Which areas in the UK are worrying most about money and why are Brits more embarrassed to talk about money than sex?
New research has revealed that people in Northern Ireland worry most about money and that more than half of British people under the age of 35 would rather talk about the intimacies of a relationship or embarrassing health issues than financial problems.
Research carried out by Money Guru reveals 50% of all respondents in Northern Ireland worry about money daily, while 30% say money makes them stressed. The region of the UK least worried about money is Yorkshire & Humber, where only 8% said they had daily concerns about money, closely followed by Wales with 11%.
|The UK Money Worry Map|
|Number||Region||% who worry about money|
|12||Yorkshire and the Humber||8%|
Debt was cited as the source of the majority of the nation’s monetary woes, with 32% of those polled saying it was a major concern. Gambling debt also featured as a top five reason for money worry, with 17% saying it was a problem.
|Top Money Worries|
|(multiple choice question answers)|
|2||Reliant on overdraft||30%|
|3||Overspending / unemployment||29%|
|4||Credit or store card debt||26%|
The research also revealed that 63% of Britons experience “negative and disturbed emotions” when it comes to money but 82% said they would not speak to a financial adviser, with 57% of people saying they didn’t think it would help. There also seems to be a premium on the need for advisers to use clear language: 11% of people said they feared they wouldn’t understand the jargon and 9% said they worried they would look stupid.
The report also revealed that 58% of men and 42% of women, have lied to their partner or loved one about their finances. Half of those who said they lied said it was because they did not believe it was appropriate to talk about money.
This was backed up by similar research done by Creditfix, which said 32% were worried about causing arguments, whilst, 27% said they felt embarrassed by their financial woes.