Britons, like many if not most of us, tend to somewhat forthcoming about our financial successes - such as when we get the price we wanted for our house - but we are generally less likely to discuss financial problems with others. In the UK, however, this appears to have undergone some change, thanks to the financial crisis.
According to new research from CreditExpert.co.uk, the economic downturn may have broken the taboo of talking about money. The research reveals that more than half of Britons (53% of UK adults) admit that they are now far more likely to discuss their personal finances today with other people than they were a year ago.
Rather than being an off-limits subject, talking about their own financial situation is now viewed as the ‘in' topic of conversation for one in four UK adults. People are also opening up about their finances because they feel better talking to people in the same boat (28%) and 27% want to get advice from people or establish if their credit situation is ‘out of the ordinary'.
The CreditExpert.co.uk research aimed to establish the impact the downturn is having on their willingness to discuss their finances. It reveals that UK adults are talking most about the cost of living (62%), cutting back on their spending (37%) and their savings and investments (29%).
Darryl Bowman, Director of CreditExpert.co.uk, said, “It's good to see people reacting positively and talking about their finances with those closest to them as sounding boards. As we open up about our finances, the easier it becomes to address issues. At the heart of the majority of financial decisions lies your credit history. CreditExpert.co.uk allows you to see your credit report and gives you easy access to professionals who are there to provide you with expert advice on your credit history. The more you know about your report, how it's used and what you can do to improve your credit rating, the better your chances of getting the credit you need.”
Whilst the majority of people speak to their partners and close friends about money matters, one in five are now opening up to those less close to them like colleagues and acquaintances - highlighting the extent to which this financial taboo has been broken.
Women (56%) are more likely to talk about their finances than men (49%). However, the reasons why the sexes are opening up vary. Research shows that 30% of women feel the need to get their worries out in the open, compared to 19% of men. It also seems that women are tightening the purse strings more than their male counterparts as they are more inclined to chat about the amount they are cutting back on spending (43%) in comparison to less than a third (30%) of men.
As far as the regions go, Londoners (61%) are the most likely in Britain to confide in other people about their personal finances compared to adults (43%) in the East of England and in the East Midlands who are the least likely to open up. The top subjects for Londoners are discussing the amount they are cutting back on spending (45%), their savings and investments (34%) and their debt (18%).
When it comes to the generations, younger people aged 18 to 24 (75%) are the most likely to be speak to other people about their finances, compared to 41% of over 55 year olds and under half (46%) of those aged 55 to 64. For 18-24 year olds, the top reason for discussing their personal finances with others is to see if their circumstances are out of the ordinary (32%) compared to those of other people.
