Money is a bigger taboo than religion and politics for Britons, according to research out today.
The polling by YouGov for Lloyds Bank shows that more than two fifths (44%) avoid discussions about money and a quarter (25%) have even lied to family and friends about their personal finances.
Of notable concern is that over a fifth (23%) have lied to their partner about money; most commonly to conceal the amount of debt they have (11%). What’s more, 27% have lied to parents about personal finances; most often how much is spent on a single item (14%), debt levels (13%) and monthly spending (11%).
Half (50%) of UK adults believe that talking about personal money matters is taboo; with two fifths (43%) feeling embarrassed to talk about personal finances. Over half (61%) of family feuds are driven by money, perhaps why only a third of families (34%) have discussed their will compared to two-thirds (65%) who have discussed winning the lottery.
Aston spoke to Professor Tanya Byron, consultant clinical psychologist and Relate patron, alongside Catherine Kehoe from Lloyds Bank. They discussed the research and offered advice on how best to broach the subject of money: