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Over 50s `reluctant to talk about debt problems`

09/05/2008

Older people living in the UK prefer not to discuss money issues unless they have to, according to a survey by Saga Personal Finance.

Only 14 per cent of over 50s enjoy conversing about money-related issues in public, while 21 per cent of their younger counterparts are happy to discuss their finances.

Sixty per cent of people will openly talk about who they conduct their banking with and 38 per cent will admit whether they have a pension.

Fewer than one in five people over 50 will take financial advice from their friends.

Andrew Goodsell, chief executive of Saga Group, said: "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."

Energy firms `not refunding overpayments automatically` 01/07/2009 - A new report by consumer group Which? has claimed that Average household £7 a week richer but debt levels remain high 01/07/2009 - During May, a typical household had £164 a week left Consumers `cutting back on credit card debt` 01/07/2009 - Many UK consumers are cutting back on the amount of Mortgage debt often greater than house value 01/07/2009 - According to the latest findings from global rating agency Fitch,