38% of us say we don’t feel comfortable talking about their money struggles (metro / mentally yours).
We find money such an uncomfortable subject, we're more likely to be open about having a miscarriage or mental health issues than we are our personal finances!
Alex Holder, freelance writer and author of "Open Up - why talking about money will change your life" explains:
"there is seemingly too much at stake to talk about money. As as result we're stuck in a place where talking about what we earn, spend and save is just too awkward. Everyone is too scared of embarrassing anyone else or scared of feeling shame themselves - but this secrecy around money keeps pay gaps intact, it prevents us from challenging its inequalities, and gets in the way of learning about really useful things like pension schemes and compound interest."
Not talking openly about money is not dissimilar to not talking about mental health.
Talking helps. And not talking makes things harder. Dealing with situations on your own or taking the entire emotional weight of a problem on your own shoulders makes matters worse. And when it comes to money - financial health and mental health are entirely intertwined.
Financial worries are one of the leading causes of stress and anxiety in the UK. Metro Mentally Yours found that the majority of UK residents (77%) are stressed about money, with 17% describing themselves as “very stressed” about their finances, and in turn, this impacts our health. It is estimated that around 7.4 million Brits struggle sleeping due to money worries, with over 1.7 million worrying about debt issues on a regular basis (Debtadviser), and 22% of us say debt has made it hard for them to concentrate.
This additional stress - whether at the front or back of your mind has direct impact on your ability to do good work - which can easily turn into a slippery slope into finding it harder to get the next project - so tackling financial issues head-on is not only better for your business, it's also going to be better for your health.
Talking about money isn't easy - perhaps taboo, but opening up and being more comfortable with your finances is a critical step to resolving issues before they happen.
