Men 'more likely to discuss finances than women'

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Men are more likely to talk openly about their finances than women, according to new research.

The study by Saga also found that 21 per cent of those under 50 are happy to talk in public about money matters, compared to just 14 per cent of those over 50.

According to the findings, people are most likely to discuss which company they bank with, whether they have a pension and the type of bank account they have in public with friends.

The chief executive of the Saga Group, Andrew Goodsell, said: "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."

David Elms, the chief executive of IFA Promotions, recently stated that the need of consumers for mortgage advice may be likely to increase in coming months due to the market's current conditions.

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