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Young adults in UK not treating money as a taboo topic

Thursday, October 03, 2024 — 11:47:18 (EDT)

New study from Loqbox finds that while nearly half of UK adults avoid financial conversations, 18-24-year-olds are driving a cultural shift, fostering a more open dialogue about money.

Bristol, UK. 3 October 2024: A survey from Loqbox, the UK’s leading credit-building business, reveals how money remains a taboo topic for much of the UK population, though young adults aged between 18-24 are bucking the trend.

Drawing insights from nearly 150,000 respondents, Loqbox’s data reveals that people across all age groups experience a ‘silent struggle’ when it comes to discussing finances, particularly relevant among older generations. Among those in their 40s and 50s, 54% admit to finding money confusing, compared to 49% of people in their 20s who feel the same. This suggests that younger generations, who are more open to discussing finances, may have a better grasp on understanding financial matters.

Loqbox’s research also reveals the potential long-term financial consequences of avoiding money conversations. With 43% of people expressing worry when thinking about money, the lack of financial dialogue can contribute to poor financial decisions, missed opportunities, and increased psychological stress, all contributing to long-term financial instability.

Despite many avoiding these discussions, of those who do engage:

58% prefer to talk about money with friends, partners, or family.

16% seek advice from financial professionals like financial advisors.

8.5% confide in work colleagues.

6% are more comfortable talking to people that they don’t know very well about their finances rather than close contacts.

A supplementary survey conducted by Loqbox of just under 500 Loqbox members showed similar insights:

34% of 18-24-year-olds avoid discussing money, though 11% actively listen when others do.

Nearly half (47%) of people across all ages don’t talk to anyone about their finances, though 18% wish they could.

49% of 18-24-year-olds turn to family and friends for financial advice or education.

27% of young adults say they’ll talk about money with anyone, while 32% feel comfortable discussing finances with close friends or family.

Gregor Mowat, Co-CEO and Co-Founder of Loqbox, commented: “Money has a huge impact on our wellbeing and is the number one cause of stress in the UK, as evidenced by the ongoing cost-of-living crisis which has put immense pressure on individuals and families of all ages. In many ways, money is the last taboo. While it can be difficult to talk about money, doing so can reduce feelings of shame, stress, and anxiety.

“Through our new campaign, ‘The Money Conversation,’ we aim to empower people of all ages to open up about their finances without fear. The more comfortable people become with talking about money, the easier it will be to address financial challenges and improve overall financial wellbeing.”

Tom Eyre, Co-CEO and Co-Founder of Loqbox, added: “Our research reinforces the importance of creating an environment where people feel confident discussing their financial concerns — whether that’s sharing worries about finances, spending plans, or useful ways to manage it, such as easy ways to build financial safety nets or improving your credit score.

“With the right information, financial education, and budgeting tools, people can make smarter decisions, secure their financial future, and enhance their wellbeing; not just for themselves but for their families, too.”

Loqbox provides innovative personal finance tools that help users build up their credit scores and access financial services they may have previously been excluded from. To date, Loqbox has helped over one million people improve their financial standing by saving and boosting their credit scores with the UK’s three leading credit reference agencies: Equifax, Experian, and TransUnion.

Overall, 80% of members feel more knowledgeable, confident and in control of their finances after using Loqbox, and 88% of members who track their credit score have seen improvements.

Whether they’re struggling to save, have poor credit histories, or just want to learn more about how the financial system works, Loqbox provides people with the knowledge, confidence, and tools to reach their financial goals and feel better about money.        

For more information about Loqbox, visit: www.loqbox.com/en-gb.   ​

ENDS     

About Loqbox     

Loqbox is a financial wellbeing business based in Bristol. Committed to fostering a healthier relationship with money, Loqbox provides individuals with tools to improve their credit scores, grow savings, and enhance their overall financial situation. For more information, visit www.loqbox.com.  

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Source: Company press release.