A survey of 2,000 adults found that 36% of young adults would avoid discussing money at the dinner table, considering it 'bad manners'. The poll also showed that talking about money left young adults feeling embarrassed and uncomfortable.
Young adults find money talks awkward
Half of those aged 18-34 find financial conversations awkward, while 31% fear being judged over their finances. Instead, 15% said they would prefer a trip to the dentist or giving their oven a deep clean.
The research was commissioned by The Co-operative Bank as part of its Money Natters campaign, which promotes more open and honest discussions about money.
Experts urge breaking the taboo
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."
Topics young people found especially awkward to discuss included savings, salary and debt. Many avoided talking about debt entirely, while others struggled to admit they couldn't afford something.
People in the East Midlands were the most reluctant to discuss money (14%), followed by those in the Northwest (14%) and Yorkshire & the Humber (12%).
Open conversations linked to better savings
Financial coach, author and Money Natters campaign ambassador Clare Seal 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."
Economic modelling by Cebr suggests that discussing money more frequently could help individuals make smarter decisions about spending, saving and investing. Data shows those who talk openly about money typically have twice the median cash savings of those who don't, holding £7,500 compared to £3,750. Additionally, those who discuss money are 11% more likely to save on a regular basis.
According to OnePoll.com data, 46% of those who have had money conversations found them beneficial, compared to 7% who said they weren't. Over a quarter (26%) said talking more about money would make them feel more financially secure, and 55% believed people would make better financial decisions if they spoke about money more openly.
Campaign brings money talk to the table
As part of the initiative, The Co-operative Bank has partnered with HelloFresh to bring money discussions back to the dinner table. Selected meal kits will include a pack of playing cards that double as 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."
