‘British reserve no longer an issue over financial talk’
January 14, 2009 at 1:54 pm
The typical British reserve has historically meant that very few of us feel comfortable talking about our personal finances to friends or even close family members but it looks as though the credit crunch has made us more likely to spill the beans.
According to recent research conducted by CreditExpert.co.uk, over half of us now feel able to discuss our financial woes, with 25% of adults in the UK admitting that it is in fact THE topic of conversation at the moment. The reasons behind this range from making us feel better or more “normal” when we talk about finances with people in similar circumstances, through to seeking advice from others. Of those who feel able to open up, over six in ten talk about the cost of living, nearly four in ten discuss ways of tightening their belts, and just under three in ten discuss their investments. Most of us speak about these matters to our close family members but 20% of us use colleagues and also mere acquaintances as sounding boards.
As regards the split between the sexes, it transpires that women are more likely than men to open up (59% compared to 49%), partly because women feel the need more to unburden themselves but also because it seems that women are doing more tightening of the belt than men. As for geographical differences, Londoners are the most likely to share financial confidences, whilst those in the East Midlands and East of England are least likely. Perhaps not surprisingly, the older generation guard their privacy more carefully with three quarters of 18 to 24 year olds seeking reassurance from friends that they are not alone with their worries.
