Home Business & Industry Over a Third of the UK Won’t Discuss Money with Friends – Here Are Some Tips to Help You

Over a Third of the UK Won’t Discuss Money with Friends – Here Are Some Tips to Help You

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New research by ALA Insurance has revealed that over a third of people in the UK don’t feel comfortable discussing their finances with friends.

The survey, which was commissioned to explore the state of the UK’s financial well-being, also shows that this figure increased in older age groups, with half of those aged 65 and over claiming they wouldn’t feel comfortable discussing their finances with friends.

Regional differences highlighted how the UK’s towns and cities have varying levels of openness when it comes to talking about money. Sheffield is the UK city least likely to open up on the topic, while those in Birmingham are the most comfortable.

With this in mind, ALA has teamed up with Laura Ann Moore, host of the Mind Money Soul podcast, to share steps to improve your money mindset and to help everyone feel more confident when it comes to the topic of money.

What is a money mindset?

“Your money mindset is your own unique set of beliefs and attitudes towards money”, Laura explains.

“It’s these very beliefs that quietly govern the way you manage, spend, and save your money. If you find yourself frequently bumping against financial roadblocks or struggling to maintain productive habits, the solution might not lie in numbers but rather in improving your money mindset.

Understanding and reshaping your money mindset is an instrumental step towards bolstering your financial well-being.”

Step 1: Awareness

Laura recommends thinking of your approach to money as a financial GPS: “Picture this: You’re on a road trip, but you’ve got no GPS. Chances are, you won’t reach your destination without getting lost. The same applies to your money journey. Before you can change anything, you’ve got to be aware of what needs fixing.

Acknowledging how you currently think and feel about money is the first step in making any impactful change to your behaviour. Remember, awareness isn’t about judgement; it’s about understanding where you stand and where you want to go.”

Step 2: Speak your way to abundance

Shifting language and squashing negative self-talk when it comes to your personal finances is essential, according to Laura.

“Ever caught yourself saying, ‘I’ll never be good with money’ or ‘I can’t afford that’? Well, it’s time to drop that script and pick up a positive one. The words you use about money shape your thoughts and actions. And the simple act of changing the words you use can be transformative. Instead of saying, ‘I can’t afford it,’ try, ‘How can I afford it?’ By making this language shift, you’re opening the door to creative solutions and inviting a more abundant mindset.”

Step 3: Reframe how you view money

Challenging some of our most deeply rooted beliefs around money can help you reframe your thoughts and grow confidence when it comes to managing your finances.

Money is a tool in your journey, not an obstacle. When you identify your current money beliefs, you can then start to reframe and reshape them. If you have always believed that having money makes you greedy or selfish, you can ask yourself, ‘Is this really true?’

Challenge your beliefs and look for examples, either in your life or in other people who show the other side of your money block. Embrace the idea that wealth is your ally in achieving your goals, not a barrier to them.

Step 4: Embrace your mistakes

Laura recommends being kind to yourself and learning from your money mistakes as you go.

“Who hasn’t stumbled on their financial path? We’ve all been there and done that. The key is not to camp out in the land of regret. Reflect on your money missteps to see if you can learn any lessons, but do not let them define you. Every financial setback is a lesson in disguise, and each lesson brings you closer to financial mastery. Remember, the present and future are where your power lies, not in dwelling on the past.”

Step 5: Abundance mindset

Finally, Laura suggests shaping a new mindset when it comes to flourishing financially: “Imagine your mind is a garden. If you feed it thoughts of scarcity, you’ll reap self-doubt and limitations. But if you plant seeds of gratitude and abundance, your garden will flourish. Start each day by counting your blessings, whether big or small. This primes your brain to seek the good, attract opportunities, and believe that there’s more than enough to go around. After all, a mind rooted in abundance sees solutions, whereas one rooted in scarcity sees problems.

Transforming your money mindset is like giving your financial journey a GPS that leads to abundance. By raising awareness, reshaping your language, reframing money’s role, forgiving past errors, and embracing an abundance mindset, you’re rewiring your brain for prosperity. Remember, it’s not just about the numbers; it’s about the thoughts behind them. Here’s to a brighter, bolder, and wealthier you!”

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