• Almost a quarter of Brits (22%) think debt is shameful

• Only poor hygiene (59%) and looking unkempt (29%) are seen as more shameful

• A third of Brits (30%) wish friends and family would be more direct with them about issues like debt

• MoneyPlus is encouraging people to speak up and reduce the stigma and shame associated with problem debt

Brits are more ashamed of being in debt (22%) than falling out with their friends and family (18%), loneliness (11%) and work stress (9%).

Only poor hygiene (59%) and looking unkempt (29%) are seen as more shameful in comparison.

The findings have been revealed in a survey* of more than 2,000 people across the UK, commissioned by leading debt advice organisation, MoneyPlus.

“The only two things that people find more shameful than being in debt are poor hygiene and looking unkempt. But nobody should be feeling ashamed about being in debt in the first place.” says Chris Davis, CEO of MoneyPlus Group.

While 21% of Brits say there is no-one they can turn to when they feel ashamed, a quarter (25%) say they are more likely to turn to a family member, followed by a close friend (15%), a professional expert (7%), a therapist (5%), or a charity (3%).

Three quarters of Brits (73%) meanwhile think we can support each other more to talk about what makes us feel ashamed.

“The majority of people say they’re surprised that others have difficulty opening up about debt and loneliness, and these are the two issues that people wish others would be more direct with them about. With levels of personal debt soaring and loneliness often going hand-in-hand with the issue, it begs the question, why are we not talking more openly about these topics?”

“To tackle the root causes, we first need to reduce the stigma and shame associated with problem debt,” says Davis. “People need to feel empowered to admit that debt is causing them problems - after all, it is a key part of life for the vast majority of households in the UK.

“At the same time, once people do feel ready to open-up and talk about their debts, choosing who to turn to is very important. Friends and family naturally take priority but despite meaning well, they won’t always give the right advice and this is well worth bearing in mind.”

MoneyPlus recommends for people who are struggling with problem debt, to take the following three steps:

- Accept you are struggling with debt; you are not alone in that struggle: the average unsecured debt per UK adult is £4,047 with the UK population owing £1842.6 billion (as of June 2023).

- Act now – don’t bury your head in the sand: the longer debt is left untouched the worse the situation can get, and the worse those feelings of shame and helplessness will get.

- Ask about the right solution for you – there are multiple solutions available to help clear your debts. Make sure you understand them all, whether you decide to go it alone or seek professional, FCA (Financial Conduct Authority) regulated help. The key is making sure you have reviewed all options available to you, before making a decision.

---ENDS---

For media enquiries or further information, please contact:

Red Havas - 0161 236 2277

Email: moneyplus@havas.com

*The research was conducted by Censuswide with a sample of 2,002 nationally representative respondents. Quotas were applied to nationally representative proportions for age, gender and region aged 16+. The fieldwork survey took place between 08.12.2023 - 11.12.2023. Censuswide abide by and employ members of the Market Research Society which is based on the ESOMAR principles and are members of The British Polling Council.

About MoneyPlus

MoneyPlus provides debt advice, debt solutions that help people get their finances back on track and live better lives. The firm’s expert debt advisers take customers through a rigorous process to understand their circumstances in detail and advise on all available debt solutions. Should a customer choose a debt solution managed by the firm (such as a Debt Management Plan or Individual Voluntary Arrangement), MoneyPlus will contact lenders and negotiate hard on their behalf to achieve reduction in repayment amounts, the freezing of interest and charges, and debt write-off.

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