Taboo or not taboo, that is the question… Especially when it comes to debt

Debt remains one of the most uncomfortable financial topics to discuss, with significant generational differences in attitudes toward these conversations according to new research from wealth manager Killik & Co

• Debt is the most taboo topic in the UK, according to new research from Killik & Co – resulting in uncomfortable conversations with families.
• Younger generations are less willing to discuss their debt than any other financial topic, with 37% of 18-34-year-olds saying they would feel uncomfortable doing so, compared to only 29% of those aged 55 and above.
• Debt outranks politics, institutional racism, and the gender pay gap as a taboo topic

 
While some people are open to discussing their debt, many find the topic too uncomfortable, highlighting the ongoing stigma surrounding financial struggles.

The findings identified debt as the most disagreeable financial topic, with 34% of respondents admitting that they would feel uncomfortable discussing it with their families. Other difficult topics included financial reliance on family members (31%), and amount in savings (28%). This compares to just 24% considering unemployment, and 22% discussing their salaries, to be uncomfortable.

The research revealed a significant generational divide in attitudes toward discussing debt – and perhaps not in the direction you’d expect. Younger individuals, particularly those aged 18-34, appear less willing to talk about their debt, with 37% expressing discomfort, and only 26% expressing comfort, in doing so. In contrast, those aged 55 and above were found to be more open, with only 29% considering debt to be uncomfortable, and 35% considering debt to be a comfortable topic to talk about.

And debt doesn’t just top the list of tricky conversations about money. When put in the context of other topics that people may deem uncomfortable for dinner party conversation,  debt came out as the most ‘taboo’ topic of the lot.  28% of people said it was taboo; much higher than the number of people who considered institutional racism (25%), salaries (22%), sexuality (20%), the gender pay gap (18%), and politics (16%) as such.
 

 
William Stevens, Head of Financial Planning and Partner, at Killik & Co. comments: “A well known traditional British quality is the ‘stiff upper lip’. The ability to maintain stoicism in times of hardship and exercise great self-restraint in the expression of emotion. While many take pride in having these qualities, it is the very lack of dialogue emphasised in this expression that often leads to most hardship in the first place. However, as the world moves forward and cultural attitudes change, open conversations around previously stigmatised topics have become a normal part of everyday life. One topic, however, that has consistently remained taboo over the years, is money, and in particular, debt.

“Our research findings underscore the ongoing discomfort many people feel when it comes to discussing debt. However, it is crucial that families are having these conversations as early as possible, no matter how uncomfortable they may be. Encouraging open conversations around financial challenges is the first step in addressing its stigma, and can help prevent individuals from getting into difficulty in the first place. Enabling individuals to take charge, navigate, and plan their financial future with confidence is something that we are passionate about, and having that conversation is the first step.”
 
Methodology
 
The research was conducted by Censuswide with 3,215 UK consumers aged 18+, including 2,003 parents, between 28.06.24 – 03.07.24. Censuswide abide by and employ members of the Market Research Society which is based on the ESOMAR principles and are members of The British Polling Council.