A new report from Money Wellness has found that wealthier earners are the least likely to talk about difficult financial topics.
Research conducted by financial wellbeing organisation Money Wellness shows that 22% of people earning between £35,000 and £54,999 avoid speaking about uncomfortable financial issues, compared with just 12% of households earning between £17,000 and £34,999.
The findings suggest that conversations around money remain challenging for many, regardless of income, even as financial wellbeing awareness continues to grow.
Financial strain also remains widespread. Nearly one in five respondents reported that they are barely managing to get by, while 34% said they are only just coping with their monthly costs.
When choosing where to seek support, 62% said they would confide in family members, while only 15% would turn to a financial adviser or bank. Four percent said they would not speak to anyone at all about money worries.
Sebrina McCullough, Director of External Relations at Money Wellness, said: “Talking about money is awkward – sometimes more awkward than sex, politics, or your feelings. But staying quiet can be costly, emotionally and financially.
“This Talk Money Week, we’re urging everyone to break the silence. Talk to a friend, a family member, or a professional. Don’t let fear or embarrassment cost you your peace of mind.”
Nearly half at 48% would prefer to talk about religion or politics, 30% would be more comfortable discussing their feelings, and 22% said they would even rather talk about their weight or sex life.
A separate ongoing customer survey by Money Wellness found that many adults were not taught financial skills early in life.
The organisation also advises choosing calm settings for such discussions, sharing personal experiences, and making conversations about money a regular part of life.
For families, involving children early in simple budgeting activities can help to build confidence and positive attitudes toward money.
Confidential support is available for those experiencing serious financial difficulties. Free advice can be accessed through services such as Money Wellness or bank financial support teams and free tools such as a budgeting calculator are available.
Acting early, according to the organisation, can help individuals regain control of their finances and reduce stress.
Money Wellness also shared the story of Des, a customer who came to the organisation with £25,000 of debt, including a problematic business loan.
Through support and a debt management plan, he was able to increase his income by £140 per month.
