Start the conversation: How people in the West Midlands can talk to friends and family about money
This week is Talk Money Week; an annual campaign by the Money and Pensions Service (MaPS) to encourage people to have more open conversations about money.
Dawn Cummins, MaPS Regional Manager for the West-Midlands, gives guidance on why and how we should talk about money and pensions.
We feel uncomfortable talking about money
As a nation, we don’t feel comfortable talking about money.
MaPS research found that only just under half (46%) of adults in the West-Midlands feel comfortable talking to friends about personal finances, and only half (53%) feel comfortable talking to their families.
Embarrassment and fear of judgement or failure were the main reasons given for not talking about money.
The UK-wide data also found that women (39%) were less comfortable talking about personal finances with friends compared to men (50%), and those aged 55 and over felt less comfortable than 18-34-year-olds.
Tips for talking about money and why we should start
Talking openly about money and sharing the burden of money worries can often reduce feelings of stress or anxiety and help you feel more in control.
It also helps people make better and more informed financial decisions.
Many people don’t know how to start talking about money, but money conversations don’t have to be perfect or polished; they just need to happen.
My top three top tips for talking about money with friends and family are:
Manage your emotions.
Listen without interrupting.
Avoid blame or judgement.
The conversation might change with who you’re talking to.
MoneyHelper has guides on talking about money with your partner and with your friends.
Talk about pensions to a professional
Talking about money should also include talking to a pensions professional. Our research found that 10.7million of us are too busy or too confused to think about pensions.
But there are ways to talk to a pensions professional that can fit around our busy lives.
You can talk to a MoneyHelper expert for free via WhatsApp.
And if you’re over 50 with a Defined Contribution pension, you can get a Pension Wise Digital appointment, giving you personalised pension guidance in your own time.
Talking to a debt adviser
Many people don't seek debt advice because they think it's not right for them, they think they'll be judged, or they find it too overwhelming.
When you contact a debt adviser you can expect a supportive, non-judgemental environment where you’ll be offered practical expert advice and options to help you.
If you need help, reach out, you’re not alone – use MoneyHelper's free debt advice locator tool to find free debt advice near you.
Talk to children about money
To encourage future generations to be open about money, talk to children about it.
Children begin developing money habits between the ages of three and seven. Talking to them about budgeting, saving, and spending can help them build good financial skills for life.
Visit MoneyHelper for free guides on how to have these conversations, plus age-appropriate activities to support children’s learning.
