More conversations needed on money and mental health

It’s okay to not be okay: UK adults need to have more conversations on money and mental health

 Just 22% of UK adults comfortable talking about debt,

  • Only 45% are willing to talk about their mental health
  • Fewer than two-fifths are comfortable talking about other financial issues such as power of attorney, inheritance, mortgages and debt

Ahead of Talk Money Week Quilter calls for more conversations around taboo topics such as money and mental health.

A poll conducted by YouGov for Quilter asked UK adults if they felt comfortable talking to their friends and family about a number of topics. The research revealed the nation is reluctant to talk about their financial and mental wellbeing.*

Issues around debt and mental health aren’t mutually exclusive, as research  from the Money and Mental Health Policy Institute shows the more debt people have, the more likely they are to have a mental health problems.

Current estimates show only 17% of over-indebted people – of whom there are 8 million in the UK – seek advice. Part of the problem is that people in debt may feel embarrassed and unwilling to seek help. However, without advice they’re less able to dig themselves out of the problem which then escalates and preys on their mind.

Quilter is campaigning against stigma around the traditionally taboo nature of money and mental health by supporting Talk Money Week and Time to Change.

Paul Feeney, CEO of Quilter says: “People often have a perception that everyone else’s life is more perfect than their own, which is not the case. I have had my own mental health issues and I have learned it’s okay to talk about them.

“It’s important to me that we build environments where it’s okay to not be okay, because the more we talk about problems, the easier it will be to share experiences, pool ideas and help each other.

“These taboos extend to financial issues and are often inter-related; meaning generations have grown up without having frank conversations about money. Talk Money Week encourages people to talk about their finances in the hope it will demystify money and dilute some of the stigma about those discussions.”

To hear more from Paul on mental health see his video interview with Citywire

 *Poll conducted by YouGov of 2,000 UK adults

Topic % of UK adults comfortable discussing
Physical Health 62%
Marriage/Relationships 50%
Death 49%
Wills 45%
Mental Health 45%
Savings 42%
Pay/Salary 40%
Power of Attorney 39%
Mortgage 37%
Inheritance 37%
Other Debt 22%
None of these 8%
Don’t know 5%
Prefer not to say 6%
Chose not to answer 2%

 Useful information on Lasting Powers of Attorney