Today, Mastercard has revealed almost one third (30%) of the UK find talking about money uncomfortable, even compared to politics (21%) and relationships (23%).
Key findings showed:
The Welsh are the home nation least comfortable speaking about money, with one in five (40%) uneasy talking about their finances, compared to Scots (31%) and the English (29%).
Bristol (36%) was found to be the UK city least comfortable having money conversations
Genzennials are more comfortable talking about cash than their Boomer counterparts; with over one third (34%) of adults 45+ uncomfortable having money conversations, compared to under a quarter (24%) of those aged 16 – 24
The findings come at a time when the digital and financial divide in the UK continues to grow as a result of the pandemic as the wealth gap within the UK increases. To help provide support for those facing financial and digital exclusion, Mastercard is offering free online and offline (face-to-face) financial and digital support.
Findings revealed Gen Z are happier discussing their money vs older generations such as Baby Boomers, breaking British traditions. One third (34%)** of those aged 45+ revealed they’re uncomfortable with money conversations, compared to less than a quarter (24%)** of those aged 16 – 24-years-old feeling the same.
The findings come at a time when the digital and financial divide in the UK continues to grow as a result of the pandemic as the wealth gap within the UK increase. As a result of COVID-19, adults in the richest 10% of households now have wealth of £1.4m each, following a £50,000 increase during the pandemic, while the poorest 30% gained an average of just £86 per adult in additional wealth during the same time.
To help provide support for those facing financial and digital exclusion, working with Clean Slate and Good Things Foundation, Mastercard’s ‘Nobody in The Dark’ campaign provides tools and services to those who may be financially or digitally excluded. This includes people facing greater risks of digital and financial barriers, including disabled people and people experiencing racial inequalities.
Nobody in The Dark offers face-to-face support to tackle digital and financial exclusion from 20 centres across the UK in locations such as Liverpool, Manchester, Birmingham, and Swansea. The free resource hub at nobodyinthedark.co.uk is also available to help boost the confidence of those with limited digital skills, allowing them to engage confidently with free, trusted online support on money, security, benefits and debt.
Kelly Devine, Division President, Mastercard UK & Ireland commented:
“We have been working with our partners to provide emergency support to tackle the digital and financial exclusion faced within the UK, which has been heightened following the effects of the pandemic.”