New research from Nutmeg, the UK’s largest digital wealth manager, reveals people in the UK are starting discussions around finance too late in their lives. Half (50%) of UK consumers admitted they didn’t discuss finances with their family, friends, or peers until they were at least aged 19, while 15% confessed to leaving it as late as past the age of 30. 

Meanwhile, 20% of UK adults weren’t open to discussing savings with family and friends at all and just 14% were very open to discussing investments and pensions. This comes as 45% of UK adults agreed that they would feel more comfortable talking to a financial adviser about money than to their family, friends, and peers. 

Claire Exley, head of advice and guidance at Nutmeg, said: “Our research highlights that the UK is still a nation that’s uncomfortable talking about our finances with friends, family and peers – despite overwhelmingly agreeing it would be beneficial to do so. If time really is money when it comes to establishing good money habits, putting off conversations and leaving it too late could be holding us back. 

“Whether it’s getting on top of a monthly household budget, planning your finances around a big trip or your longer-term savings goals – there can be great benefits in discussing everyday financial decisions with those around you. You may discover a better savings rate from talking to friends or an easier way to invest for a new home or that trip of a lifetime.” 

By not talking about money until early adulthood, UK consumers may be missing out on the potential benefits of establishing good financial habits earlier on in life. For example, nearly two in five (39%) adults didn’t discuss the value of an ISA when growing up, and over a third (37%) admitted they didn’t discuss pensions. 

UK consumers are, however, overwhelmingly in agreement (92%) that being open about money is a positive habit and are keen to pass on knowledge to those around them. With a sign of things to come, over half (54%) of consumers said they would make passing on good money habits to their children a priority. Nutmeg’s own data supports this, with investing for children – whether through a Junior ISA or using part of an adult's ISA allowance – the top financial goal for clients.   

Exley concluded: “There are a number of products and accounts that can help us all get more from our money – from bank accounts that let you open different savings accounts for different goals to digital investment services that can help with longer-term goals. But if you’re not open to talking about your finances, you may miss out on the benefits of these accounts. 

“With savers and investors still able to take advantage of this year’s ISA allowance, it’s a timely reminder that open conversations about money can help inspire us all to build better financial health - and pass this on to the next generation.”