Bashful Brits uncomfortable talking finance, research suggests
Sex is the only topic that families find more taboo than discussing personal finance, according to research published today, which uncovers consumers’ shocking ignorance when it comes to protection insurance.
The study, based on a research group making up 84% of the UK population who live as part of a “modern family”, also shows that booking a summer holiday is more of a priority this year than taking out life cover.
Aviva’s “Family Finances Report” shows too that more families have satellite television (50%) than life insurance (40%).
It also found families are more likely to have insurance for their mobile phone (14%) than insurance that will protect their family financially if they were to suffer a critical illness (13%). Similarly, more people have taken out an extended warranty on electrical items (13%) than have income protection insurance (10%).
The report also reveals the majority of UK families are avoiding the issue of what they would do if something happened to an income earner, because they find discussing their finances and mortality “uncomfortable”.
More than a quarter (27%) of families admitted they would not want to discuss their debts with their family, and 24% would not even discuss their general finances. The only topic that makes families more uncomfortable than finances is “sex” (56%).