Infographic: ‘Money: it’s all relative’
To help us understand how attitudes towards money change across the generations, we asked over 3000 people exactly how they feel about money, and how comfortable they are talking to their families about their finances. With Covid-19 likely to increase pressures on family finances, we wanted to share our findings with you – helping you to work as the bridge that brings generations together and encourages frank discussions around family finances during these difficult times.
To give you a snapshot, we've put together this infographic of what we found. Feel free to download and use to guide your family-finance-focused conversations with customers.
Not only do 1/3 of people pin their future happiness on financial goals, they’re also not comfortable discussing their finances with family – including inheritance planning. In fact, 56% of respondents said they’d be embarrassed to ask family members for financial help. The embarrassment factor hit its peak in the 35-45 age group, with 60% of this age group thinking that it’s embarrassing to ask for financial help. This drops with age and conversely, 58% of those over the age of 75 are happy to help out financially.
Our business development director, Emma Graham, says: “The study highlights not only how much importance people put on their financial security in the future, but also how difficult families find financial conversations. At Hodge, we view financial circumstances from a lifelong point of view, it’s not just about individual products – it’s a lot more about helping people throughout their lives and understanding their individual and family circumstances and how they change.”