Your financial wellbeing is as important as ever this #TalkMoney week.
Money and Pensions Service are encouraging us to have open conversations about money and raise awareness of financial wellbeing.
The Money Advice Service provide free and impartial money advice, set up by government. For free and impartial money advice call 0800 138 7777.
Did you know?…
Despite the Covid-19 crisis affecting our finances, 9 in 10 UK adults – that’s 47 million of us – don’t find it any easier to talk about money, or don’t even discuss it at all.
Finances are now the second largest contributor to stress in the UK.
82% of young people admit they worry about money regularly.
Nearly half (46%) of people in problem debt also have a mental health problem.
We know that opening up about your finances can be difficult but you can take simple steps to gain control. If you find it hard to talk about money, you’re not alone. By having a conversation, you can improve your physical, mental and financial wellbeing.
- Create a comfortable setting to have the conversation
- Practice the conversation by planning ahead what you would like to talk about
- Listen as well as talk
- Check-in with friends and family
- Be open-minded and trust the person you choose to speak to
- Put judgement and preconceptions aside
Financial wellbeing is about feeling secure and in control. It is knowing that you can pay the bills today, can deal with the unexpected, and are on track for a healthy financial future. In short: confident and empowered.
Research shows that people who talk about money:
- make better and less risky financial decisions
- have stronger personal relationships
- help their children form good lifetime money habits
- feel less stressed or anxious and more in control.
Talking about finances can help your financial wellbeing, it’s imperative we break the ‘money taboo.’