Talk Money Week 2020 – Tips & advice

Financial worries and money are often seen as taboo topics, but this week is ‘Talk Money Week‘, which is aiming to help to break the stigma. Talk Money Week is organised by the Money & Pensions Service, and runs this year from 9th to 13th November.

Despite its prevalence in our lives and the stress it causes for many, most people find money extremely difficult to speak about.

The Money & Pensions Service has a range of online guides with tips on talking about money with different people.

Their tips include:

  • Avoiding blaming people that you are talking to
  • Talking about long-term goals and short term goals
  • Talking about others who have been through similar experiences as a conversation starter

We also recommend:

  • Talking about money at a suitable place when you have enough time
  • Making a plan of what you want to discuss
  • Trying to keep your cool during the conversation

Why should we talk about money?

Talking about money and normalising conversations about it can ease your worries and help you to have a good relationship with money.

Research has found that people who do discuss 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
  • feel more in control

Not only does talking about money have positive effects, as described above, but not talking about money can have negative effects too.

Not being open about money with those close to you can also cause them stress and hurt. For example, if you and your partner have both of your names are on bills, or any joint accounts, your financial situation could impact their financial future (and vice-versa!). It is important to know where you stand if you want to look after your finances during a relationship as well as when coming out of a relationship. The only way to do this is to start being open with your partner.

Not talking about money with other family members can also cause problems. With older people, if you haven’t talked about their financial future, issues can crop up in regards to things like retirement and care. You may not know what their wishes actually are, or how they would like you to manage the situation.

To find support for money worries, visit our support directory.