Under-50s ‘more likely to chat about cash’

Younger people are more likely to talk about their money issues than their elder counterparts, it has been revealed.

Saga Personal Finance has found that 14 per cent of over-50s are happy to talk about their finances in public, compared to 21 per cent of under-50s.

People who claimed they are unwilling to discuss money openly said they believe those matters should stay private (50 per cent) and a tenth explained it was because they were embarrassed about their financial situation.

Around half of the under-50s said they were happy to discuss money with their friends, whereas this fell to 30 per cent among the older group.

“Talking about your finances to your peers can be a useful exercise,” said the firm’s chief executive Andrew Goodsell. “However, taking financial advice from friends, colleagues and even family, while with best intentions, is often ill advised.”

Mr Goodsell claimed that there is “no substitute for professional advice”.

PayPal recently revealed that 71 per cent of Brits in a relationship have a separate current account, explaining that they want to keep their money apart as the main reason.

© Adfero Ltd

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