Parents ‘keep mum about money’
Parents are not tackling the subject of finances with their children, according to latest research.
Data from moneysavingexpert.com suggested that parents are not comfortable in discussing money matters with their children, because they are put off by their children’s attitudes towards finances.
Common fears were coming across “like a nag”, which was expressed by 48 per cent and children finding money discussions boring, which was felt by 13 per cent.
Martin Lewis, founder of the moneysavingexpert.com website, said: “Sadly in the UK, money is often a taboo subject, which adds to the huge problem of financial illiteracy in the UK.
“It’s time all parents and students started talking, considering their cash, understanding how the system actually works and discussing how to live within a budget.”
Bill Rammell, minister for higher education added that money remains the “last taboo subject” for many and that more financial awareness is needed for this.
The news follows reports from Engage Mutual Assurance, which suggested that single parents save less than their counterparts who are in a relationship.
People seeking an alternative to bankruptcy may wish to take out an IVA.
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