Young adults are much more open about discussing financial matters with their family members than pre-retirees, according to a new study.

Nearly two thirds (62%) of 18-24 year-olds feel comfortable discussing finances with parents compared to just a quarter (25%) of over-55s.

The research from wealth manager Killik & Co found that 13% of those aged 55 and older said they still believed money was a subject not to be shared with family members, compared to just 3% of 18-24 year olds.

Household wealth is a key factor, according to the research, with wealthier families being more open to discussing financial matters. Nearly two-thirds (60%) of households earning more than £100,000 said they felt open to discussing money with a parent and more than three quarters (78%) reported feeling open to talking to their partner about the subject.

That contrasts with the lowest earning group surveyed who make £15,001-£25,000 a year, where only a third (34%) said they felt open talking to their parents and less than half (46%) with their partners.

There is also a stark generational divide when it comes to the frequency of discussions. Half of those (51%) aged 18-34 said they discuss financial matters often with family compared to just a third (33%) of those aged 35 or above. Almost a third (30%) of 18-24 year olds admitted to talking about finances with their family at least once a month with just over one in ten (13%) of the older group feeling the same way. 

Additionally, the research found that 13% of individuals aged 55 and older believe that financial matters should be kept to oneself compared to less than 4% of those aged 18-24, displaying a generational difference in attitudes towards how money should be handled within the family. 

William Stevens, head of Financial Planning and partner at Killik & Co, said: “Money and the handling of one's finances has long been a taboo subject in British society, with many opting to keep their cards close to their chest and only confide in loved ones when it is absolutely necessary.

“Sadly, our research shows this attitude is still prevalent - but encouragingly, the younger generation is championing healthier habits. This offers hope that in the future, when the young workers of today near retirement, the nation and its families will have adopted an altogether renewed mindset about the historically neglected subject.”

 • Research was conducted by Censuswide with 3,215 UK consumers aged 18+, including 2,003 parents, between 28.06.24 - 03.07.24.