When it comes to finance, the UK’s got form. It has pioneered everything from modern insurance to savings banks to fintech. It’s home to one of the epicentres of the global economy, in the City of London. Its citizens boast some of the highest wealth per household in the world. So why is it that when it comes to talking – or even thinking about – our own finances, we find it so difficult?
This fiscal phobia shows up in many guises. It’s there in the way many of us procrastinate with our pension plans, shove unopened bills into wardrobes or get middle-of-the-night scaries about not having an ISA. It’s reflected in our chronic lack of confidence with numbers (with 27% of adults saying they have faced financial issues or avoided financial tasks as a result, according to recent Barclays research). Even the flashing up of our bank balance on an ATM screen can nibble our nerve endings. This collective avoidance suggests a widespread lack of money confidence, which might not be great for our emotional health.
“There’s a close connection between money confidence and mental wellbeing,” says Clare Francis, director of savings and investments at Barclays. “People who don’t feel in control of their finances are far more likely to experience financial difficulty, which can take a real and lasting toll on their mental health.
“When money worries and mental health problems persist, they can affect every part of someone’s life – from their ability to work and keep up with essential bills to the anxiety and depression they experience day‑to‑day. That’s why helping people build financial confidence and resilience is so important.”
Even if you are happy to talk about money, the jargon itself can be a huge barrier to entry.
“Issues like investing can seem complicated and daunting because of some of the terminology,” she says. “The reality is many people find investing simpler than they expected. You don’t have to be an expert to get started and you can build knowledge as you go. The key is looking for credible information from trusted sources.”
One such resource is the Barclays app1. It’s packed with features to help you keep in control, from tracking spending so you know where you can cut back, to savings goals that can help you track your progress as you work towards the financial milestones that matter to you.
From pensions to property, here are the main causes of people’s financial heebie jeebies …
Living with financial doubt
Desiree, 37, business owner, London
“I run two businesses: a homeware and a jewellery brand. As a business owner and freelancer, 2025 was my most difficult year yet due to inflation, AI changes and client uncertainty. Freelancers often face unpredictable income, but few discuss it openly, fearing it could be interpreted as professional failure. The truth is, income fluctuations are normal in self-employment. But the pressure to appear confident and successful, particularly online, makes people less likely to be honest about them … having more open conversations would help normalise self-employment realities and reduce the shame, making people feel less isolated.”
My teenage daughters not being comfortable in retirement
Simon, 47, marketing director, Reading/Berkshire
“I save £2,880 every year into my daughters’ pensions – even though they’re only 13 and 14 years old. Many avoid talking about pensions because it feels morbid. But I’m a big believer in planning for the future: I want my girls to have financial security and freedom in retirement, so I’m investing early.”
Planning for retirement
James, 46, company founder, Staffordshire
“There’s so much paperwork when it comes to planning for retirement. This admin contains so many variables – such as pensions, investments and taxes – even the most financially educated people can feel uncertain, asking: ‘Am I doing enough?’ I see many people who have enough money but become overwhelmed with the financial jargon.”
Get support from Barclays on planning for your retirement
Never getting on the property ladder
Matilda, 26, actor and fitness instructor, London
“I’m often hit by a wave of anxiety thinking about buying a home. As a young adult, I feel there’s lots of pressure to get on the property ladder. Not only does the house market feel terrifying and completely inaccessible, but the cost of living and stagnant wages makes saving feel impossible – unless you choose a specific career path or sacrifice your social life. I love London – it’s my home. But it feels impossible that I’ll ever be able to buy property here.”
You could get on the property ladder sooner than you think. Take a look at your options with Barclays2
Not having our wills sorted
Charlotte, 50, fashion executive, Surrey
“My partner and I have been together for 25 years. Because we’re not married, our inheritance tax could be high unless … we get our wills sorted. However, I’m worried it’ll bring up difficult conversations such as whether we should get married – I’m not in the mood for that! We also have lots of arguments about finances, thanks to our differing approaches: he’s Mr Frugal, whereas I love to shop. Sorting our wills is on the to-do list, but it’s the tip to a much bigger iceberg …”
Emergency home repairs
Alice, 33, SEO account manager, Cardiff
“Unexpected home expenses scare me, especially now that a roof leak might mean it needs replacing. I know we need an emergency fund, but there isn’t one yet because my fiance is job-seeking and our savings are going towards our wedding.”
Start building your emergency fund with Barclays Rainy Day Saver3
The financial ups and downs of running a startup
Daniel, 40, founder of AI business, London
“When you start a company, it’s the romantic phase. Everything after that is scarier. Finances shape every decision. Are we spending in the right place? Plus raising capital, especially in AI, is brutal. I find it incredibly hard to switch off. As a startup founder, you’re responsible for a team’s livelihood. It’s my last thought at night and first every morning.”
Feel money confident with Barclays – learn more
1 You need to be 11 or over to use the app. T&Cs apply.
2 Your home may be repossessed if you do not keep up repayments on your mortgage. All mortgages are subject to application, financial circumstances and borrowing history. T&Cs apply.
3 T&Cs apply, available to Blue Rewards and Premier Banking customers only.
