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Family or fortune? Why we should talk to our loved ones about money.
Over the past year, the UK has seen a revolution with digital banking. Now we’re able to check our savings and bank accounts anytime, anywhere. However, for some - this presents its own set of challenges. We surveyed the nation to explore their relationship with banking apps.
Recently, we conducted a research1 study and found that UK adults are more likely to check on their bank account than they are their family and friends (44%). In fact, a quarter of us (25%) monitor our bank balance at least once a day, compared to 17% who check in with loved ones that often. Frequently checking in on our finances has traditionally been a good habit to have, but how does this impact our communication with family and friends, as well as our own relationship with money?
Tafari Smith, RCI Bank’s Head of Savings has some sage advice for savers who might be feeling slightly uneasy about their financial situation.
Finding the right balance
Our data has found that 78% of the nation are logging on weekly to view their bank balance, 47% are looking at their savings and 25% checking their investments. However - as a result almost a fifth of people (18%) admitted that the act of checking their finances makes them feel anxious.
Clearly the ease and accessibility of banking allows us to engage more regularly with our money – enabling us to feel on top of our finances and in some cases even save more – but checking one’s finances shouldn’t become a source of anxiety.
Tafari says: Whilst it is understandable that many will be keeping a closer eye on their finances following the pandemic, savings tend to increase over the mid-long term. So, while it can be motivating to see your nest egg growing, you can relax and let your money do the hard work for you. After a difficult year and half, those who feel anxious when it comes to money may still find bearing this burden alone stressful. RCI Bank is always on hand to listen and help.
Relationships and money
Did you know that nearly half (46%) of the nation refuse to talk to their loved ones about money? Less than a quarter (23%) will only discuss “certain aspects” of their finances, whilst 7% admit that when they do talk to family about money, they are not fully honest. The 55+ age bracket is the most secretive (66%), stating they do not talk about their finances. Compared to a newer generation (18 – 34), where almost a quarter (23%) admit to being open and transparent about their money.
Tafari says: If you don’t feel like you can talk to loved ones, talking to a trustworthy person or professional about your situation can often help too; as research shows that half of people who are open about their money feel less stressed, more in control and better educated about the latest financial tools and resources.
 Research conducted by Opinium and commissioned by RCI Bank featuring 2,001 UK adults on the 17th – 20th August 2021