Women are less likely to feel comfortable talking about money with their friends than men do, a survey suggests.
The research, published to coincide with Talk Money Week from November 3 to 7, found 39% of women feel comfortable talking about money with friends, compared with half (50%) of men.
People aged 55-plus are also less likely to feel comfortable talking about money (37%), than young adults aged 18 to 34 (56%), according to the research for the Government-backed Money and Pensions Service (MaPS).
Reasons given for people being uncomfortable talking about money include embarrassment, fear of judgment and feelings of failure, the survey of more than 2,400 people across the UK found.
Jackie Spencer, senior policy and propositions manager at MaPS, said: “Money conversations don’t need to be polished or perfect, they just need to happen.
“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.”
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.
