Debt ‘is the hardest financial topic to discuss’

Many people in the UK struggle to talk about owing money, a new survey has revealed. 

According to PensionBee, 24% of British adults consider debt and money struggles to be the most difficult financial issue to talk about. 

Notably, this feeling was strongest among those aged 55 or under, as 27% find discussing this topic especially hard. 

By contrast, just 16% of over-55s said the same, as they struggled more with other topics. 

For example, 22% of over-55s said they found disclosing their salary hardest, compared with 13% of younger people. 

Long-term care planning was another tough subject for older adults, with 22% saying they struggled to talk about this issue. 

By contrast, only 9% of under-55s did the same. 

Becky O’Connor, director of public affairs at PensionBee, said: “The reluctance to discuss debt among younger consumers may reflect the higher housing and childcare costs they face, particularly when in lower wage categories and faced with an era of wage stagnation.” 

However, she pointed out that talking about money can help people make “better and less risky” financial decisions. 

“Building money conversations into our everyday lives helps us to build financial confidence and resilience,” Ms O’Connor added. 

PensionBee’s study backs up the findings of a recent survey by Hargreaves Lansdown, which found that 26% of UK adults would stay silent if they have money worries. 

Notably, this attitude was found to be most common among men, as figures showed that 30% of males wouldn’t say anything. 

And interestingly, the survey suggested that older adults might be more reluctant to discuss money worries than the PensionBee study indicates, as figures showed that 36% of over-55s wouldn’t raise money worries. 

Whatever the extent of silence regarding debt and money worries may be, it is too much, as the key to resolving these problems lies in being open, transparent and asking for help if you need it.