So what does this mean?
It seems that talking about your bank balance, how much you earn, and money in general makes people feel uncomfortable. And these figures feed into wider issues we’re facing today.
If you feel uncomfortable sharing your salary with your colleagues and stressed when you talk about money, how do you go about asking for a pay rise? If you don’t know how much others earn, how do you know how much you’re ‘worth’ to an employer? And more importantly, how do you know that your pay is fair and equal?
Despite the Equal Pay Act passed in 1970, unequal pay continues to exist. The average pay gap in the UK currently stands at 18.4%. Earlier this year, the gender pay gap, which is distinct from unequal pay, filled the headlines. Of the 10,000 companies that reported their pay data, 78% pay male employees more than female employees, reflecting the fact that there are more men in higher paid senior positions.
But this is not just a gender issue. When it comes to pay rises, promotions and developing a career, building financial confidence is key. And it’s something we might be able to change if we felt more comfortable talking about how much we earn.
52% of people say that having access to online banking makes them feel more confident when managing their money
So what makes people feel more confident when it comes to managing their money? From the research, it seems that when it comes to financial confidence, practical steps and open conversations are key.
Checking bank statements, adding money to a savings account or pension and talking to others and hearing about other people’s financial lives are all on the list. But the answer selected by over half of those we surveyed is having access to online banking.
100% mobile banking
When Anne Boden founded Starling Bank in 2014, she set out to change the way we interact with money. Starling was built to give you the digital tools to have a more transparent and open relationship with your money. That’s why we send you notifications each time money comes in or out of your account. And that’s why we break down your spending so that you can see exactly how much you’re spending on groceries or transport each month.