Cash concerns are the last social taboo
24 October 2006
Money problems are the last social taboo among family and friends in the UK. New research from first direct shows that fewer than a quarter of adults (that’s 22 per cent) feel comfortable talking to their best friends about debt or worries about meeting bills. By contrast, over half of people (53 per cent) are happy to discuss issues in their love life or family, and 40 per cent of people will happily talk about concerns with their health or career.
These are the findings of first direct’s ongoing investigation into the nation’s changing attitude towards money, conducted by Future Foundation. The study reveals that people from the North of England are least comfortable discussing money with family and friends but also the most comfortable talking about their love lives and career. By contrast, Londoners are the most comfortable talking money and the least happy to discuss any of their other problems - particularly those concerning their families.
Mo Shapiro, one of Britain’s leading television relationship psychologists, said: “Some people feel that they are defined by their financial situation - it decides their social status. Admitting to money problems can feel like an admission of failure to run your life properly and not being in control. But it also takes a lot of energy to hide problems and often just discussing them can makes them seem less frightening. Concerns can be managed positively once they are out in the open but the first step is admitting to the problem - then it’s possible to look for support and take action.”
Chris Pilling, chief executive of first direct said: “At first direct we make a point of understanding that most people may suffer financial difficulties at some point in their lives, and it’s absolutely nothing to be ashamed of. In fact, with us a problem shared can be a problem halved and we want to encourage customers to speak to us before things get out of hand.
“We recognise our responsibilities as a responsible lender which is why first direct and HSBC are working hard at encouraging the industry to share positive credit data such as a customers’ total indebtedness and repayment records. We believe this is the only way to ensure that lenders properly understand the full financial exposure of customers before they let them sign up to debt that some simply can’t afford.
“We now have around 180 financial councillors who are specifically trained to help customers get their finances back on track. It’s our famous human touch, non-scripted approach to banking, which has made us the most recommended bank in the UK. Customers can also speak to a real person at any time of the day, 365 days a year and we’re now answering some 13,000 calls a day outside usual working hours.”
The research also reveals big differences across Britain; in Wales just half of people were happy talking about money problems with partners, compared to 87 per cent of people in East Anglia. Furthermore, just nine per cent of people in Yorkshire and the Humber confide in friends about money issues compared to 33 per cent in the North West.
Perhaps unsurprisingly men (18 per cent) are also much less likely to discuss their money concerns among friends than women (26 per cent), and those between 16 and 34 were three times (33 per cent) more likely to open up than the over 55’s (11 per cent).
