Research from Monzo shows young people are most likely to hide money worries when socialising.
The cost-of-living crisis has affected many households in the UK. People are cutting back on essentials and prioritising how to spend their cash.
One group affected by this are Gen Z.
A new survey from digital bank Monzo reveals a surge in young people feeling uncomfortable talking about money.
Of the 2,000 adults they asked in the UK, 45% of Brits aged 18-34 say the cost-of-living crisis has made them even less likely to discuss their finances openly.
Reasons for keeping quiet include viewing it as a private matter (33%), finding it hard to talk about (30%) and even feeling guilty (28%). It’s such a taboo topic that they’d be embarrassed to ask for anything less than £96 back – equivalent to 50% of Brits’ average weekly budget.
Many respondents find navigating money in social situations awkward too.
Over a third (37%) say they’ve been forced to split a bill unfairly at a restaurant, and 45% have made an excuse not to do something with their mates when the real reason is financial difficulties – leading to feelings of embarrassment (39%), anxiety (25%), and even shame (26%).
The bank also found that closing off comes at a cost, with their well-being being affected – something the cost of living crisis has impacted.
Three in five (61%) 18-34-year-olds who aren’t honest about money with loved ones say it’s had a negative impact on their mental health.
In response to the survey, Monzo has partnered with psychotherapist, Ali Ross, who has shared his top tips on broaching money with loved ones.