1 in 4 people stay silent about money worries

More than a quarter of UK adults won’t speak to anybody if they have money worries, a new study has found. 

According to Hargreaves Lansdown, 26% would stay silent if they were concerned about their financial situation. 

Troublingly, this attitude is particularly common among men, as figures showed that 30% of males wouldn’t say anything. 

Similarly, the research showed that older adults are also likely to stay quiet, as the study found that 36% of over-55s wouldn’t raise money worries. 

Pepper Money’s latest Specialist Lending Study has looked into what financial issues are causing the most stress and anxiety right now.

Among the key findings were: 

57% say their disposable income is shrinking 

The rising cost of living, in particular energy and food prices, means many people have less money left over at the end of each month, and that’s prompting many to rely on credit cards to make ends meet, which could store up debt problems further down the line. 

20% have fallen behind on at least one household bill 

As people struggle with their living costs and turn to credit, some are finding it hard to keep up with their day-to-day expenses. 

41% are saving less or not saving at all 

Financial pressures have led to many people not putting money aside for a rainy day. That means they could be vulnerable if they’re hit by unexpected expenses, such as damage to a property or replacing a broken appliance, as they don’t have an emergency fund available. 

78% are worried about their mortgage options in the current economic climate 

Mortgage worries, prompted by the wider economic situation, are widespread both among those hoping to secure a home loan and people who are trying to afford their repayments. 

Unsurprisingly, all this pressure is having a massive psychological toll, as one in three people admit that financial stress has affected their mental health.  

Being open about financial issues can be daunting, but seeking help doesn’t mean you’re weak or irresponsible.  

In fact, it shows that you’re aware of your situation and willing to do something about it. 

So whether it’s talking to a friend or family member, or using a financial wellbeing app to manage your cash and set budgets, being proactive is the best thing you can do. 

If you stay silent, you can be left feeling alone and isolated, and that only leads to you feeling more anxious and stressed in the long run. 

There’s no reason why you should have to deal with money worries on your own.  

Many people will go through similar issues and have their own insights and experiences to share, so you’ll be better equipped to navigate and overcome your personal situation. 

Sarah Coles, head of personal finance at Hargreaves Lansdown, said: “When you’re going through a difficult time financially, it can be difficult to open up about it.  

“You might be embarrassed about the issues you’re facing, or not want to worry anyone.  

“However, burying your head in the sand will only make things worse.” 

Ryan McGrath, director of secured loans at Pepper Money, added: “Financial stress can have a significant impact on people’s lives, making it essential to approach money management proactively.  

“By enhancing financial literacy and understanding how to budget, save, and manage debt, individuals can not only improve their financial stability, but also reduce the anxiety that often comes with financial uncertainty. 

“When people feel equipped to make sound financial decisions, it empowers them to face challenges with greater confidence and resilience.”