According to a report published by advisory service
provider Saga, debt levels are one of the least commonly
discussed areas of personal finance among Britons.
In newly-released statistics, it was shown that just 14 per
cent of people openly discuss their personal level of debt
- the same proportion who readily talk about stocks and
shares investment. The only area in the top ten most
discussed financial matters to appear more taboo is the
amount people have borrowed through items such as credit
cards and personal loans. At the other end of the scale, it
was revealed that 60 per cent of Britons are happy to
discuss who they bank with, while 38 per cent will divulge
whether or not they have a pension. Mortgages were a
slightly less popular talking point, with 29 per cent of
people said to discuss their deal, while 26 per cent would
comment on how much their house is worth.
The report split respondents in to two age strata and
revealed that overall, under-50s are more happy to discuss
financial matters than older generations, with many people
over the age of fifty only discussing such subjects as
debt, personal loan repayment, mortgage deals and bank
account type when it was absolutely necessary. Of the 32
per cent who responded that they would not discuss any such
topics openly, 50 per cent attributed this to the belief
that such matters should remain private, although nine per
cent commented that they would be reluctant to talk about
such topics because of a feeling of embarrassment
concerning their financial stability.
Of those who were happy to discuss money matters, nine out
of ten most commonly talked to their partners, with older
generations said to keep such discussions within the
family, while under-50s commonly talked about their
finances with friends. In terms of seeking advice, people
were found to be most likely to look to a financial
adviser, although the younger age group was said to be more
likely to take suggestions from their parents than a bank
manager. Older generations meanwhile were said to keep more
faith in the professionals than they do friends or
colleagues.
Andrew Goodsell, chief executive at Saga Group, commented:
"Talking about your finances to your peers can be a useful
exercise, however taking financial advice from friends,
colleagues and even family, whilst with best intentions, is
often ill advised. There is no substitute for professional
advice as the recommendations given need to be as
individual as we and our finances are."
The least discussed area of personal finance was annual
salaries, with both ages reluctant to speak to friends
about how much they earn. While 87 per cent of partners
believing they know their other half's earnings, just 27
per cent of people said the same of their friends.
In other news, it was revealed by the Holiday Inn last
month that for the over-50 age group, a growing number of
couples are looking to take romantic breaks following on
from completed mortgage repayments and a lessened financial
responsibility for children who have moved away from home.
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Abbi Rouse writes for AllAboutLoans.co.uk, an online loans
comparison site, visit us today for information on all loan
topics including cheap loans applications and loans
sourcing from all leading UK providers. Our Site:
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