Finances and debt 'still taboo subjects'
Published On 11 May 2007
People could be risking financial hardship and even debt because they are not prepared to talk to their family about money issues, a new report warns.According to data gathered by Scottish Widows, people are happier discussing issues such as relationships or personal health than they are talking about finances.
In fact, nearly one in ten people said they would never tell anyone how much they earn. Similarly, one in five people said they would avoid talking to their partner about things like salary, savings and debt if they could.
This financial taboo means that more than a third of people in the UK cannot accurately say how much their partner earns, meaning that couples risk getting into debt through a lack of information.
"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," said Mike Hoban, the customer and brand marketing director of Scottish Widows.
"It's no surprise that the nation is under-saving and under-preparing for the future when money is clearly such an uncomfortable subject."
Indeed, recent figures show that people in the UK are increasingly finding themselves in financial difficultly, with the average household debt in the UK now standing at £8,833 (excluding mortgages).
