Finances ‘remain a taboo topic’

Finances remain one of the subjects British consumers of all ages are least inclined to openly discuss, it has been suggested.

A study carried out recently by Saga Personal Finance found that most people in the UK would prefer not to talk about their earnings and outgoings even with their friends and family.

The insurance firm has compiled a list of financial areas that are most openly discussed, with issues relating to credit card debt and other borrowings coming in towards the end.

In fact, only 14 per cent of people are willing to talk about the scale of their debt management burden and how much they have been borrowing.

When it comes to financial issues, Andrew Goodsell, Saga’s chief executive, maintains that: “There is no substitute for professional advice as the recommendations given need to be as individual as we are.”

According to the recent assertions of David Kuo, head of personal finance at Fool.co.uk, anyone looking to borrow money in Britain at the moment is fighting for a scarce resource.