Talking About Debt Taboo Among Britons

A new study has revealed that the majority of Britons are loathe to talk about their personal finances. Just 14 per cent are willing to admit their level of personal debt.

The least discussed area of debt was found to be the amount that people have borrowed on credit cards and through personal loans.

However, while debt was considered a distasteful talking point, most are happy to discuss who they bank with and their pension arrangements. 29 per cent said that they would talk about their mortgage deal while 26 per cent were happy to discuss how much their house was worth.

The report investigaed differences between age groups and found that on the whole, under fifties were more comfortable discussing thier finances, with the majority of over 50s saying that they would only discuss financial matters where strictly necessary.

When questioned as to why they do not wish to discuss their finances 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.

Among those who were happy to discuss financial matters, 90 per cent said that they most often talk about money matter with their partners, although the younger generation said that they commonly discuss financial matters with their friends.

The under fifties also said that they would seek financial advice from their parents on matters such as debt and mortgages. The older fifties said that they would be more likely to take advice from professionals.

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.”

Carys is an author of several articles pertaining to Debt. He is known for his expertise on the subject and on other Business and Finance related articles.