Many people find it difficult to talk about money usually because they don’t feel comfortable talking about personal money issues and feel like they will be judged if they reveal that they are struggling.
According to the Office of National Statistics, 3 in 4 adults reported feeling very or somewhat worried about the rising cost of living in 2022, so it is more important than ever to be able to talk about money. Feeling able to talk openly with friends, family and people who can provide expert advice can help to find solutions or relieve some distress.
What is Talk Money Week?
Talk Money Week is an awareness campaign ran by Money Helper and takes place every November to help encourage people to be more open about money matters. This year Talk Money Week runs from 7th to 11th November and with the current financial climate, now is a very appropriate time to normalise talking about money.
Why is it important to talk about money?
Talking more regularly about money can give you more confidence in money management, using the advice and experience of others to find different solutions that you may not have considered.
Being able to talk more openly about finances can help to achieve better outcomes, for example, if work performance has been affected by financial worries, talking to your manager will help them to understand and try and offer more support. Some employers offer employee support services such as free debt counselling that can be really useful.
Research shows that people who talk about money feel less stressed or anxious and more in control, and they also make better and less risky financial decisions. Worrying about money can have a serious impact on mental health, with many people reporting that they find it hard to focus at work or feel anxious when out with friends, especially when doing something that costs money.
By talking to friends, you can come up with ideas together for socialising that won’t cost as much money or find alternative ideas to buying each other expensive gifts at Christmas.
Talking to children about money
Talk Money Week is also a convenient time to discuss money management with children, to a level that is suitable for their age. When you are paying for items in shops, talk to your children about different prices and the decisions that you make about which items to buy. For example, explaining that you can buy 3 non-designer branded t-shirts for the same price as a branded one helps them to understand why it is not realistic to just buy everything that they want.
Encouraging children to start a savings account and be responsible for managing their own pocket money can help them to build a deeper understanding of how money works from an early age. The earlier that children start learning about money, the more prepared they will be when it is time to have their own financial responsibilities.
Further support and advice
Further support can be found on the Money Helper website which provides advice on how to talk to people about money and there is a Live Chat tool to speak to someone too. Charities such as Shelter and Citizens Advice can also give you guidance about saving money and financial support that may be available.
The Central Liverpool Credit Union can also provide advice in your local area, so you can come into one of the offices or see when the mobile office is coming to your area.