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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."

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