The findings showed that one in ten people are simply too embarrassed to discuss their money matters, with a further 10% citing a fear of ‘financial jargon’ as the reason for their reluctance. Over a third of respondents don’t think they have enough disposable income to benefit from a financial review, with one in ten fearing that their financial aspirations would not be taken seriously.
Only a third of consumers have paid a visit to their bank manager in the last two years, despite the fact that over half admit their financial situation has changed in that time. One in ten respondents questioned by the bank says they have had a windfall in recent years, with over a third receiving a pay rise.
The research has also revealed that consumers are turning to more unusual sources for their financial advice. One in ten under 25s admitted that they use social networks such as Facebook and MySpace for financial guidance, with one in five parents consulting their kids on money matters. Bank managers are the third most popular financial confidante, behind friends and parents, with hairdressers, bar staff and taxi drivers also making an appearance in the top ten.
Liz Hogbin, director of savings and investments at Lloyds TSB, said: We service our cars, have regular hair cuts and visit the doctor if we have any health concerns but many of us admit that we don’t take such good care of our finances. A regular financial health check can set your mind at ease, ensuring you make the most of your money and putting a plan in place to help you achieve your financial goals, be that travelling the world, buying a property or retiring early.
