Half of young adults find talking about money awkward, with many preferring to clean the oven or visit the dentist, according to new research commissioned by The Co-operative Bank.
A survey of 2,000 adults found that 36% would refuse to bring up the subject of money at the dinner table, considering it 'bad manners'. Three in 10 young people would sooner discuss politics, religion or family drama than talk about money.
Of those aged 18-34, 50% find money conversations awkward, while 31% worry about being judged over their financial situation. In fact, 15% confessed they would rather visit the dentist or deep clean their oven than broach the subject.
Money Natters campaign aims to break the taboo
The research was commissioned by The Co-operative Bank as part of its Money Natters campaign, which aims to encourage more open and honest discussions around personal finances.
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."
Savings, salary and debt were the topics young people felt most uneasy discussing. Many steered clear of talking about debt entirely, while others struggled to admit they couldn't afford something.
Regional and savings impact
Residents in the East Midlands were the least comfortable when it came to discussing money (14%), followed closely by those in the Northwest (14%) and Yorkshire & the Humber (12%).
Economic modelling by Cebr revealed that discussing money more frequently could enable people to make smarter choices about how they spend, save and invest. The data shows that people who speak openly about money typically have double the median cash savings of those who don't, holding £7,500 compared to £3,750. Those who discuss money are also 11% more likely to save on a regular basis.
Campaign partners with HelloFresh
Clare Seal, financial coach, author and Money Natters campaign ambassador, 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."
The OnePoll.com research found that 46% of those who have engaged in money conversations found them helpful, compared to just 7% who said they weren't. More than a quarter (26%) said discussing money more 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 joined forces with HelloFresh to bring money discussions back to the dinner table. Selected meal kits will include a pack of playing cards that double up as fun money conversation starters.
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."
