Talking about money isn’t always easy, but it can make a big difference to your financial and mental wellbeing. In honour of Talk Money Week, we’re sharing why it’s time to normalise conversations about money
What is Talk Money Week?
Talk Money Week takes place every November and aims to encourage people in the UK to be more open about their finances. This year, it’s more important than ever before that we take this opportunity to normalise conversations about money. The COVID-19 pandemic and the ongoing cost-of-living crisis have both impacted our finances in ways that no-one could have predicted. But by talking about money, discussing our concerns, and asking for help when we need it, we can all come together and improve our financial and mental wellbeing. In 2022, Talk Money Week is being held from 7th to 11th November.
Why is it so hard to talk about money?
Far too often, money is still seen as a taboo topic. Many of us are encouraged by our employers not to share how much we earn with our colleagues, job listings are posted with vague promises of a ‘competitive salary’, and it’s a subject we tend to avoid when chatting with even our closest friends. It can be even more difficult to talk about money when we’re struggling with debt. Those in financial difficulties might feel ashamed of their situation and worried they’ll be judged. Seeing people splash the cash on social media – heading off on luxury holidays or posting their latest clothing haul – can also add to the feeling that everyone else is managing their money better than we are.
What are the benefits of talking about money?
While it’s not always easy to talk about money, there are several benefits to being more open about our finances. Financial concerns can have a severe impact on our mental health and may cause symptoms of depression and anxiety. Sharing these worries with your loved ones can help ease the burden and ensure you don’t suffer in silence.
You’re not alone; research by Money Helper found that one in three people are worried about their finances. If you start being more open about your anxieties, you’ll probably find that many others in your life are in the same situation. And this, in turn, can improve the quality of your personal relationships. Talking about money with your family can also help your children to learn good financial habits that could lead to them making better financial decisions in the future.
How can I start conversations about money?
If you’re not sure how best to start a conversation about money, keep it casual at first. There’s no need to make the situation even more awkward by calling a family meeting or deliberately setting time aside to have ‘the money talk’. Instead, try bringing it up while you’re on a walk, over a cup of coffee, or during your lunch break at work.
Recent events in the news can also spark discussions. If you’re listening to a radio phone-in about rising energy costs, for example, could naturally kick-start a conversation about your own bills and encourage you to ask friends and family how they’re coping.
It’s also important to pay attention when someone close to you starts acting differently for no obvious reason. They might start cancelling plans or seem more withdrawn in conversations. If you notice a change, don’t hesitate to ask them what’s wrong and be sure to let them know that you won’t judge them.
Should I talk to a finance professional?
Sometimes talking about money with friends and family can feel too tough. You might be afraid of their reaction or worry that they won’t fully understand the situation. That’s where an expert could help. Debt management experts have dealt with dozens of people who are in a similar financial situation to you, and they have the experience to guide you through your options. They’re trained to be friendly, impartial, and empathetic when delivering advice. If you’re struggling with your finances and would like to seek practical help, consider having a confidential conversation with a finance professional.
If you’re ready to talk about money, our friendly team of experts is here to help. Give us a call on 0161 8260 585 or send a message here
