A new study says that millions of people in Britain do not talk about the state of their finances with their families and the only topic more taboo than money is sex.
Financial experts warned that by not discussing the family budget, people are ignoring important issues such as how they would cope if their income was reduced or what would they do if anything happened to a breadwinner.
A study by insurers Aviva found that 10 per cent more families have satellite TV than life insurance. While 27 per cent said they thought a TV subscription deal was worth the money, only three per cent felt the same about life insurance. People were also more likely to insure their mobile phone than to have cover in case they became seriously ill and could not work.
The researchers said many people were putting their families' futures at risk by failing to appreciate the value of openly discussing their finances with their loved ones.
"No one likes to dwell on poor health or mortality, but people are stopping themselves putting measures in place to protect their loved ones," the Daily Mail quoted Louise Colley, Aviva's head of protection sales, as saying.
"Too many assume someone else will look after their families if they weren't there to provide for them, but the reality is very different. People need to ask themselves how they would pay for their accommodation, food and other costs of living should they suddenly lose an income.
"They could be putting the future financial security of their families at unnecessary risk. Many report feeling peace of mind when they take out life cover, so we'd urge families to overcome their taboos," Colley said.
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