A recent study from Legal & General has revealed that almost 50% of people feel that their finances are a personal matter and should not be talked about. Research carried out revealed that 46% of people confirmed that their preference was to not discuss their personal finances even though for more than two fifths of the population (41%) money is a major cause of stress.
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, 33% do have long term financial plans in place and 41% of people said that they are comfortable talking about money
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."