The hidden cost of debt: How financial struggles are affecting our relationships

With Debt Awareness Week upon us —  an annual campaign started by StepChange Debt Charity in 2014 to shine a light on the realities of debt — there’s no better time to spotlight the challenges so many face. New research we’ve carried out uncovers the emotional and social toll that debt continues to take on everyday lives across the UK.

Almost one in two Brits (49%) say that money management and debt negatively impact their personal relationships.  The strain can show up in different ways:

• 18% experience tension or arguments at home
• 16% avoid social events because of financial stress
• 13% feel financially dependent on someone else
  

But even though it affects so many of us, half still avoid asking for help — often because of shame or fear of being judged.

“Money worries don’t exist in isolation- they affect everything from our relationships to our confidence and mental health,” says Tom Eyre, Co-CEO of Loqbox. “But staying silent often leads to problems getting worse. Not all debt is bad — what matters is how it’s managed.”

This stigma — particularly strong among younger adults — is stopping people from taking action, and they’re most likely to feel reluctant to seek support. Among 25–34-year-olds, 26% feel isolated by their financial worries, 24% have lost confidence in their financial decisions, and 22% feel dependent on others.

“Our research shows that people aren’t avoiding support because they don’t want it, but because they don’t know where to turn or feel too ashamed to ask,” says Gregor Mowat, Co-CEO of Loqbox. “This has to change. We need to remove the stigma and make financial support judgment-free and accessible to all.”

We believe financial wellbeing isn’t about perfection, it’s about progress. That’s why we’re encouraging open conversations, practical tools, and a mindset shift from shame to solutions.

“Regret doesn’t have to define the future,” says Dani Palmer, Loqbox’s Chief Marketing Officer. “Financial confidence starts with small changes, and everyone deserves the tools to build long-term stability, on their terms.”