Brits happy to talk about salary and debts

Britain is becoming ‘shameless' according to new research from uSwitch.com, the independent price comparison and switching service, which reveals that Brits are no longer embarrassed to discuss issues that have traditionally been taboo. Over a third (37%) are happy to discuss their salary with friends and family, one in five (20%) would talk about their bonus and nearly a quarter (23%) would reveal their debts.

People are becoming so open that almost half (48%) are happy to reveal the current value of their home to family and friends, while a third (33%) would also reveal the amount of mortgage on it. 45% are happy to tell others how much they've spent on their car.

Worryingly, as well as being happy to talk about their debts, Brits are also not ashamed to have them. A third (33%) say there's no shame in being in debt, while nearly one in five (18%) say that bankruptcy is nothing to be ashamed of. And, as consumers hunt for even more ways to combat the rising cost of living, our British reserve is slipping - 92% of Brits say that shopping in ‘budget' shops is acceptable and 87% say they wouldn't be ashamed to buy second-hand. Getting the best price possible is more important than saving face - 82% say they wouldn't mind haggling.

But with serious financial pressures mounting, pawnbrokers have started to emerge as a possible solution, with the industry reporting an increase in business over the last 7 years. Their growth has potentially been helped along by the new British ‘laissez - faire' attitude.

In fact, one in five people (19%) say they are more likely to use a pawnbroker now because there has been a change in social values and, as a result, we're all less concerned about what other people think. Almost a third of people (31%) say that pawnbrokers are no more or less acceptable than they've ever been - people are just more open about these things now. A more pragmatic third (30%) blame the boom in pawnbrokers on the squeeze on consumers' finances, putting it down to the fact that Brits are more desperate for cash today.

And yet, despite the industry reporting huge profits with one chain unveiling a 71% leap in profits in September, in many quarters pawnbrokers still remain taboo. 34% of people would not use a pawnbroker no matter how much they needed money, while 31% would only use a pawnbroker as a very last resort.

And, despite being happy to talk about debt and other personal affairs, we are not happy to discuss a visit to the pawnbrokers. 44% would not tell a soul while only one in five (21%) would tell friends. The most likely person someone would tell is their partner, but only 37% would even tell them. Most tellingly, just 4% of people would use a pawnbroker and wouldn't mind other people knowing about it suggesting that in some ways we are not so shameless after all.

Ann Robinson, Director of Consumer Policy at uSwitch.com, says: "Some may see it as a sign of shamelessness, but for many Brits it's a case of desperate times calling for desperate measures. However, whereas in the past we would have kept quiet about the steps we're taking, today our attitudes towards discussing how we stay afloat have relaxed considerably. In our quest to conquer debt, important lessons are being learnt - and perhaps one of these is that a problem shared can be a problem halved.

"However, although people may be happy to talk about their debt to friends and family, sometimes you need professional advice as well and it's vital that people see there is no shame in this. There are also other ways to get on top of your personal finances and I would urge anyone to consider these first. Saving money where possible, such as on essential household bills, is a simple and painless first step and is often the easiest way of making ends meet."