Debt the most difficult topic to discuss for working age people, while salary and long-term care planning tops the list for retirees
London, Thursday 7 November 2024: As part of Talk Money Week, new research from PensionBee reveals the financial topics that Brits most avoid talking about.
In a nationally representative survey of 1,000 UK adults, nearly a quarter (24%) of Brits ranked ‘debt and financial struggles’ as the most difficult topic to discuss. This figure is even higher for those aged or under (27%), but appears to be less of a primary issue for the over s, with only 16% ranking it in first place.
Disclosing their salary was considered a far more difficult financial conversation for the over s, with 2 ranking it as their most challenging topic of conversation, compared to just 1 of under s. Long-term care planning is another difficult topic, as a further 2 of over s ranked it highest, compared with just 9% of under s.
‘Retirement savings’ appears to be a more comfortable topic, however, with only ranking it as the most difficult subject of financial conversation. This is consistent across men and women, despite the national gender pension gap of %.1 Higher-income respondents (with an income of more than _annual_allowance 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 £,000, and 7% of those earning between £,000 and _annual_allowance.
Becky O’Connor, Director of Public Affairs at PensionBee, commented: “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 1: Ranking most avoided financial conversations - all results
Source: PensionBee, November 2024. Responses from a nationally representative sample of 1,000 UK adults aged -99. Numbers are rounded.
Table 2: Ranking most avoided financial conversations - split by gender
Source: PensionBee, November 2024. Responses from a nationally representative sample of 1,000 UK adults aged -99. Numbers are rounded.
Table 3: Ranking most avoided financial conversations - split by age bracket
Source: PensionBee, November 2024. Responses from a nationally representative sample of 1,000 UK adults aged -99. Numbers are rounded.
Table 4: Ranking most avoided financial conversations - split by income bracket
Source: PensionBee, November 2024. Responses from a nationally representative sample of 1,000 UK adults aged -99. Numbers are rounded.
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