Debt the most difficult topic to discuss for working age people, while salary and long-term care planning tops the list for retirees

London, Thursday 7 November 2024: As part of Talk Money Week, new research from PensionBee reveals the financial topics that Brits most avoid talking about.

In a nationally representative survey of 1,000 UK adults, nearly a quarter (24%) of Brits ranked ‘debt and financial struggles’ as the most difficult topic to discuss. This figure is even higher for those aged 55 or under (27%), but appears to be less of a primary issue for the over 55s, with only 16% ranking it in first place.

Disclosing their salary was considered a far more difficult financial conversation for the over 55s, with 22% ranking it as their most challenging topic of conversation, compared to just 13% of under 55s. Long-term care planning is another difficult topic, as a further 22% of over 55s ranked it highest, compared with just 9% of under 55s.

‘Retirement savings’ appears to be a more comfortable topic, however, with only 8% ranking it as the most difficult subject of financial conversation. This is consistent across men and women, despite the national gender pension gap of 35%.¹ Higher-income respondents (with an income of more than £60,000 per year) somewhat buck this trend, with 11% ranking it highest. This compares with 6% of those earning less than £15,000, 7% of those earning between £15,000 and £35,000, and 7% of those earning between £35,000 and £60,000.

Becky O’Connor, Director of Public Affairs at PensionBee, commented: “Many of us find money a difficult topic to discuss and it’s clear that there are differences between age groups. For those approaching and at retirement, it’s perhaps understandable that long-term care planning ranks highest.

Meanwhile, the reluctance to discuss debt among younger consumers may reflect the higher housing and childcare costs they face, particularly when in lower wage categories and faced with an era of wage stagnation.

However, research shows that people who talk about money make better and less risky financial decisions. Building money conversations into our everyday lives helps us to build financial confidence and resilience.”

Table 1: Ranking most avoided financial conversations - all results

What financial topics do you most avoid talking about? Please rank from the most avoided, to least.	Average Position	1st (%)
Debt and financial struggles	4	24%
Spending behaviour	4.4	13%
Sharing accounts and household bill payments	4.9	7%
Inheritance and estate planning	4.5	11%
Financial support for or from family	4.6	9%
Disclosing salary or other income	4.3	16%
Retirement savings	4.8	8%
Long-term care planning	4.5	13%

Source: PensionBee, November 2024. Responses from a nationally representative sample of 1,000 UK adults aged 18-99. Numbers are rounded.

Table 2: Ranking most avoided financial conversations - split by gender

	Women		Men
What financial topics do you most avoid talking about? Please rank from the most avoided, to least.	Average Position	1st	Average Position	1st
Debt and financial struggles	3.9	25%	4	22%
Spending behaviour	4.3	13%	4.5	13%
Sharing accounts and household bill payments	4.9	7%	5	6%
Inheritance and estate planning	4.4	13%	4.7	10%
Financial support for or from family	4.6	8%	4.6	9%
Disclosing salary or other income	4.3	17%	4.2	16%
Retirement savings	4.9	7%	4.8	8%
Long-term care planning	4.6	11%	4.4	16%

Source: PensionBee, November 2024. Responses from a nationally representative sample of 1,000 UK adults aged 18-99. Numbers are rounded.

Table 3: Ranking most avoided financial conversations - split by age bracket

	18 - 54		55 +
What financial topics do you most avoid talking about? Please rank from the most avoided, to least.	Average Position	1st	Average Position	1st
Debt and financial struggles	3.7	27%	4.4	15%
Spending behaviour	4.4	14%	4.4	12%
Sharing accounts and household bill payments	4.9	7%	5.1	5%
Inheritance and estate planning	4.6	12%	4.5	11%
Financial support for or from family	4.5	9%	4.7	7%
Disclosing salary or other income	4.4	13%	4.1	22%
Retirement savings	4.8	8%	4.8	6%
Long-term care planning	4.7	9%	4	22%

Source: PensionBee, November 2024. Responses from a nationally representative sample of 1,000 UK adults aged 18-99. Numbers are rounded.

Table 4: Ranking most avoided financial conversations - split by income bracket

	Less than £15k		£15 - £35k		£35 - 60k		£60k and above
What financial topics do you most avoid talking about? Please rank from the most avoided, to least.	Average Position	1st	Average Position	1st	Average Position	1st	Average Position	1st
Debt and financial struggles	4.1	22%	3.8	27%	3.9	23%	4.1	19%
Spending behaviour	4.5	9%	4.3	14%	4.4	14%	4.5	12%
Sharing accounts and household bill payments	4.6	9%	4.8	6%	5.1	5%	5.1	8%
Inheritance and estate planning	4.8	11%	4.7	10%	4.2	14%	4.4	11%
Financial support for or from family	4.4	12%	4.6	9%	4.7	7%	4.5	9%
Disclosing salary or other income	4.3	16%	4.2	16%	4.5	14%	4.2	19%
Retirement savings	4.9	6%	4.9	7%	4.8	7%	4.6	11%
Long-term care planning	4.4	16%	4.6	12%	4.3	16%	4.6	12%

Source: PensionBee, November 2024. Responses from a nationally representative sample of 1,000 UK adults aged 18-99. Numbers are rounded.

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