More than a third of people find it difficult to talk about financial troubles

Young adults aged 18-24 were found to be the most likely age group to keep money troubles to themselves.
More than a third of people find it difficult to talk about financial troubles

New research has found that more than a third of people find it hard to open up about their financial troubles as many families continue struggling with the rising cost of living.

According to the new survey commissioned by protection provider Royal London Ireland, men struggle more than women to discuss their financial troubles.

The survey also found that, among those who do open up, family members are the first port of call for most people (19 per cent) when it comes to discussing money.

Meanwhile, young adults aged 18-24 were found to be the most likely age group to keep money troubles to themselves.

Just 13 per cent of people said they would address their needs by reaching out to a professional financial service

Commenting on the findings, Karen Gallagher, interim head of proposition at Royal London Ireland, said it important to have somewhere to turn, or someone to turn to, when it comes to money-related stress.

“If you find yourself falling behind on bills, you should get in touch with your provider or financial institution to work out a solution,” Ms Gallagher said.

“There are also free, confidential services such as MABS that are available to anyone struggling with problem debt or money management, regardless of age or personal circumstances.

“If you need help with making a decision about your finances, such as understanding and choosing from the range of financial products available to you or with planning for the future, a financial broker may be best placed to help you.

“Financial worries can affect people from all walks of life and, like any source of stress, can impact every aspect of our daily life and wellbeing.

“All too often, things can feel overwhelming if people don’t talk about or address their financial issues – a problem shared is a problem halved.”

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