Spouses will talk about, not listen to, financial advice

Couples are happy to talk to each other about money matters, 91 per cent say that they consult their partners and 86 per cent say that their partner knows their salary, but then only half say that they would take their financial advice.

Men are 60 per cent more likely to talk through their financial choices
than women, according to a survey from Saga Personal Finance.

There is also an age gap - with under 50s much more likely to consult
with friends or family than the over 50s. Under 50s expect to take
advice from their parents. Only 14 per cent of the over 50 age group
said they did not feel awkward discussing their arrangements, with a
third saying that they would not consider sharing any of their monetary
decisions.

Andrew Goodsell, chief executive of the Saga Group commented: "Talking
about your finances to your peers can be a useful exercise, however
taking financial advice from friends, colleagues and even family, whilst with best intentions, is often ill advised.

"There is no substitute for professional advice as the recommendations
given need to be as individual as we and our finances are."

Three out of five people would trust the advice given by Independent
Financial Advisors, and half will happily discuss the details of their
finances with their bank manager - despite their financial sales advice
being tied into their bank product range.

May 07^th 2008

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