Dubai: In a transparent age of social media, many people don’t hesitate to share every small detail of their personal lives, from the new designer bag they’ve purchased to the food they’ve eaten for dinner or even their ongoing battle with a medical condition.
However, when it comes to certain topics, especially, the ones about mounting credit card debt, unpaid housing rent, a lot of people are often tight-lipped. Apparently, secrecy and shame about money-related problems is still rife.
A new survey conducted by an insurance provider in the UK found that more than six in ten people (69 per cent) have never asked their nearest and dearest, or any professional adviser, for help about their personal finances.
Of those people who are reluctant to talk about their financial troubles, nearly one in ten (9 per cent) say the reason is due to a lack of confidence, being too embarrassed to ask or not knowing where to turn.
The same can be said for people in the UAE, where a number of expatriates still struggle to maintain a certain kind of lifestyle and pay back their lenders at the same time.
Edward Mainwaring-Burton is a senior financial planner at deVere Acuma. He says he has encountered quite a number of residents in the UAE who are reticent about their financial troubles.
“Here, among Dubai’s glittering towers and gilded pavements, it is often easy to imagine that you are the only person who is struggling with some financial question or stumbling over your own monetary affairs,” Burton says.
“I have met many people who thought that their difficulties were unique and extreme, only to find that they were facing the same troubles and tests as everyone around them.”
Financial experts say that this “going it alone” mentality is resulting in people sacrificing their long-term financial security when money troubles arise. The earlier people are able to come clean about their personal finances the easier it is to tackle their problems.
“Money can often be a cause of stress and feel too confusing to tackle, meaning many people make ends meet rather than think positively about what a difference financial planning could make to their lives,” says Nigel Wilson, CEO at Legal & General.
Burton says people should consider their financial health like physical health. If something is bothering them, they should not keep it to themselves. Talking about it with their friends, family or an expert might lead to a solution.
“Someone might feel sick or have a physical problem that they are embarrassed to share with friends, family or even a professionals doctor. By ignoring the problem and keeping it a secret, they cannot make it go away. Ignoring the symptoms of an illness can only serve to let it grow worse,” Burton says.
“Being unwell in a financial sense is exactly the same. The old saying goes that a problem share is a problem halved. Seeking professional advice, whether for an illness or a financial difficulty can help you find a solution. You may find that your situation is easily remedied and quite probably more common than you thought.”
If they find it difficult to open up, Burton says people should bear in mind that the key to accepting advice and moving to improve their situation is understanding that there are many others who have probably been through a similar experience and that there are qualified and trained professionals who are perfectly placed to assist them every step of the way.
