Our new survey proves that most Brits would even rather talk about ‘taboo’ subjects like sex before they talk about debt.
Talking about debt can be difficult and uncomfortable for lots of people, so it might not come as a surprise that more than a third of people in the UK feel uncomfortable talking about debt*.
Our survey asked people to rank several topics that might be considered uncomfortable, like politics, health, sex and relationships. Even with those potentially awkward topics on the table, on average most people would still prefer to talk about any of those touchy subjects than debt.
Perhaps it’s not surprising that people would rather not discuss their finances, as a shocking 73%* of the UK say their finances cause them to feel stressed. This could be why so many people stay quiet and would rather not discuss debt, but it’s better for mental health to talk openly about finances and discover that financial problems are a common problem for many of us. That’s why Lowell is open and honest with our customers. Our friendly and helpful team are here to talk with you about your finances and listen with patience and respect, and to help you understand what the best route for managing your debt might be.
When it comes to the reasons that people choose to stay quiet, the number one reason is that people feel uneasy talking about debt. Our survey revealed that 41%* of people are uncomfortable discussing their financial situation. This is closely followed in second place by more than a third of the people who won’t discuss their financial situation because they feel worried or ashamed about their debt.
It can be difficult to talk about debt, but you’re not alone. Many people struggle with money management and debt, and it’s not unusual to feel this way. If you’re struggling financially, it can be really helpful to open up to someone that you feel comfortable with, be that friends, family, or a support organisation. If you feel you need more support, there are lots of organisations who can help you with free and independent advice.
65%* of people would be comfortable talking about their finances with their spouse or partner, and that’s definitely a good place to start. But surprisingly, that means that over a third of people won’t talk about their financial situation with their other half, and only 45%* would be happy to talk about debt with a friend.
It might help to know that if you’re concerned about discussing money with a friend, you’re not alone: 31% of the UK worry about their finances every day, and 35% of people worry every week*.
At Lowell, we believe in challenging the stigma of debt, and in being open and honest so that our customers feel comfortable discussing their debt, and our survey shows that talking to someone about debt can really help.
Our report revealed that people who open up about their financial situation saw a positive impact. A huge 41% of people we spoke to said that talking about their financial situation helped them feel that they had a clearer path to sorting money worries, and 32% felt comforted*.
We believe it’s really important to open up the conversation around finance and money management, to help people to feel less isolated and worried about debt. Our survey shows just how worrying it can be to have debts, which is why we empower our customers to take control of their debt by working with us to create a reasonable and affordable payment plan that works with your budget. If you’d like more information, you can find more information, news and advice about debt and finance at the Lowell blog.
*Data source: Survey of 1000 UK respondents conducted via The Leadership Factor on behalf of Lowell
Written by Emma Sams on 2 December 2020
As always, we’re here to support our customers, especially during this difficult time. Find out how we can help you with your debt with extra time, more flexibility and additional support.
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