Britons no longer embarrassed by debt, reveals survey

Britons are no longer embarrassed to divulge the details of their personal finances, despite their reputation for reserve, a report has suggested.

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by Max Julius on Nov 03, 2010 at 00:01

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Britons no longer embarrassed by debt, reveals survey

Britons are no longer embarrassed to divulge the details of their personal finances, despite their reputation for reserve, a report has suggested.

More than a third of Britons would be happy to reveal their salary to friends and family, and nearly a quarter would not mind discussing their debts, according to the price comparison website uSwitch.

Moreover, 92% say shopping in 'budget' shops is perfectly acceptable and 87% would be happy to buy second-hand, the website said in the report, published on Tuesday.

The data appear to show a shift in attitudes from a time when mentioning one’s wages was likely to be viewed as a sign of vulgarity, and people were expected to meet financial hardship with a stiff upper-lip.

According to the report, while 33% of Britons feel there is no shame in having debts, 18% no longer feel that bankruptcy should be embarrassing. This view is reflected in UK spending and borrowing data.

Pawnbrokers are reaping the rewards of an increased acceptance of debt, uSwitch reported, with one in five Britons more likely to pawn their belongings because of the loss of stigma in doing so.

And although 31% of Britons still view the pawnbrokers as a ‘last resort,’ one popular pawnbroker chain reported a 71% leap in profits in September, according to the website.

Ann Robinson, director of consumer policy at uSwitch, said the current economic climate explained the apparent sea change in attitudes.

'Some may see it as a sign of shamelessness, but for many Brits it's a case of desperate times calling for desperate measures,' she said.

'However, whereas in the past we would have kept quiet about the steps we're taking, today our attitudes towards discussing how we stay afloat have relaxed considerably.'

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6 comments so far. Why not have your say?

I find the results of this survey hard to accept. I know of very few people who discuss their salaries and those who are in debt keep quiet about it to save face among their colleagues and friends. Most employers conduct vetting to weed out undesirables and debtors fall into this category as being heavily in debt is evidence of an inability to manage one's afairs as well as being fundamentally dishonest.

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That so many of us are not concerned about debt comes as no surprise to me. The last Government was excessivly irresponsible in respect of national debt, presumably this just shows the financial ignorance of a substantial numbers of the population, presumably many are either labour party supporters trades union members or both.

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We do not actually have good examples to follow, do we? When our so called leaders have managed to borrow as much as they have done to bail out people who are nothing more than con merchants, while the ordinary public are expected to have their income raided by yet more taxation - why on earth should we be ashamed of debt, when to all intents & purposes, the current government policies will result in numerous young people starting their adult life with huge amounts of debt.

When you are encouraging young people (who seldom need encouragement to rake up huge amounts of debt) to start off their adult life with huge debts, who is going to be ashamed?

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Ian

"being fundamentally dishonest"

How is being in debt dishonest?

Am I missing something?

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Debt is bad. Bankruptsy is disgusting. We all have to covet the bankrupts inability to pay.

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Ian

Nov 03, 2010 at 15:10

Pension Man - A debt can be defined in law as a sum of money owed by one person to another and they take many forms. Debts are often in the form of secured loans and mortgages and are a fact of commercial life. In common parlance to be "in debt" connotes owing sums of money that the debtor cannot readily repay from existing resources and often incurred the debt with little regard to the ability to repay. My experience as a solicitor confirms this and I note that the majority of such debtors care little if their creditors are repaid and show little interest in clearing the debts. My my reckoning this sort of debt is fundamentally dishonest and would be better described as theft.

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