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Brits more comfortable discussin...
Brits more comfortable discussing sex than their savings
British people are more comfortable discussing so-called ‘taboo subjects’ than money, with people saying they’d sooner discuss sex, religion, and politics than their savings, according to a survey conducted by Totallymoney.com.
- More than 1 in 5 of us have lied about how much we earn
- 24% of men have lied about their salary, compared to 16% of women
- 70% of Brits are uncomfortable negotiating pay rises
- Over half of Brits feel uncomfortable when people insist on calculating their exact share of the bill in restaurants
- 92% are uncomfortable about asking to borrow money from others
Borrowing
The survey, which asked Brits about the conversations and situations involving money that make them most uncomfortable, revealed that lending or borrowing money makes people feel most awkward:
- 92% of Brits are uncomfortable about asking to borrow money from others, while 87% said they’re uncomfortable about reminding people to pay back money they’ve borrowed
- 78% of people said someone asking to borrow money from them would make them uncomfortable and this is especially true for the older generation: 83% of Brits aged 65+ said they’d feel uncomfortable in this situation, compared with 64% of 18-24-year-olds
Earning
In fact, conversations about money are so uncomfortable for British people that 1 in 5 of us have lied about how much we earn, and 53% of us find it difficult when friends or family ask about how salary:
- 65% of 25-34-year-olds said they get uncomfortable when someone who earns less than they do starts talking about their salary, compared to 48% of those aged 65+
- 81% of 18-24-year-olds feel uncomfortable about negotiating pay rises
- 24% of men have lied about their salary, compared to 16% of women.
- When it comes to social situations Brits feel most uncomfortable about splitting the bill equally in restaurants regardless of what each person ordered. But it’s telling someone it’s their turn to buy a round in the pub which sees the biggest male/female divide: 61% of women felt uncomfortable about this compared to 47% of men.
Cost of living
How much Brits spend on their rent or mortgage is also a touchy subject. 42% of Brits are uncomfortable with friends or family asking them how much their rent or mortgage is and over half (52%) said they’d be uncomfortable if a colleague asking them the same question.
Alastair Douglas, TotallyMoney.com CEO, says: "Asking to borrow money from friends or family makes us uncomfortable because we attach additional emotional weight to the transaction. We recognise that there is far more than just the money at stake.
"Although it might be difficult to ask, many people might feel that it's their only option. They might not realise that they could have alternatives, even after being turned down by the banks, without resorting to payday lenders.
"Borrowing from friends or family might be right for some people, but we want to make the credit market fairer so that there are more and better options for everyone."
An interactive visualisation of the data, ‘Very British Attitudes to Money’, shows the full list of conversations and situations that make us uncomfortable. View the survey results, including how opinions vary depending on age and gender, at https://www.totallymoney.com/british-attitudes-to-money/
NOTES TO EDITORS
About the analysis
Data for this research came from a representative survey of 2,000 members of the British public conducted by Mortar between 21/09/15 and 25/09/15. All research conducted adheres to the MRS Codes of Conduct (2010) in the UK and ICC/ESOMAR World Research Guidelines. Mortar is registered with the Information Commissioner’s Office and is fully compliant with the Data Protection Act (1998).
A breakdown of the analysis can be found below:
Borrowing/lending
Asking to borrow money
92% of Brits are uncomfortable about asking to borrow money from others
Someone failing to pay back money they’ve borrowed
91% of Brits said someone failing to pay back money they've borrowed makes them uncomfortable
Having to remind someone to pay back money they’ve borrowed
87% of Brits are uncomfortable about reminding people to pay back money they've borrowed
Bumping into someone you owe money to
85% of Brits said bumping into someone they owe money to would make them uncomfortable
Someone asking to borrow money from you
78% of Brits said someone asking to borrow money would make them uncomfortable
Social situations
Splitting the bill equally in restaurants regardless of what each person ordered
82% of Brits are uncomfortable with splitting the bill equally in restaurants
People who calculate their exact share of the bill in restaurants based on what they ordered
63% of Brits said people who insist on calculating their exact share of the bill in restaurants make them uncomfortable
Having to tell someone it’s their turn to buy a round in the pub
54% of Brits are uncomfortable telling someone it's their turn to buy a round in the pub
Tipping
Asking for the service charge to be removed from the bill in a restaurant
72% of Brits are uncomfortable about asking for the service charge to be removed from the bill in restaurants
Not having enough cash to leave a tip
64% of Brits feel uncomfortable when they don't have enough cash to leave a tip
Not tipping in restaurants
57% of Brits find not tipping in restaurants uncomfortable
Not tipping hairdressers/barbers
51% of Brits find not tipping hairdressers/barbers uncomfortable
Not tipping taxi drivers
49% of Brits find not tipping taxi drivers uncomfortable
Earnings
A stranger asking how much you earn
87% of Brits said they'd be uncomfortable if a stranger asked them how much they earn
Negotiating a pay rise
70% of Brits are uncomfortable about negotiating pay rises
A colleague asking how much you earn
67% of Brits said they'd be uncomfortable if a colleague asked them how much they earn
Someone talking about how much they earn if they earn more than you
58% of Brits get uncomfortable when someone who earns more than they do starts talking about their salary
Someone talking about how much the earn if they earn less than you
54% of Brits get uncomfortable when someone who earns less than they do starts talking about their salary
Friends or family asking how much you earn
53% of Brits are uncomfortable with friends or family asking them how much they earn
The idea of working somewhere with an ‘open salaries’ policy
53% of Brits would be uncomfortable about working somewhere with an 'open salaries' policy
Spending
People talking about how much they spent on a gift
34% of Brits feel uncomfortable when people talk about how much they spent on a gift
People talking about how much they spent on their car
32% of Brits feel uncomfortable when people talk about how much they spent on their car
People talking about how much they spent buying their home
31% of Brits feel uncomfortable when people talk about how much they spent buying their home
People talking about how much money they spent on their kids
30% of Brits feel uncomfortable when people talk about how much they spend on their kids
People talking about how much they spent on their watch
30% of Brits feel uncomfortable when people talk about how much they spent on their watch
People talking about how much they spent renovating their home
29% of Brits feel uncomfortable when people talk about how much they spent renovating their home
People talking about how much they spent on their holiday
29% of Brits feel uncomfortable when people talk about how much they spent on their holiday
People talking about how much they spent on their clothes
29% of Brits feel uncomfortable when people talk about how much they spent on their clothes
People talking about how much they spent on their wedding
29% of Brits feel uncomfortable when people talk about how much they spent on their wedding
For more information, please contact the press team
About TotallyMoney
TotallyMoney is the credit app on a mission to help everyone move their finances forward.
With over four million customers and a focus on the,one in three UK adults financially under-served by the credit industry.
TotallyMoney believes people’s financial data should work for them, and not against them. Its service provides a free live credit report and score to help customers understand their financial position, and personalised recommendations so they can start creating financial momentum.
TotallyMoney works closely with leading lenders, to ensure eligible customers are matched with the right products, underpinned by its robust data, product and tech capabilities.
TotallyMoney is regulated by the Financial Conduct Authority (FCA).