32% of Brits say the Coronavirus pandemic has made them more willing to talk about their finances.

We are known as a nation of people who are not comfortable talking about ‘taboo’ subjects such as money. However, it seems the global pandemic may have had one positive impact, in helping break down some of the barriers associated with talking about debt.

With household financial debt increasing in the UK1, Lowell’s report shows it is more important than ever to open up the conversation and challenge the stigma surrounding debt.

But, despite the positive increase in people more willing to talk about their financial situation, the report of 1000 UK respondents2 revealed that 42% of the UK still feel uncomfortable talking about their finances, and 73% say their finances caused them to feel stressed.

Why people choose to keep debt quiet

The report asked those who had debt why they would feel uncomfortable talking about their situation.

The top reasons those in debt choose to stay quiet have been revealed as:

It makes me feel uncomfortable

41%

It makes me worried

35%

It makes me feel ashamed

36%

It makes me feel embarrassed

34%

The benefits opening up about your financial situation can have on your wellbeing

Whilst some people are finding opening up about debt has become easier for them during the Covid-19 pandemic, it may be easier said than done to reach out for support on a topic that still holds such stigma, and there is still a vast majority who struggle alone in silence. The constant worrying can have a huge impact on people’s mental health, which in turn, can make the situation feel so much worse.