Today, Mastercard showed that nearly a third (30%) of Britons find talking about money uncomfortable, even when compared to politics (21%) and relationships (23%).
The main results showed:
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Welsh are the home nation most uncomfortable when it comes to money, with one in five (40%) uncomfortable talking about their finances compared to Scots (31%) and English (29%) .
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Bristol (36%) turned out to be the UK city that was least comfortable in having money conversations
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Genzennials prefer to talk about cash than their boomer counterparts; More than a third (34%) of adults aged 45 and over feel uncomfortable talking about money, compared to less than a quarter (24%) of 16- to 24-year-olds
The results 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 widens. To support those affected by financial and digital exclusion, Mastercard offers free online and offline (personal) financial and digital support.
The results showed that Generation Z are happier discussing their money against older generations like baby boomers and breaking British traditions. A third (34%) ** of those over 45 said they were uncomfortable talking about money, compared to less than a quarter (24%) ** of 16 to 24 year olds.
The results 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 widens. As a result of COVID-19, adults in the richest 10% of households now have assets of 1.4 million wealth each at the same time.
To support those affected by financial and digital exclusion, the Mastercard “Nobody in The Dark” campaign, in partnership with the Clean Slate and the Good Things Foundation, offers tools and services to those who may be financially or digitally excluded. This includes people at greater risk of digital and financial barriers, including people with disabilities and people with racial inequality.
Nobody at The Dark offers personal assistance in tackling digital and financial exclusion from 20 centers across the UK in locations including Liverpool, Manchester, Birmingham and Swansea. The free resource hub at Nobodyinthedark.co.uk is also available to empower people with limited digital skills so they can confidently engage themselves with free, trusted online support on money, safety, benefits, and debt.
Kelly Devine, Division President, Mastercard UK & Ireland commented:
“We have worked with our partners to provide emergency relief to tackle digital and financial exclusion in the UK, which has worsened after the effects of the pandemic.”
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