National Conversation Week – Let’s talk finances

IT’S NOT GOOD TO TALK – NEARLY HALF OF PEOPLE ADMIT

Apparently, it’s no longer ‘good to talk’ – that’s according to research that shows nearly half (48%) of people shy away from speaking to friends, family, and professionals, about general life issues.

The survey of 1023 British adults – compiled as part of the annual National Conversation Week – has revealed that 47 per cent of recipients never, or rarely, seek advice on everyday subjects such as health, home, work and family. In fact, only 4 per cent of people always turn to their loved ones to get reassurance on life’s worries.

James Loder, is Proposition Director at Paymentshield – the leading provider of insurance to the mortgage intermediary market which is behind the national awareness week. She said: “Sadly, when it comes to important decisions and issues in life, it seems people would prefer to go it alone, rather than open up to family and friends – and even seek impartial advice.

“With mobiles, messenger services, social media and email, continuing to dominate our lives, it seems the art of conversation is gradually declining – even when it comes to issues such as friends, work and home life.”

The survey showed that bottom of the list of things people are most likely to confide in their nearest and dearest about was the home (one per cent), with finance topping the list (21 per cent). However, despite this, half of respondents confessed that they never, or rarely, talk about finance. In fact, 50 per cent of people surveyed said they’d never reviewed their finances (with a professional), while 17 per cent admitted it was more than five years ago.

James added: “What’s particularly worrying is that those people choosing to go it alone, when it comes to dealing with important finance decisions, are potentially leaving themselves open to problems in future. For example, of homeowners who said that they don’t thoroughly read their policies, 46% admitted that it was because it’s too time consuming, whilst just under a third (31%) said it’s because it’s too complicated, whilst one in four confessed that it’s because it’s too boring”.

“It’s absolutely essential that people understand what they’re entering in to and the risks, if any, that they face. The value in having meaningful conversations with people face-to-face can never be underestimated, particularly when it comes to financial decisions, such as investments, insurance and pensions.”

National Conversation Week 2019, which runs from 18 to 24 March, is encouraging everyone in the UK to try and be more open when it comes to their finances.

Paymentshield wants to help people learn how they can manage their finances in a better way, whilst highlighting how professionals can help at each financial stage in life.