London – home to “Money Mutes” - People in the North far more likely to talk finance with friends

People in the North of England are far more comfortable talking about money with friends than their counterparts in the capital.

 

Yorkshire is the region with the lowest proportion of “Money Mutes” with 14% of people uncomfortable conversing about cash, followed by 16% of people in the North West and 17% in the North East.

 

The findings of the study by the free, online mortgage broker Habito, released to coincide with Financial Capability Week, show that Londoners are the least comfortable talking about money, with a quarter of people in the capital revealing that it’s their least favoured topic of conversation with friends.

 

There’s a clear North-South divide with the South East (24%) and the Midlands (23%) not far behind.

 

Among the things Southerners are more comfortable talking about than money include religion, politics and even grooming habits (such as waxing & personal hygiene).

 

Daniel Hegarty, CEO & founder of Habito, says: "Money has long been a risky subject of conversation in the UK, but it’s time we faced our fears and started talking about our personal finances - whether that’s with friends and families or professionals. It could mean the difference between finding a great mortgage deal, scoring some great savings or benefitting from some budgeting advice.

 

We know that when it comes to mortgage buying, 42% of first-time buyers choose to seek advice from family and friends, but these conversations then tend to dry-up.

 

According to HSBC, mortgage inertia costs 1 in 4 people £4,000 every year when they are automatically put on an expensive tracker or standard variable rate mortgage when their fixed term ends. A friendly conversation can act as a timely reminder and could save people thousands.”

 

November 15, 2017

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