Money and financial planning is a taboo subject in the UK still, despite an aging population, longer working lifespan and recent changes to annuities, new research from Legal and General has found.

Legal & General assurance society executive director and chief executive John Pollock, said: "Taking the time and having the confidence to talk about financial planning is hugely important.

"Despite this, one in five people would prefer to avoid talking about their finances and leave their financial planning to chance."

On the back of the findings, L&G is launching a campaign to encourage people to start talking about finance and taking greater responsibility for their financial future.

"We need to break this social norm and start talking about money. No matter what the situation or stage of life, achieving financial security begins with having the right conversation," said Pollock.

Legal & General's Taboo Tent has been touring the country, speaking with members of the public to get to the bottom of why talking about money is such a taboo.

The Taboo Tent uncovered the nation's top taboos and challenged people to take their first step towards financial security by holding awkward financial conversations for the first time.

Two fifths of the people interviewed (41%) said money is one of their biggest stresses.

The effects of money worries include: increased pressure on family life (39%); anxiety (39%); bad moods (29%); and sleepless nights (26%).

A third (34%) of those surveyed say money is their biggest stress, yet the same amount (36%) avoid talking about their finances with friends and family because it isn't the "done thing" – rising to over two fifths for those aged 55 plus.

Annie Shaw, who hosted the Taboo Tent, said: "As a nation, we simply don't like to talk about money matters - it's a social taboo that makes many people feel awkward.

"It's not helped by the fact that financial planning can be a minefield of confusing jargon and alien terms that are difficult to understand.

She added: "But talking about money doesn't need to be a taboo and a conversation with someone who can explain the facts in plain English can go a long way to help people understand their finances and plan for the future."

First published - 13.11.2014

Lindsay.sharman@wilmington.co.uk