Talking about money troubles still seen as a taboo

Talking about money troubles still seen as a taboo

According to new research, our reluctance to talk about money troubles is having a dramatic impact on our relationships but borrowing money is still a tricky topic.

The research, from short term loan provider, Peachy Loans, suggests that 62% of us are too embarrassed to ask for money from friends and family, even when we really need it. women are more likely to be embarassed than men, with 70 percent saying they would be too embarassed compared to 54 per cent of men.

Although some of the hesitation comes from a good place - one in five (21 per cent) don't ask because they don't wan't to break family or friend's trust - this can end up doing more harm than good as those money troubles spiral out of control. Almost a third (29 per cent) of us keep credit card debt a secret from partners, which undermines trust and can lead to relationship breakdown.

Credit expert Katre Kaarenperk-Vanatoa offers this advice:

‘It’s hard to talk about money troubles, especially if you’re in a relationship. But keeping secrets can cause lasting harm to a relationship, not to mention your credit rating. Facing the problem, talking about it, and working on a solution is the best way forward, and a loan can be a reasonable place to start taking back control.’

Money trouble is the number one cause of divorce in early marriage, and while 40% of us are worried about awkward conversations about money, it can often be the start of a solution. The best way to deal with money trouble is to talk about it, get advice, and deal with the problem head-on.

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