• One in four Brits admit they've been betrayed by a financial traitor after taking money advice from friends they later regretted.

• Gen Z are most vulnerable to financial traitors, with nearly one in three (32%) regretting a financial decision made after following bad advice.

• More than a third of Brits confess they're traitors to their own finances, putting off money decisions because it feels like too much effort.

Many Brits could be acting as a ‘traitor’ to their own finances through everyday habits that may be holding them back financially, according to research from Skipton Building Society. This includes avoiding important conversations about money to putting off financial decisions.

More than a third (35%) admit they put off managing or moving their money because it feels like too much effort, while nearly half (45%) feel uncomfortable discussing savings and 37% shy away from conversations about earnings.

Money remains a particularly difficult topic in relationships, with 37% finding it difficult to discuss savings early on. When financial questions arose during early dates, 43% admitted changing the subject, while 35% gave vague answers and 18% avoided eye contact altogether.

The bad financial advice Brits think deserves banishment:

It’s not just their own habits getting in the way. Nearly one in four (24%) shared that the worst financial advice they’ve ever received was from a friend, with the same number admitting that informal advice led to a financial decision they regretted.

This advice included: ‘just put it on the credit card’ (21%), ‘crypto will make you rich’ (14%) and ‘property always goes up’ (11%).

Gen Z are the most vulnerable to poor financial advice, with nearly one third (32%) of Gen-Z stating they have been given bad advice that led them to make a financial decision they regretted, while over half (60%) have been told they are too young to worry about saving and investing.

The research also found that men (41%) are slightly more likely to encounter financial advice they didn’t ask for compared to women (38%).

Three ways to stop being a ‘traitor’ to your finances:

Alex Sitaras, Head of Savings at Skipton Building Society advises:

Don’t let procrastination cost you: “Many people put off financial decisions because it feels complicated, particularly when they’re faced with unfamiliar jargon or aren’t sure what’s happening in the wider economic picture. But you don’t have to overhaul everything at once. If moving and reviewing money feels exhausting, focus on just one pot of money to start with, whether that’s savings, current accounts or investments. Taking a single action is more effective than waiting for the perfect time to start.”

Stick to your own long-term financial plans: “Talking openly about money with partners, friends and family helps build confidence and break down taboos, but ultimately your financial plans should be personal to you. Keeping your longer-term goals in mind can make it easier to weigh up any new suggestions. If something does spark your interest, take a step back to look at the bigger picture, and talk it through with a trusted, qualified source.”

Speak to a professional advisor: “Making decisions about your money is a big deal, so it’s always wise to do your own research and to seek advice from a qualified professional. There are a lot of misconceptions out there about what qualified financial advice is and what it actually involves, and we know this can stop people from seeking the help they need. At Skipton, we believe everyone deserves fair access to trusted guidance, so if you’re unsure, speak to a professional advisor for support, or use our free My Money Review service to get a clearer picture of your money.”

If you need further guidance, head to https://www.skipton.co.uk/financial-advice/investment-planning.”

Ends

For further information on this release, or if you would like any insight and data on house prices, mortgages and savings from across the Skipton Group or commentary and case studies please contact Skipton’s Press Office.

Notes to Editors:

Skipton Building Society — part of the Skipton Group — exists to help people have a home, save for the future and enjoy long-term financial security, a purpose that has remained unchanged for more than 170 years.

Providing mortgages, savings and financial advice with a network of 82 branches. Skipton was founded on fairness and today supports over one million members through two core businesses: Homes and Money.

Homes is focused on helping people move confidently at every stage of their home buying journey, with a strong commitment to first time buyers through innovation, practical tools and tailored support.

Money helps members build financial confidence, so every Skipton member benefits from access to a complete range of financial advice services. From free savings advice, through to pension planning and regulated investment advice, Skipton is unique on the high street for offering a truly end to end advice proposition. This breadth ensures members receive the right level of support for their needs, at the right time throughout their life.

Skipton Group and Skipton Building Society may, from time to time, wish to share press coverage via their official LinkedIn channels: @SkiptonGroup and @Skipton Building Society.

Any such posts will include full attribution, including the name of the publication, the journalist’s byline (where applicable), and a direct link to the original article on the publisher’s website. Please let us know should you prefer that we do not share specific coverage.

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