Most difficult financial topics for discussion revealed

Published on

The financial topics that Britons most avoid talking about have been revealed by online pension provider, PensionBee.

24% of those surveyed ranked ‘debt and financial struggles’ as the most difficult topic to discuss.

This figure is even higher for those aged 55 or under (27%), but appears to be less of a primary issue for the over 55s, with only 16% ranking it in first place.

In a nationally representative survey of 1,000 UK adults, disclosing their salary was considered a far more difficult financial conversation for the over 55s, with 22% ranking it as their most challenging topic of conversation, compared to just 13% of under 55s.

Long-term care planning is another difficult topic for discussion, as a further 22% of over 55s ranked it highest, compared with just 9% of under 55s.

EASIER TO TALK ABOUT

PensionBee found that retirement savings appears to be a more comfortable topic, however, with only 8% ranking it as the most difficult subject of financial conversation. This is consistent across men and women, despite the national gender pension gap of 35%.

Higher-income respondents (with an income of more than £60,000 per year) somewhat buck this trend, with 11% ranking it highest. This compares with 6% of those earning less than £15,000, 7% of those earning between £15,000 and £35,000, and 7% of those earning between £35,000 and £60,000.

“the reluctance to discuss debt among younger consumers may reflect the higher housing and childcare costs they face”

Becky O’Connor, director of public affairs at PensionBee, said: “Many of us find money a difficult topic to discuss and it’s clear that there are differences between age groups. For those approaching and at retirement, it’s perhaps understandable that long-term care planning ranks highest.

‘Meanwhile, the reluctance to discuss debt among younger consumers may reflect the higher housing and childcare costs they face, particularly when in lower wage categories and faced with an era of wage stagnation.

“However, research shows that people who talk about money make better and less risky financial decisions. Building money conversations into our everyday lives helps us to build financial confidence and resilience.”

Table:  Ranking most avoided financial conversations
What financial topics do you most avoid talking about? Please rank from the most avoided, to least. Average Position 1st (%)
Debt and financial struggles 4 24%
Spending behaviour 4.4 13%
Sharing accounts and household bill payments 4.9 7%
Inheritance and estate planning 4.5 11%
Financial support for or from family 4.6 9%
Disclosing salary or other income 4.3 16%
Retirement savings 4.8 8%
Long-term care planning 4.5 13%

Source: PensionBee, November 2024. Responses from a nationally representative sample of 1,000 UK adults aged 18-99. Numbers are rounded.

 

COMMENT ON MORTGAGE SOUP

We want to hear from you!
Leave a comment and get the conversation started.
You need to register to post, so please login or sign up below.

Latest articles

Access FS names members of new Equality Council

Access Financial Services, where nine in every 10 advisers come from minority backgrounds, has...

Bridging sector enters 2026 with rising confidence, research suggests

Four in every five intermediaries expect their confidence in the bridging market to increase...

Asset finance demand expected to lead SME funding needs through 2026

Asset finance is set to dominate SME funding demand in the next 12 months,...

Barclays cuts mortgage rates across remortgage and existing customer ranges

Barclays has reduced a wide selection of mortgage rates, with several products now dropping...

Just Mortgages strengthens self-employed recruitment team with senior hire

Just Mortgages has expanded its self-employed recruitment operation with the appointment of Sascha Mason...

Latest publication

Other news

Graham McClelland on Britain’s broken mortgage market

When Graham McClelland, the youthful and quietly intense chief executive of Gen H, arrived...

Younger consumers are ready for protection. So why aren’t we reaching them?

For years, the protection market has assumed that younger adults are less engaged with...

Access FS names members of new Equality Council

Access Financial Services, where nine in every 10 advisers come from minority backgrounds, has...