As part of Talk Money Week, the online pension provider surveyed 1,000 UK adults about the aspects of their finances they find hardest to talk about.
It found 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 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.
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, as a further 22% of over-55s ranked it highest, compared with just 9% of under-55s.
‘Retirement savings’ appeared to be a more comfortable topic, however, with only 8% ranking it as the most difficult subject of financial conversation.
Wellness and wellbeing holidays: Travel insurance is essential for your peace of mind
Out of the pandemic lockdowns, there’s a greater emphasis on wellbeing and wellness, with
Sponsored by Post Office
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.”
Related: Trump wins US election: What does it mean for your finances?
