Finances are taboo

Most of us are more comfortable talking about health issues with friends and loved ones than we are discussing finances.

That is according to Scottish Widows which carried out research into the subject and found that banking has become a taboo subject.

Two thirds of us apparently do not tell our family members how much we earn and only one third know how much our partners earn.

One in five admit to being uncomfortable talking about salary, savings and investments with out partners, yet we are most comfortable discussing money with our work colleagues.

Men are said to be twice as likely to reveal their salary to a work colleague as they are to their mates.

Scottish Widows’ customer and brand marketing director Mike Hoban is surprised by the trend but says that it also explains why many people’s finances are in a mess.

“As a nation, we’ve become increasingly liberal – we are happy to talk to our loved ones about sex, relationships and health problems, but despite this modern trend in honesty it seems that money is now the topic we avoid,” he said.

“It’s no surprise that the nation is under-saving and under-preparing for the future when money is clearly such an uncomfortable subject.

“If you really can’t face discussing money with people you know, it might be a good idea to seek professional financial advice,” he added.

Tags: scottish widows, investments, research, salary, Scottish, Widows, hoban, family members

Getting money advice from mum

The majority of people look to their mother as a financial role model and that seems to be a good thing.

A survey by Scottish Widows found that one in five of us try to follow the financial example set by mum – ahead of dad, our brothers and sisters and even bank managers.

In total, 38 per cent of us try to emulate the example set by our parents as a partnership and according to Scottish Widows this means we should all be financially stable in the future.

A huge 61 per cent of people over the age of 55 claim that they feel financially prepared, while 73 per cent of people aged between 18 and 24 fear for their future financially.

“It seems that when it comes to money, mum really is the word,” commented Mike Hoban, customer and brand marketing manager at Scottish Widows.

“We all need positive role models in life so it’s great that our mums are the people we look up to financially – but of course this shouldn’t replace professional advice.

“Getting a proper grip on our finances is crucial – not just to be able to fund day to day living, but also to prepare for our future financial dreams and ambitions,” he added.

Looking to our parents as financial role models can have positive effects on our banking, however, it might be worth considering that your parents may not have had to deal with credit cards and student loans.

Tags: mother, brand marketing, ambitions, Widows, financial example, bank managers, student, getting money