1000 milennials (age 18-34) were asked a series of questions about money in a survey by Ferratum UK. I find the results quite shocking actually as I thought reservations in talking about money about money were decreasing and that people were gernerally more financially savvy these days. In contrast to the the survey findings actually show rather worrying attitudes!
42% of millennials have hidden debt from their partner, friends, or family.
Isn’t that a rather huge amount. I have a few friends who I know hoide there debt and probably a fair few more who just haven’t tell me! Those who do hide their debt have told me they do so out of embarrassment, fear of reprisal and a reluctance to address the issue. This means the debt is not faced or dealt with so it just builds. This is a worrying result. Talk, talk, talk!
35% were worried that their partner, friends, or family would find out about their debt.
Living with anxiety reeally does take its toll on people and can lead to significant emotional and physical health issues as well as causing huge strains on relationships.
1 in 4 respondents discovered that their partner was hiding debt from them.
So issues of trust and security are raised and relationships take a battering in the process,
41% felt comfortable asking for financial help or support online while 55% would be comfortable to seek mental health support online.
This is, I feel, a largely positive result as
1 in 3 millennials would borrow money to avoid FOMO (Fear of Missing Out)
FOMO is a real problem and one that is totally exacberated by social media – people showing off to the world all they have and all they do. The fact that it would cause people to borrow money to the tune of over 30% is a real issue. My advice – if you experience FOMO stay off social media! EspeciilyFacebook where otherpeople’s faux perfect lives can really imapct how you think other people live.
Scary results indeed!