The study by wealth manager Charles Stanley was conducted late last year.

HNWIs are happy talking about money to their partner, with almost three-quarters saying they are comfortable having cash conversations with their other half.

Two-thirds said they were comfortable talking to financial advisers and just over half to investment managers or accountants.

But only two-fifths agreed they were comfortable talking money issues with their children.

Only a fifth said they talked to their parents about money while less than a fifth talk to grandchildren.

While a third of HNWIs agreed that people do not talk enough about money, almost a third said they did not do so because of privacy.

Some 31% said they like to keep things private and 23% said that they hesitate because they think they might tell other people.

Meanwhile 18% felt strongly that conversations about money may upset people, while 17% think that it is not appropriate to discuss money.

Andrew Meigh, managing director of Financial Planning at Charles Stanley, said: “Many HNW individuals have a number of dependents, not just their spouse and children, but across generations and new modern family make-ups.

“Wealth management is not just about numbers, it’s about helping families have difficult conversations so that there is transparency, and the best outcome can be reached across the whole family.”

• The research was carried out by Charles Stanley in partnership with The Nursery between 27 September and 10 October 2022. It sampled 203 high-net-worth investors with over £500,000 in investible assets.