Brits open up about money in tough times

The economic downturn may have broken the taboo of talking about money, according to research from CreditExpert.co.uk.

The research reveals that more than half of us (53 per cent of UK adults) admit that we are now far more likely to discuss our personal finances today with other people than we were a year ago.

Rather than being an off-limits subject, talking about their own financial situation is now viewed as the ‘in' topic of conversation for one in four UK adults. People are also opening up about their finances because they feel better talking to people in the same boat (28 per cent) and 27 per cent want to get advice from people or establish if their credit situation is ‘out of the ordinary'.

The CreditExpert.co.uk research aimed to establish the impact the downturn is having on our willingness to discuss our finances. It reveals that UK adults are talking most about the cost of living (62 per cent), cutting back on their spending (37 per cent) and their savings and investments (29 per cent).

Darryl Bowman, Director of CreditExpert.co.uk, said: "It's good to see people reacting positively and talking about their finances with those closest to them as sounding boards. As we open up about our finances, the easier it becomes to address issues. At the heart of the majority of financial decisions lies your credit history. CreditExpert.co.uk allows you to see your credit report and gives you easy access to professionals who are there to provide you with expert advice on your credit history. The more you know about your report, how it's used and what you can do to improve your credit rating, the better your chances of getting the credit you need."

Whilst the majority of people speak to their partners and close friends about money matters, one in five are now opening up to those less close to them like colleagues and acquaintances - highlighting the extent to which this financial taboo has been broken.

Women most likely to discuss finances

Women (56 per cent) are more likely to talk about their finances than men (49 per cent). However, the reasons why the sexes are opening up vary. 30 per cent of women feel the need to get their worries out in the open, compared to 19 per cent of men. It also seems that women are tightening the purse strings more than their male counterparts as they are more inclined to chat about the amount they are cutting back on spending (43 per cent) in comparison to less than a third (30 per cent) of men.

Most open in the Capital

As far as the regions go, Londoners (61 per cent) are the most likely in Britain to confide in other people about their personal finances compared to adults (43 per cent) in the East of England and in the East Midlands who are the least likely to open up. The top subjects Londoners are discussing include the amount they are cutting back on spending (45 per cent), their savings and investments (34 per cent) and their debt (18 per cent).

Generation divide

When it comes to the generations, younger people aged 18 to 24 (75 per cent) are the most likely to speak to other people about their finances, compared to 41 per cent of over 55 year olds and under half (46 per cent) of those aged 55 to 64. For 18-24 year olds, the top reason for discussing their personal finances with others is to see if their circumstances are out of the ordinary (32 per cent) compared to other people.