Families 'review spending habits'

The recession has prompted families to discuss money matters more openly and to re-asses their spending habits, according to a new study.

It is the younger generation that has seen the biggest change in attitude, discussing money-related issues more and exercising greater caution with finances, says the Post Office.

Its survey of over 3,100 people found that close to half of 16 to 30-year-olds were talking about money more than ever before, against an average of one third across all ages.

One out of four respondents in this age group also said they had saved more cash since the beginning of the financial crisis, compared with only one in 10 among 35 to 50-year-olds. Overall, a fifth of those questioned said they were better savers than before.

Most people also admitted to tightening their purse strings, saying they were more likely now to look around for best deals.

Post Office director Gary Hockey-Morley said: "We are beginning to see how economic hardship has encouraged different generations of families to pull together, as conversations about money become both more open and commonplace.

"The younger generation in particular is driving such dialogue as they continue to learn from the mistakes of their parents, while adopting a more cautious approach to money matters, in turn reflecting the values of their grandparents."

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