Britain’s money taboo could be costing savers thousands

• Almost a third of Brits (30%) aren’t comfortable talking about money
• Partners and spouses rank as the people respondents feel most uncomfortable discussing their finances with
• People who talk openly about money tend to have twice as much in cash savings as those who don’t (£7,500 vs. £3,750)
• The Co-operative Bank is teaming up with HelloFresh to put money conversations back on the table, with limited-edition meal kits featuring a pack of playing cards full of money questions to get people talking

Britain may pride itself on good table manners, but it seems money is still one subject many of us would rather leave off the menu – and it could be costing savers thousands.

The Co-operative Bank’s Money Natters campaign is encouraging more open and honest conversations about money, after their research with OnePoll found that three in ten Brits (30%) aren’t comfortable talking about money – yet talking about it could lead to greater financial savviness*.

People who talk openly about money tend to have double the median cash savings than those who don’t – holding £7,500 compared to £3,750**. They tend to be better at saving too – with those who talk about money being 11% more likely to save regularly**. They’re also more likely to shop around for better deals on their mortgage – potentially helping them save even more.

That’s why The Co-operative Bank is quite literally putting money conversations back on the table. As part of its Money Natters campaign, the Bank is giving out limited edition card decks in select HelloFresh boxes to UK towns identified as having the least amount of money-related conversations***.

Each kit includes a pack of 52 playing cards featuring money questions designed to help people sit around the dinner table and natter away about money.

Because even with the people closest to us, money can be a tricky subject to bring up. Partners and spouses came out as the people respondents feel most uncomfortable talking to about everything from debt and savings to salaries, mortgages and pensions.

In fact, we’d rather chat to friends about our relationships (32%), health (32%) or politics (30%) than our finances. Some of us would go even further – 15% say they’d rather deep-clean the oven than have a detailed conversation about money.

For those who feel uncomfortable talking about money, more than half (51%) simply say it feels awkward. More than a third (36%) think talking about money is bad manners and unacceptable at the dinner table, while 31% worry they'll be judged.

And where you live can make a difference. People in the East Midlands are the least comfortable talking about money, followed by those in the North West and Yorkshire & the Humber.

Some subjects are harder to bring up than others. Debt tops the list, with 26% saying it’s a difficult financial topic to discuss, followed by salary and earnings (18%) and savings (18%). One in five (21%) have avoided a conversation about debt altogether, while 18% have avoided telling someone they can’t afford something.

But once we start talking, many of us see the benefit. More than half (55%) believe people would make better financial decisions if we spoke about money more openly. And among those who have had a money conversation, almost half (46%) found it helpful, compared with just 7% who said it wasn’t.

Kat Robinson, Head of Family and Everyday Banking at The Co-operative Bank, said: “We’re a nation that cares about our table manners, but money is still one subject many of us would rather leave off the menu. We’ll happily talk about relationships, health or politics, while some of us would literally rather clean the oven than have a detailed conversation about our finances!

“But when we do get talking about money, it can really help. Almost half of people who’ve had these conversations say they’ve found them helpful, and those who are more open about their finances are also more likely to save regularly and tend to have more money tucked away.

“That’s why we’ve teamed up with HelloFresh to help take some of the awkwardness out of getting started. We’re bringing money conversations to the dinner table, with a pack of playing cards featuring questions designed to get people chatting while they eat. It doesn’t have to turn into a big financial heart-to-heart – sometimes all it takes is one question to break the ice.”

Johanna Gerhold, Brand and Comms Director at HelloFresh, said: “At HelloFresh, we know dinnertime isn’t just about sharing a delicious meal. It’s also a chance to sit down together, catch up and chat about the things that matter.

“That’s why we’re teaming up with The Co-operative Bank to make those sometimes-tricky money conversations a little easier to start. The limited-edition playing cards will be included in meal kits across the East Midlands, North West and Yorkshire & the Humber, where the research shows people feel least comfortable talking about money. They’re packed with questions designed to get the conversation flowing, and we hope they help families chat about the things they might usually avoid and turn an everyday dinner into a chance to really connect.”

Clare Seal, financial coach, author and Money Natters campaign ambassador, said: "Many of us grow up believing it's impolite to talk about money, but staying silent can often leave us feeling more anxious and less confident. The reality is that money conversations don't have to start with numbers, they can start with simple questions.

“Whether you're asking if you're getting good value for money, talking about future plans with your family or checking in on someone you care about, those conversations can help us feel less alone and more in control of our finances.

“Sharing a meal is one of the few times we naturally come together without distractions, so I love what The Co-operative Bank is trying to do with Money Natters, by taking a subject that can feel awkward and giving people a simple way to start talking about it."