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Older people avoid money talk

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Written by:
07/05/2008

A study by Saga Personal Finance has revealed that men and under 50s like to talk when it comes to money, while older people prefer only to discuss money if they have to.

However revealing one’s salary remains one of the final taboos across the ages as many feel talking about their earnings is just a step too far.

Over a fifth of under 50s are happy to talk about their finances in public, compared to just 14% of over 50s, with many citing the fact that they are not worried about their financial situation as the reason for their ease of talking about money.

Despite many preconceptions, men are 60% more likely to discuss their finances openly than women. The majority of people reluctant to discuss money are unwilling to do so mainly because they believe such matters ought to stay private or they have been brought up not to.

However, almost one in 10 people shy away from discussing personal finances because they are embarrassed about their situation. The most openly discussed financial affairs are who people bank with, pensions and the type of bank account held.

Andrew Goodsell, chief executive of Saga Group, said: “Talking about your finances to your peers can be a useful exercise, but actually taking financial advice from friends, colleagues, and even family, while 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.”

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