"Don't talk about the...finances!"

A study by Saga Personal Finance has revealed that men and under 50s like to talk when it comes to money whilst older people prefer only to discuss money if they have to. However revealing one's salary remains one of the final taboos across the ages as many feel talking about their earnings is just a step too far.

Over a fifth (21%) of under 50s are happy to talk about their finances in public compared to just 14% of over 50s, with many citing the fact that they are not worried about their financial situation as the reason for their ease of talking about money. Despite many preconceptions, men are 60% more likely to discuss their finances openly than women

The majority of people reluctant to discuss money are unwilling to do so mainly because they believe such matters ought to stay private or they have been brought up not to (50%). However, almost one in ten people (9%) shy away from discussing personal finances because they are embarrassed about their situation.

The most openly discussed financial affairs are:

1. Who you bank with (60%)
2. Whether or not you have a pension (38%)
3. Type of bank account you have (37%)
4. Type of mortgage and who it is held with (29%)
5. How much your house is worth (26%)
6. Which financial products you use (20%)
7. What mortgage rate you have (19%)
8. How much you earn (16%)
9= How much debt you have (14%)
9= Investments held and their performance (14%)
10. How much you have borrowed (12%)

However almost a third (32%) of over 50s refuse to discuss any of these topics openly.

Among those who do discuss money, 9 out of 10 (91%) are most likely to speak to their partners, however just over half of people would actually take any financial advice from their partners (56%).

Half of people aged under 50 (51%) are happy to discuss their finances with friends compared to just 30% of over 50s. In fact the older generation is much keener to keep matters within the family, with a higher percentage happier to discuss their finances with their grown up children (51%), than a financial adviser (40%). Over 50s are also less keen than those younger than them to talk to friends and colleagues.

However, whilst people aged 50 and under are happy to discuss money widely they, along with the older generation, are very selective about who they seek financial advice from. Reassuringly, people are most likely to seek advice from a financial adviser. However under 50s are then more likely to take tips from their parents than their bank manager. People over 50 clearly place more faith in the professionals than friends' or colleagues' wisdom.

Despite a more open financial outlook, revealing one's salary remains a sensitive issue, particularly among friends, across the ages. Partners are unsurprisingly most likely to know their other half's earnings with 87% believing their partner's know their income. Just over half of people (51%) know their parents income and 47% of parents know their grown up children's salaries. In comparison only a quarter of people believe they know their friends' (27%) earnings.

Andrew Goodsell, Chief Executive, Saga Group Ltd 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 as the recommendations given need to be as individual as we, and our finances are."