New research from financial services provider 118 118 Money has found that 61% of Brits wouldn’t feel comfortable talking to their children about any money worries.
In the YouGov study of 2,030 adults, respondents were asked how comfortable they would feel discussing various money issues with people in their lives. If they didn’t have these people or money issues in their lives, they were asked to imagine they did.
The research found that 40% would never talk to their children about their credit card debt. As well as this, almost half (47%) would be unwilling to speak to their children about gambling debt, with a further 42% reluctant to discuss their unpaid fines.
When it comes to other money worries the public would never discuss with their children, 40% would never broach the topics of unpaid bills or store card debt respectively, while 38% would be unwilling to talk about needing help with rent or mortgage payments.
The top five money issues Brits would never talk to their children about:
- Gambling debt (47%)
- Unpaid fines (42%)
- Credit card debt (40%)
- Store card debt (40%)
- Unpaid bills (40%)
The research also found that some Brits would feel comfortable opening up about certain financial worries with their children. Some 12% said they would talk about needing help to pay unexpected expenses, such as car or home maintenance, with just under a tenth willing to talk about their credit card debt, unpaid bills or bank account overdrafts (9% each).
Commenting on the study, Mark Burgess, Chief Operating Officer at 118 118 Money, said: “It’s concerning to see that even in today’s society parents still shelter their children from money worries rather than speaking openly about these problems.
“We believe parents should talk more honestly with their children about difficult financial situations, this openness can help educate young people in how to avoid money issues themselves.
“Family can be a great source of consolation when it comes to our financial fears, and regardless of the severity of your money worry, our advice would be that it’s always better to reach out and speak to others, rather than let the issue escalate in private.”
For helpful guides on how to approach a number of difficult money conversations, visit:
https://www.118118money.com/money-guidance/money-talks/how-to-talk-to-your-children-about-money/
