Friday, June 8, 2007
Category:
Consolidation
New research from Scottish Widows reveals that people would rather talk about sex and health than money. The research revealed that nearly nine out of ten keep their salaries a secret from their friends and two out of three don’t even tell our families how much we get paid.
Money is fast becoming Britain’s most uncomfortable topic. According to the research, couples are happier discussing health issues than discussing money. Nearly one in five of us are uncomfortable discussing salary, savings, and investments with partners, and are keen to avoid it if possible. The same situation applies with discussing money issues with friends. Three quarters of people admit to feeling uncomfortable and are twice as happy to talk about relationship worries and health problems.
It seems that work is the one place where most of us are actively discouraged from talking about how much we’re getting paid. Saying this however, women seem to be more secretive. The study shows that men are almost twice more likely to share salary secrets with their colleagues than they are with their mates. One in five men will happily disclose their salary to people they work with.
More than a third of partners do not know exactly how much their significant other earns, and can only give a rough estimate. 5% of couples are unable to give even a rough estimate of how much their partners earn.
According to the research conducted by Scottish Widows, the area of the UK that is the tightest lipped about money is the South of England (excluding London). 70% kept their salary a secret from their family and 88% refusing to tell their friends what they earn. On the other hand, Londoners are the most relaxed in the UK. 59% are happy to tell their relatives what they earn and a quarter discussing wages with mates.
Mike Hoban, Customer & Brand Marketing Director of Scottish Widows, says: “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. 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.”
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Those homeowners who find that mounting credit and store card bills are adding to their financial concerns, could consider consolidating these with a secured debt consolidation loan. One of many options to
consolidate debt, a secured loan will put all outstanding credit into one place and the exact amount and date that payment will be taken will be known each month. It is important to remember with a debt consolidation loan that repaying borrowing over a longer term will increase overall interest charges.
