions – almost a third (32%) of people said they find it stressful discussing finances with friends and family and two fifths (43%) said they feel embarrassed.
Furthermore, the reluctance to debate about money matters is causing issues in people’s personal relationships with over a third (37%) of people in a relationship have disputed with their partner about money. While over a fifth (23%) have lied to their partner about money; most frequently, people are lying to hide the amount of debt they have (11%)
On the other hand, there are three fifths (61%) of people stated that they feel better when they do open up and talking about their money concerns.
About Stuart Mosley
Stuart Mosley (CeFA, CeMap, CLTM) founded SJ Financial Solutions in June 2005 having spent 12 years with big corporates such as Halifax and Santander. He felt the personal touch and straight speaking was missing from financial and mortgage advice services and set up SJ Financial Solutions to change this.
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