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Under 50s 'more likely to talk about finances'

Research by the insurance group Saga has found that men and those aged under 50 years are more likely to talk openly about their finances.

It found that 51 per cent of people under the aged 49 and under would openly discuss their financial situation, with many individuals open to advice from friends and partners.

However, in the over-50s group the survey found that almost a third (32%) of people completely refused to discuss their finances.

Of those that do discuss their money, nine out ten people asked said that they would rather take the advice of friends and family over their bank manager.

It also found that men are 60 per cent more likely to talk about their finances than women.

Andrew Goodsell, chief executive of the Saga Group, commented: "Talking about your finances to your peers can be a useful exercise, however taking financial advice from friends, colleagues and even family, whilst with best intentions, is often ill advised. There is no substitute for professional advice."

The Saga group was established in the early 1980s and offers insurance cover to people over 50-years-old.

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© Adfero Ltd

13/05/2008 14:23:43

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