Half of Brits break debt ‘taboo’ and are more open to discuss it

Discussing the topic of debt has often been regarded as taboo. Yet, according to new research from Tesco Bank consumers are becoming more open about the subject, with nearly half (47%) feeling comfortable talking about what form of debt they have.

20% believe there is no shame in getting into debt and that it’s very easy to slip into debt nowadays - the same proportion (20%) also think there needs to be more awareness and support for those in debt.

However, a significant proportion remain reserved. The concern is that debt, whether large or small, can weigh heavily on people’s shoulders and those who feel unable to open up to others may find themselves in trickier financial circumstances later on.

More than a quarter (27%) of Brits have actively hidden they have some form of debt. One in 10 (10%) consumers have actively hidden they are in some form of debt from their parents, with those aged between 18-34 years old most likely to hide what debt they’re in from their parents (17%).

A further 10% admit to actively hiding what debt they have from their friends. This secrecy doubles among those aged 18-34, with two fifths (20%) of this age group hiding what debt they may have from their friendship groups.

8% of consumers also reveal to have hidden what debt they have from their partner. The trend continues among 18–34-year-olds who are more reserved about their financial situations with their partner (13%), compared to 35–54-year-olds (10%) who say the same.

Others have admitted to actively hiding debt from employers (5%), colleagues (5%), and children (3%). Some have even actively hidden it from their bank (5%), with 11% of 18–34-year-olds choosing to do this.

Although debt can be a difficult topic, the research highlights that many are gaining confidence to discuss it and engage with the right support. A third (32%) say they do actively talk to their family about any unsecured debt they're in, while 14% talk to their friends about this.

Mamta Shanbhag, Help me Borrow Director at Tesco Bank, comments:

“The topic of debt isn’t always talked about openly among family or friends, with many feeling uncomfortable. However, as more conversations take place about money generally, it’s important that debt is part of this.

“Keeping debt a secret can have broader impacts on people’s mental wellbeing as well as their overall financial health. Opening up about debt can be a difficult but important step in the journey to becoming debt-free, so it’s important to find a safe environment to talk about it. Family and close friends can provide support and understanding, and specialist charities such as StepChange can provide free tailored advice and debt solutions.

“And whilst our research shows less than 20% of us would turn to our bank for support, your financial provider may have solutions that you’re not aware of. Start by looking at your own provider’s website or give them a call directly to discuss your situation.

“Financial pressures can build easily, but having the opportunity to talk about any money concerns or debt troubles can go some way to lifting the burden.”

Research conducted by Opinium Research on behalf of Tesco Bank. Sample was 2,000 UK adults (aged 18+). Fieldwork was undertaken between 20th September – 23rd September 2024. All data has been weighted to be representative of the UK population.