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

Loan.co.uk launches specialist lending webinar series for advisers

Loan.co.uk is to run a series of four webinars designed to help mortgage advisers...

Iamproperty joins drive for open property data standards

Iamproperty has joined the Open Property Data Association (OPDA) as the industry seeks to...

Buyers return but need £18,200 extra to offset mortgage rate rises

Homebuyer activity is showing signs of an autumn rebound despite higher mortgage rates cutting...

HMO landlords plan five-figure spending as costs and regulation rise

More HMO landlords expect to spend upwards of £10,000 on property improvements over the...

BrokerSync grows network after Acre technology deal

BrokerSync has expanded its appointed representative network to 24 firms in the six months...

Latest publication

Other news

Loan.co.uk launches specialist lending webinar series for advisers

Loan.co.uk is to run a series of four webinars designed to help mortgage advisers...

Iamproperty joins drive for open property data standards

Iamproperty has joined the Open Property Data Association (OPDA) as the industry seeks to...

Affordability shocks and expiring deals: why the 2026 mortgage peak demands a holistic protection review

I speak to mortgage advisers and brokers every day, and one topic keeps coming...