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FSA/PN/010/2006
7 February 2006

Three quarters (74%) of British couples find money the hardest subject to talk about with their partners a new survey by the Financial Services Authority (FSA), the UK's financial watchdog, revealed today. Plus a third would rather discuss sex or their previous relationships than their bank balances.

To help people get to grips with their finances and feel more confident about the subject of money, the FSA has launched an impartial new website www.moneylaidbare.info. It includes top tips on how to manage your money, how to plan ahead and where to get further help.

The survey, which questioned over 1,400 people across the UK about their attitude to money, also found that despite an unwillingness to talk about money:

• over a quarter (27%) of couples regularly argue when they try to discuss their finances
• about a third (32%) of couples lie to their partners about how much they spend on their credit cards
• over a third (35%) of British couples are kept awake at night worrying about their money situation

The www.moneylaidbare.info website offers clear jargon-free information to help people take the first steps to better financial planning. The site also contains two simple interactive tests, The Debt Test and The Financial Healthcheck, which help people identify their financial priorities so they can start to take control of their money.

Commenting on the results, relationship psychologist Christine Webber says: “Not knowing how to bring up the subject of money with a loved one without sounding accusatory, mean, or overly serious, can cause incredible relationship stress. But there are some very simple steps couples can take to open up the lines of financial communication – it’s vital that people start talking.”

Vernon Everitt, Director of Retail Themes, Financial Services Authority says:

"Money is a very difficult subject to talk about but ignoring financial problems can make them worse. To help we have created a friendly, straight talking website which gives people impartial information about the world of money and offers tools to help sort out their own individual situations. It will hopefully be a stepping stone to a healthier financial future."

Further findings

Money seems to be the hardest word

• Men are prepared to do anything to avoid talking about finances, with almost a third (29%) preferring to answer questions about their partners' personal appearance rather than ones about money. Women, on the other hand, are more likely to ask their partners for careers advice (44%).

Financial insomnia

• More women are kept awake worrying about money than men – 38% compared to 29% of men. Finances are top of the list of night time worries with other concerns following:
• 21% stay awake thinking about their careers
• 20% worry about health matters

The honest truth

• Over two fifths (43%) of couples lie to each other about how much they spend on luxuries for themselves
• One third of women are dishonest to their partners about their credit card spending habits (33%) compared to 29% of men admitting not always telling the truth.

Note to editors

• The new 'moneylaidbare' website can be accessed at www.moneylaidbare.info.
• The survey was conducted by Tickbox.net using a representative sample of 1436 GB adults aged 16+ who are in a relationship.
• Top Tips For Discussing Your Finances by Relationship Psychologist, Christine Webber and Tips and Pitfalls from the FSA are available on request.
• To promote the FSA's free tools and resources the FSA is running a national and online advertising campaign with a 'naked' theme to show the world of money 'laid bare'; stripped of jargon. This is the second phase of a new £1.5 million consumer campaign following the successful 'mortgageslaidbare.info' site launched in October last year.
• A selection of images is available and has been sent to your picture desk. If you would like them sent to you directly please contact Claudia Brown, MS&L on 020 7878 3231.
• This campaign forms part of the FSA's contribution to the Financial Capability strategy. The Financial Capability Steering Group, formed by the FSA to identify ways to build a national strategy for improving financial capability, has identified seven key projects. The projects areas are Schools, Families, Workplace, Retirement, Borrowing and Generic Advice.
• Regional stats also available on request
• The FSA regulates the financial services industry and has four objectives under the Financial Services and Markets Act 2000: maintaining market confidence; promoting public understanding of the financial system; securing the appropriate degree of protection for consumers; and fighting financial crime.
• The FSA aims to promote efficient, orderly and fair markets, help retail consumers achieve a fair deal and improve its business capability and effectiveness.

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