A growing number of families and couples in the North West of England are avoiding financial discussions, claims new M&G Wealth research.

The Family Wealth Unlocked report, now in its third year, explores the monetary habits of 2,000 UK adults who have personally consulted, or have a relative who has sought advice from, a financial adviser.

It implies that a shrinkage in financial conversations today might impact long-term finances, with the research finding that people are not planning ahead.

The report found that since the start of the cost-of-living crisis, there has been an increased reluctance among individuals to discuss finances.

Only 61 per cent of North West couples freely discuss their financial affairs, with a mere 37 per cent having open conversations about money with their parents.

Kirsty Anderson, savings expert at M&G Wealth, said: “Discussions about money have always varied between families, but our research suggests that openness between generations is taking a hit in this current cost-of-living crisis.

"In an environment when everyone is feeling the pressure, it is important that conversations about money start at home.

"Now is not the time to shy away from discussions or hide financial issues, as speaking about problems and being honest with family members can provide the extra mental and emotional support people might need, as well as helping them to create a financial plan.

“Our data shows an increase in the amount of family gifting between generations, with older family members less likely to wait to pass on money through inheritances.

"Gifting can work out as a tax-efficient measure to help younger family members deal with life events or daily financial challenges, from buying a house or paying for a wedding, to just to helping them to manage their day-to-day bills.

"Encouraging conversations at home about financial affairs, or seeking professional financial advice, could help to unlock solutions for those struggling."