Addressing the elephant in the room when it comes to finances
We recently placed a 6-meter tall elephant in Manchester city centre with a simple message - addressing the 'elephant in the room' to try and encourage more young people to talk about their money troubles.
We’ve seen first-hand that young people are feeling particularly squeezed by the cost-of-living crisis, with many facing a triple whammy of soaring living costs, rising private rents and high inflation.
Despite this, the vast majority of young adults still feel uncomfortable discussing finances. Research shows that most under 25s shy away from conversations about money, and would rather talk about sensitive topics like health issues, politics or religion.
Embarrassment is often the main reason why young people feel uncomfortable discussing money, as well as being worried about comparing their money situation to others.
The top five reasons why young people feel uncomfortable talking about finances are:
Feeling embarrassed of their financial situation
Feeling worried how their finances compare to others
It's too personal a topic to talk about
Not wanting the other person to feel uncomfortable in the conversation
Not knowing enough about finances to talk about the topic confidently
By addressing the ‘elephant in the room’, we want to break the silence young people experience when it comes to talking about money and raise awareness of the free, confidential support we can offer. You can read Citizens Advice’s starter guide to talking about money here.
We’ve already supported record numbers of people with debt advice this year and our friendly money advice team are here to help anyone who is worried about their finances - it’s important to remember our advice is always confidential and judgement-free.