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Bank charges: Only fifth of people have a 'money mate'

Only a fifth of people in the UK have someone who they can confide in over financial issues such as bank charges.

Research by the Money Advice Service reveals that just nine million people in the UK have a 'money mate' - someone who they can confide in over money matters.

It also found that 76 per cent of people feel happy when they feel good about their financial situation.

Gerard Lemos, chairman of the Money Advice Service, said: "This research tells us that people see the lifestyle benefits of managing their money but it is very worrying that so many people have no-one to confide in about their money matters."

Professor Karen Pine, behavioural psychologist and author, added that the study confirms there is a strong link between people's financial health and their emotional well-being, but reiterated the fact that it is concerning people do not have someone to discuss their money with.

"It's important that people who don't have this kind of support seek out help when they need it," she said.

Charles Baker

Charles is a reputed financial analyst with decades of experience under his belt.

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