The UK credit-building business, Loqbox, has set out to provide people with the knowledge, confidence, and tools to reach their financial goals and feel better about money as it reveals that finance remains a taboo topic for many across the UK.
It examined 150,000 respondents to understand which age groups were struggling the most when it comes to discussing finances. It found that 54 per cent of people in their 40s and 50s find money confusing. Meanwhile, only 49 per cent of people in their 20s felt the same way. Interestingly, it is those aged between 18 and 24 who are speaking about finances more, and consequently, have a better understanding of financial matters.
Loqbox’s research also reveals the potential long-term financial consequences of avoiding money conversations. Forty-three per cent of people express worry when thinking about money. Furthermore, the lack of financial dialogue can contribute to poor financial decisions, missed opportunities, and increased psychological stress. All of this can easily contribute to long-term financial instability.
Despite many avoiding these discussions, of those who do engage:
Fifty-eight per cent prefer to talk about money with friends, partners, or family.
Sixteen per cent seek advice from financial professionals like financial advisors.
8.5 per cent confide in work colleagues.
Six per cent are more comfortable talking to people that they don’t know very well about their finances rather than close contacts.
More evidence supporting the findings
A supplementary survey conducted by Loqbox of just under 500 Loqbox members showed similar insights:
Thirty-four per cent of 18-24-year-olds avoid discussing money, though 11 per cent actively listen when others do.
Nearly half (47 per cent) of people across all ages don’t talk to anyone about their finances, though 18 per cent wish they could.
Forty-nine per cent of 18-24-year-olds turn to family and friends for financial advice or education.
Twenty-seven per cent of young adults say they’ll talk about money with anyone, while 32 per cent feel comfortable discussing finances with close friends or family.
Empowering conversations about money
Gregor Mowat, co-founder and co-CEO of Loqbox
Gregor Mowat, co-CEO and co-founder of Loqbox commented: “Money has a huge impact on our wellbeing and is the number one cause of stress in the UK, as evidenced by the ongoing cost-of-living crisis which has put immense pressure on individuals and families of all ages. In many ways, money is the last taboo. While it can be difficult to talk about money, doing so can reduce feelings of shame, stress, and anxiety.
“Through our new campaign, ‘The Money Conversation,’ we aim to empower people of all ages to open up about their finances without fear. The more comfortable people become with talking about money, the easier it will be to address financial challenges and improve overall financial wellbeing.”
Tom Eyre, co-CEO and co-founder of Loqbox
Tom Eyre, co-CEO and co-founder of Loqbox added: “Our research reinforces the importance of creating an environment where people feel confident discussing their financial concerns — whether that’s sharing worries about finances, spending plans, or useful ways to manage it, such as easy ways to build financial safety nets or improving your credit score.
“With the right information, financial education, and budgeting tools, people can make smarter decisions, secure their financial future, and enhance their wellbeing; not just for themselves but for their families, too.”
Utilising Loqbox
Loqbox provides innovative personal finance tools that help users build up their credit scores and access financial services they may have previously been excluded from. To date, Loqbox has helped over one million people improve their financial standing by saving and boosting their credit scores with the UK’s three leading credit reference agencies: Equifax, Experian, and TransUnion.
Overall, 80 per cent of members feel more knowledgeable, confident and in control of their finances after using Loqbox, and 88 per cent of members who track their credit scores have seen improvements.
The post Talk About it: Loqbox Reveals Ways Of Improving Financial Wellbeing appeared first on The Fintech Times.
