Talking ‘Could Reduce Debt Concerns’
Britons are increasingly unwilling to talk about their finances, a new set of figures has indicated.
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October 12, 2007 (FPRC) -- In research released by the Motley Fool, two-thirds of consumers (66 per cent) feel that money is a personal matter and so should be kept private. And with some 12 million adults (28 per cent) preferring to discuss politics rather than personal finance, fiscal matters are at the top of the nation’s ’social taboo’ conversation list. In addition, the country appears to be more willing to talk about religious beliefs, relationships and career concerns than money. However, the financial services firm asserted that as the credit generation’s debt difficulties continue, not talking about money may see more consumers struggle with their ability to make repayments on secured loans and service other demands on their spending such as credit cards and utility bills.
David Kuo, head of personal finance at the Motley Fool, said: “This really shows the lengths that we’ll go to in order to avoid discussing money if we’d rather talk politics than our finances. As the old saying goes - a problem shared is a problem halved. By not talking about our finances, we’re bottling up all those money worries and debt concerns and this isn’t doing us any good as a nation. If we were more open with our partners, parents and friends about money then we’d realise that talking about our finances can help save us cash and ease the pressure of certain financial situations.”
Mr Kuo added that if everyone took the time to discuss their finances with family and friends than the “country would be better off for it”.
In addition, research from the Motley Fool also showed that older people are more willing to talk about politics rather than personal loans and other areas of finances. Some 34 per cent of people in this age group would opt for this topic of conversation over money - the most likely demographic in the country to do so.
Meanwhile, young people appear to prefer to talk about matters such as sex and health rather than their finances. Just over a quarter (26 per cent) of 18 to 24-year-olds are ready to discuss embarrassing health problems before discussing money. The findings also showed that 11 per cent of people in this age bracket would be willing to talk about their sexual history rather than managing their spending.
However, upon discussing their finances with others, should consumers find that their fiscal difficulties are leading them into an untenable position in terms of servicing demands for payments opting for a debt consolidation loan may be a wise option. In doing so, consumers could reduce money owed across a number of sources so leaving them with more disposable income at the end of each month. Earlier this year, Axa revealed that by allowing staff an hour out of their working day every month to talk about and organise their finances they could find themselves in a more capable position to manage their outgoings and search for quick loans.
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