A new study carried out by Saga Insurance has found that those over 50 years of age do not like to discuss money unless they really have to, unlike younger people who are much more at ease with it.
However there are some things that no-one is particularly comfortable discussing, no matter what their age. The Saga Insurance study revealed that discussions regarding earnings and salary figures are disliked by all categories, with respondents saying they would try and get out of such a discussion if they could.
On the subject of discussing finances generally, around half of those involved in the study told Saga Insurance that it was not an appropriate subject to discuss, whilst almost ten percent of people said they would be embarrassed to discuss their personal finance situation with anyone.
In 2007 approximately 18,000 unsecured personal loans were taken out to pay for school fees, with a total value of around GBP165 million according to Sainsburys Bank.
Looking at the historical data Sainsburys Bank also found that over GBP2 billion extra was spent on school fees in 2006 compared with just 2 years previously. This is a massive additional amount to cover and explains the increasing use of unsecured personal loans and other forms of borrowing to fund childrens educations.
Looking ahead Sainsburys Bank also expect the trend to continue. With a rising cost of living, more children enjoying private education and also the fact that school fees themselves rise at levels well above the rate of inflation they are predicting more borrowing.
Abbey National has announced the introduction of 2 new student bank accounts, one aimed specifically at those from other countries coming to the UK to study.
The international student account that Abbey National has introduced pays interest of 6 percent on credit balances up to GBP500, no charge for the presentation of foreign cheques and an opening balance required of just GBP5.
The other student bank account is aimed squarely at the regular student market, with the key aspect being the overdraft, which steps up each year to a maximum of GBP2000. Credit balances are rewarded with an interest payment of 4 percent per annum and the Abbey National are kindly offering to fund part of the Freshers Ball with a cash payment upon opening the account of GBP50.