Financial struggles are still seen as a taboo in the UK, with almost two-thirds of us too embarrassed to ask for financial help from friends or family, new research reveals.
Whether it’s a shortage of savings, bad credit, unemployment or unexpected costs, almost all of us will have money trouble in our lives. The simplest and easiest solution to this can be to borrow money from friends or family, but it appears that many are still afraid to broach the subject.
The research was carried out by lending firm Peachy. Of those surveyed, 62 per cent are embarrassed to ask for money from friends and family, no matter how urgent the need. Women are more likely to feel this way, at 70 per cent compared to 54 per cent of men.
Guilt can also play a part in keeping quiet, as almost one in five of both genders said they would not want to be seen as enjoying themselves by the lender until they’ve repaid the debt. This is perhaps because a similar number don’t want to break their trust.
Money worries can also have a detrimental effect on marriages. Almost a third keep debt secret from their partners, something which can lead to bigger problems later on. It’s no surprise that money trouble is the number one cause of divorce in early marriage.
Credit expert, Katre Kaarenperk-Vanatoa says: “It’s hard to talk about money troubles, especially if you’re in a relationship. But keeping secrets can cause lasting harm to a relationship, not to mention your credit rating. Facing the problem, talking about it, and working on a solution is the best way forward, and a loan can be a reasonable place to start taking back control.”