New research by Hargreaves Lansdown has found that one in four people (26%) said they wouldn’t talk to anyone if they had money worries.
The data also shows that this figures rises to 30% among men and 36% among those aged 55 and over.
The research found that 13% would speak to a debt charity like Stepchange or Citizen’s Advice, while 12% would speak to their parents, 9% to friends and 6% to siblings whilst one in ten would use social media to talk about their money concerns.
Sarah Coles, Head of Personal Finance at Hargreaves Lansdown said “When you’re going through a difficult time financially, it can be difficult to open up about it. You might be embarrassed about the issues you’re facing, or not want to worry anyone. However, burying your head in the sand will only make things worse.
“The most research found that those who sometimes run out of money are less likely to have enough savings (46% compared to an average of 65%) or cash left at the end of the month (35% compared to an average of 49%). They’re less likely to be on track with pension savings (28% compared to 38% on average), and only 19% of them own a home of their own, compared to 31% overall.
“Things are even tougher for those who say they always run out of money, because just 27% have enough savings, 26% have enough cash left at the end of the month, 21% are on track with pension savings and 11% own their own home.
“It means we need to get to grips with our financial problems, and this starts with a conversation. It doesn’t have to begin with your family if you can’t face it. If it’s not a shortage of money, but a problem with how you’ve set things up, or how you’ve prioritised, then you might benefit from talking to a financial adviser. If you have a spending or debt issue, you might want to approach a debt charity.
“If you choose the relative anonymity of social media, be very careful not to assume your online contacts know enough to give you good advice. It may be where you want to share your experiences, but it’s not somewhere you can guarantee to get qualified or informed opinion.
“Whoever you talk with to start with, once you’ve had a chance to come to terms with your situation and understand your options, you need to tell those who are closest to you – especially if they rely on you. This isn’t always easy, but there are some useful ways to tackle difficult financial conversations.”
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