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women are significantly less likely than men to feel comfortable discussing them finance A new survey shows that with friends.
Published matching talk Wealth week (3-7 November), research found that only 39 per cent of women feel comfortable discussing money with friends, compared to 50 per cent of men.
The study, conducted by the government-backed Money and Pensions Service (MAPS), also revealed age disparity, with only 37 per cent of people over the age of 55 feeling comfortable discussing finances, while 56 per cent of 18 to 34-year-olds were comfortable discussing finances.
Among more than 2,400 UK participants, common reasons cited for reluctance included embarrassment, fear of judgment and feelings of personal failure.
“Money conversations don’t need to be sophisticated or perfect, they just need to happen,” said Jackie Spencer, senior policy and proposals manager at MaPS.
“Taking control of money, talking openly about it, and sharing the burden caused by money worries often helps people feel less stressed or anxious and more in control. It also helps people make better, more informed financial decisions.”
The research was conducted by Opinium in September.
Here are some tips from MaPS for talking about money:
1. Manage emotions. It’s normal to get emotional when talking about money but try to stay calm and focused. If necessary, schedule another time to express your feelings so you can think clearly during the conversation.
2. Listen without interruptions. Talking about each other can often lead to arguments. Let each person speak fully. If interruptions occur, gently suggest taking turns so everyone feels heard.
3. Avoid blame or judgment. Try starting sentences with “I think” or “I think” instead of “you.” Accusations and negative body language can turn the other person off.
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4. Stay on topic. Stick to money matters. If other concerns come up, save them for another time.
5. Know where to get help. Have contact details for donations or support services ready in case you need outside help moving forward. The free-to-use MoneyHelper service has tools like a budget planner and savings calculator and guidance on how to talk to a loved one about money.