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Financial Taboos Revealed

Almost half of people think that finances are a personal matter that should not be talked about, a study from Legal & General has revealed.

Researchers found that 46% of people prefer not to discuss their finances even though money is a major cause of stress for more than two fifths of the population (41%).

The survey of more than 2,000 people found that:

  • 10% aren’t comfortable with talking to their partner about debts
  • 10% regularly talk to their friends about their finances
  • 25% of people don’t talk to their parents about finances, with 22% saying they don’t feel comfortable doing so
  • 41% said they only talk to someone about immediate money worries
  • 21% said they don’t worry about their finances.

However, 41% of people said they are comfortable talking about money, and 33% already have long term financial plans in place.

John Pollock, executive director of Legal & General Assurance Society, said:

“Taking the time and having the confidence to talk about financial planning is hugely important.

“We need to break this social norm and start talking about money. No matter what the situation or stage of life, achieving financial security begins with having the right conversation.”

 

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