Brits 'risk debt by not talking about finances'
Published On 17 November 2007
One third of British consumers are risking debt problems by keeping schtum about their finances, according to a new survey by Fool.co.uk.The personal finance website found that one in three Brits believe talking about their money is rude and two in three think financial matters should be kept private.
The research shows that 33 per cent are uncomfortable about revealing how much money they earn and 16 per cent are embarrassed by the level of debt they are in.
But Fool.co.uk warns that having such a tight lipped attitude could be harmful as keeping financial problems bottled up means no one can help get things back on track.
David Kuo, head of personal finance at Fool.co.uk, said: "Talking openly about money, especially with close friends and family has many benefits. Money matters can often spiral out of control if you don't seek advice from others."
For those who don't like talking face to face about finance it seems the internet is proving a useful tool. Figures from Birmingham Midshires show that 94 per cent of consumers look for financial advice online.
