Family money worries not discussed

Wednesday 6th June 2012

Families rarely talk about their finances despite money being a cause for worry in seven out of 10 families.

The survey from MyFamilyClub found that despite their concerns over money, 59.3% of families never or rarely talk about the family finances.

The survey of 6,000 parents, carried out by Mumspanel, found that one in 10 families talk about money on a weekly basis and 28.9% talk about money monthly.

Gemma Johnson, founder of the money saving website MyFamilyClub, said: "These figures tell us that the nation's families are not confident about their finances and need to make some changes. Money worries are not only a huge personal burden but are also given as one of the major reasons in divorce cases so it's absolutely imperative families get on top of their finances.

"I urge mums and dads to block out a bit of time each week to look over the family accounts, plan the household budget and prioritise spending for the weeks and months ahead. Sharing this burden will help to reduce the amount of time parents spend worrying about money and get them working together to improve the family's financial situation."

The message is backed by Credit Action, a money education charity. Liz Dunscombe, director of project and partnership development at the charity, said: "Planning the family finances could be one of the most valuable investments parents ever make.

"As a charity we are committed to helping people stay on top of their money and provide many helpful resources. Surviving by taking out ever increasing amounts of credit is a recipe for trouble."

---