The real reasons women are less likely to talk about money – and ways to start

Women are significantly less inclined than men to openly discuss their finances with friends, a new survey has revealed.

The research, published to coincide with Talk Money Week, found that only 39 per cent of women felt comfortable engaging in such conversations, a stark contrast to 50 per cent of men.

Commissioned by the Government-backed Money and Pensions Service (MaPS), the study also highlighted a notable age disparity.

Just 37 per cent of those aged 55 and over were at ease discussing their financial situations, compared to 56 per cent of 18- to 34-year-olds. Across the more than 2,400 UK participants, common reasons cited for this reluctance included embarrassment, a fear of judgment, and feelings of personal failure.

“Money conversations don’t need to be polished or perfect, they just need to happen,” Jackie Spencer, senior policy and propositions manager at MaPS, said.

“Taking control of money, talking openly about it and sharing the burden that money worries can cause often helps people feel less stressed or anxious and more in control. It also helps people make better, more informed financial decisions.”

Women are much less likely than men to feel comfortable discussing their finances with their friends (Getty/iStock)

Research was carried out by Opinium in September.

Here are some suggestions from the MaPS for having conversations about money:

1. Manage emotions. It is normal to feel emotional when talking about money but try to stay calm and focused. If needed, set aside another time to process your feelings so you can think clearly during the conversation.

2. Listen without interrupting. Talking over each other can often lead to arguments. Let each person speak fully. If interruptions happen, gently suggest taking turns so everyone feels heard.

3. Avoid blame or judgment. Try starting sentences with: “I feel” or “I think” instead of “You”. Accusations and negative body language can shut the other person down.

4. Stay on topic. Stick to the money issue at hand. If other concerns come up, save them for another time.

5. Know where to get help. Have contact details ready for charities or support services in case you need outside help to move forward. The free-to-use MoneyHelper service has tools such as a budget planner and savings calculator and guidance on how to talk to a loved one about money.