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Let's Talk Business

Is the Money Taboo holding you back?

 Money

 

• BRITS BELIEVE MONEY TALK IS MORE TABOO THAN DISCUSSING SEX, RELIGION AND POLITICS

• MANY ADMIT LYING TO LOVED ONES ABOUT THEIR PERSONAL FINANCES TO AVOID THE SUBJECT ALTOGETHER

• FEELINGS OF STRESS AND EMBARRASSMENT HIGHLIGHTED AS MAIN REASONS BRITS AVOID DISCUSSING FINANCE

 

We’ve become much more comfortable talking about difficult subjects like mental health in recent years. Yet, something as common in our daily lives as money is still a big taboo subject, causing many to shy away from important conversations.

Today, new YouGov research commissioned by Lloyds Bank will show that money is the biggest taboo subject for Britons. In fact, half (50%) of UK adults believe that talking about personal money matters is uncomfortable in everyday conversation; higher than sex (42%), religion (26%) or politics (14%). 

 

The research also found that people don’t talk about money with their loved ones. More than two fifths (44%) of people have avoided discussions about money and a quarter (25%) have lied to family and friends about their personal finances.  

When conversations do happen, they stir up a range of emotions - almost a third (32%) of people say they find it stressful talking about their finances with family and friends while two fifths (43%) feel too embarrassed to bring it up. 

MONEY MATTERS

This reluctance to discuss money matters is causing problems in people’s personal relationships:

• Over a third (37%) of people in a relationship have argued with their partner about money

• Nearly one in four (23%) have lied to their partner about money; most commonly, people are lying to conceal the amount of debt they have (11%)

• Just under a third (30%) have argued with a friend about money, with lending money the main cause of arguments (17%)

• 27% of us have lied to parents about their personal finances; and are most likely to lie about how much is spent on a single item (14%), their level of debt (13%) and monthly spending (11%)

• More than half (56%) young people are worried about getting on the property ladder, but just 32% have talked to their parents about it

 

Despite these findings, three fifths (61%) say they feel better when they do open up and talk about their money concerns.

 

Lloyds Bank has launched The M-word, a campaign to destigmatise talking about money, and partnered with Relate to launch a series of ‘The M-word Courses’ to help people talk about money at key life stages.

 

Joining us in the studio is Professor Tanya Byron, consultant clinical psychologist and Relate patron, alongside Catherine Kehoe from Lloyds Bank. They discuss the research and offer advice on how best to broach the subject of money.

Let's Talk: Is the 'Money Taboo' holding you back?

Biz spoke to Clinical Psychologist Tanya Byron and Lloyds Bank Spokesperson, Catherine Kehoe on the money taboo that's holding Brit's back and how we can begin to tackle it.