Three in 10 younger individuals would relatively speak about politics than cash
More than a third of Brits ban money talk at the dinner table, but experts say breaking the taboo could actually help boost your bank account
Talking about money can feel awkward and embarrassing (Image: Getty Images)
Three in 10 young people would prefer to discuss politics, religion or family drama rather than money, research has found.
A survey of 2,000 adults discovered that 36% of young adults would avoid bringing up the subject of money at the dinner table as they consider it ‘bad manners’. More significantly, the poll showed that discussing money left young adults feeling embarrassed and uncomfortable.
Half of those aged 18-34 find financial conversations awkward, while 31% fear they would face judgement over their finances. Instead, 15% confessed they would prefer a trip to the dentist or giving their oven a deep clean.
One in three worry about being judged by others(Image: Getty Images)
The research was commissioned by The Co-operative Bank as part of its Money Natters campaign, which promotes more open and honest discussions about money.
Kat Robinson, head of everyday banking, said: “We’re a nation that cares about our table manners, but money is still one subject many of us would rather leave off the menu.
“We’ll happily talk about religion, politics, or family drama while some of us would literally rather clean the oven than have a detailed conversation about our finances.”
Topics young people found especially awkward to discuss included savings, salary and debt. Many steered clear of talking about debt entirely, while others have struggled to admit they couldn’t afford something.
People in the East Midlands were the most reluctant to discuss money (14%), followed by those in the Northwest (14%) and Yorkshire & the Humber (12%).
Financial coach, author and Money Natters campaign ambassador Clare Seal said: “Many of us grow up believing it’s impolite to talk about money, but staying silent can often leave us feeling more anxious and less confident.
“The reality is that money conversations don’t have to start with numbers, they can start with simple questions.”
Economic modelling by Cebr suggests that discussing money more frequently could aid individuals in making smarter decisions about their spending, saving and investing habits.
The data reveals that those who talk openly about money typically have twice the median cash savings of those who don’t, holding £7,500 compared to £3,750. Moreover, those who discuss money are 11% more likely to save on a regular basis.
The Co-operative Bank has teamed up with HelloFresh to bring money conversations back to the dinner table (Image: The Co-operative Bank)
According to OnePoll.com data, 46% of those who have had money conversations found them beneficial, compared to a mere 7% who said they weren’t.
Over a quarter (26%) said that talking more about money would make them feel more financially secure. And 55% believed people would make better financial decisions if they spoke about money more openly.
As part of the initiative, The Co-operative Bank has partnered with HelloFresh to bring money discussions back to the dinner table where people naturally connect.
Selected meal kits will include a pack of playing cards that double as entertaining money conversation starters, designed to encourage open dialogue about finances.
Kat Robinson added: “When we do get talking about money, it can really help, which is why we’ve teamed up with HelloFresh to help take some of the awkwardness out of getting started.
“It doesn’t have to turn into a big financial heart-to-heart – sometimes all it takes is one question to break the ice.
“Whether it’s a game of snap with the family or playing around the dinner table with friends, the cards are designed to get people talking about money in a way that feels fun, natural and pressure-free.”
