Brits are uncomfortable with money

Brits' squeamishness about discussing money could be holding them back from making the most of what they have with the best savings rates.

New research by the Money Advice Service revealed that many people do not feel comfortable 36 per cent or confident 27 per cent talking about money.

Just nine per cent of people claimed they would be happy discussing their money situation with anyone, while seven per cent said they would feel comfortable telling a stranger how much they earn.

Furthermore, 83 per cent of people said that if a stranger asked how much they earned they would be shocked and avoid answering or tell them it is none of their business.

"Being open-minded about when we should talk about money - with whom and when - is the first step to taking control and making the most of our money, in good times and bad," said Gerard Lemos, chairman of the Money Advice Service.

Tom Entwistle, director of LandlordZONE.co.uk, suggested that people struggling to make ends meet may want to consider taking on a lodger.

Moneyextra.com recommends you take independent financial advice before acting on any article

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2011-09-15 15:09:44 © Moneyextra.com