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Britons `remain tight-lipped about financial problems`

11/05/2007

Many Britons do not discuss financial matters with their friends and families, according to new research.

The Scottish Widows study found that three-quarters of people are uncomfortable discussing money with friends.

Additionally, 90 per cent say they have not told their friends how much they get paid, while two-thirds keep their salary a secret from their families.

Commenting on the findings, Mike Hoban, customer and brand marketing director of Scottish Widows, said: "As a nation, we`ve become increasingly liberal - we are happy to talk to our loved ones about sex, relationships and health problems, but despite this modern trend in honesty it seems that money is now the topic we avoid.

"It`s no surprise that the nation is under-saving and under-preparing for the future when money is clearly such an uncomfortable subject."

Those who cannot come to terms with discussing financial issues, such as debt, bad credit and investment matters, may want to seek professional advice, he added.

In related news, chief economist for Lloyds TSB corporate markets Trevor Williams warned today that the recent interest rate rise could put more pressure on UK families.

Gas price cuts expected 07/01/2009 - Energy company Scottish Power has announced the launch of a Personal debt about £1.5 trillion 07/01/2009 - The UK’s personal debt stands at around £1.5 trillion, according British reliance on gas for energy growing 06/01/2009 - New figures suggest that Britain’s dependence on natural gas is Small business seek cap on credit cards 06/01/2009 - Credit card interest rates should be capped to help small