It's good to talk money, says advice service
The Money Advice Service has launched a campaign to encourage people to discuss their money worries after a survey showed that only one-fifth of the UK's population have someone to talk to about their finances.
It has launched the Money Chat campaign to encourage people to have a 'money mate' to help gain control of their of their savings.
Gerard Lemos, chairman of the Money Advice Service, said while people often discuss their careers and relationships, only 19 per cent have someone to confide in about their financial situation.
The survey found that 76 per cent were happy when they felt good about money, while 33 per cent felt more confident when their finances were in order.
Mr Lemos said: "The Money Advice Service aims to revolutionise the way people in the UK manage their money. We want everyone to reconsider their own relationship with money. We believe encouraging people to feel comfortable talking about money is a key step in this process.
"This research tells us that people see the lifestyle benefits of managing their money but it is worrying that so many people have no one to confide in about their money matters. We are here to help everyone make the most of their money.
"They can talk to our advisers on the phone or face-to-face and by using the personal action plan produced by our free online health check, they can identify a list of short and long-term money priorities which will help get the conversation started."
Karen Pine, a behavioural psychologist and author, said: "We do not live compartmentalised lives. When our finances are in good shape the benefits spill over into our general sense of well-being. It is worrying that only one-fifth of us have someone to confide in about money matters.
"It may be due to social mobility. Families live further apart, but psychological factors may also be at work. We prefer to seek out relationships – romantic, social, or professional - with people like us but we do not all have someone who we consider to be a good role model for sound money advice. It is important that people who do not have this kind of support seek out help when they need it."
Matthew Rich, IFA for Avon-based Alan Seward Financial Services, said: "There is nothing wrong with getting advice from your dad, as we all do that. It is fine to ask those who are older and wiser, but it would not replace actual professional advice."
