This week is Talk Money Week, a campaign created by The Money and Pensions Service to try and encourage people to talk openly about money to improve their financial wellbeing. This is a campaign which we really support as, even in 2021, money can still be seen as a rather taboo subject with 9 in 10 UK adults* finding it difficult to talk about money, or not even discussing it at all.
There can be many benefits to talking openly about money*, including:
- Feeling less stressed or anxious and more in control
- Making better and less risky financial decisions
- Having stronger personal relationships
- Helping your children form good money habits for life
As Financial Planners, having open and honest conversations with our clients and gaining an understanding of their worries and goals for the future is crucial in helping them achieve and maintain financial wellbeing.
With the pandemic having a devastating effect on many families finances, we think it is as important as ever to incorporate open conversations about money into day-to-day life, whether that be with a partner, friend or family member. This can help us to build financial confidence and resilience to face income shocks, life events and whatever the future throws at us. Start the conversation today! If you're unsure how to approach these conversations with your loved ones, The Money & Pensions Service has some useful guides.
* The Money & Pensions Service, 2021