Between 9-13 November, the Money and Pensions Service (MaPS), runs its national Talk Money Week annual campaign to encourage us to all open up about money. Having the confidence to speak out, or knowing who to turn to, can really help in a time of need.
Talking about money can help us to build confidence and resilience. If we’re not confident with our finances, then we can struggle to cope when an income shock or life event happens.
Here’s everything you need to know to talk money….
What is Talk Money Week?
Talk Money Week is a time to have conversations around managing money – from pocket money right through to pensions. You can choose to start a conversation with your friends or family – ask the questions you’ve been shy about before or educate a child about where money comes from.
The effect of Covid-19 has made it more important than ever to start conversations about money. If you haven’t been impacted financially, it’s likely that someone you know has. Equally, Covid-19 has impacted our ability to communicate with each other, and we should be seeking out new ways to connect with one another.
The benefits of talking about money
According to MaPS, talking openly about money is vitally important for our health, wealth and relationships. People who talk about 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 and more in control.
Tips on how to have a conversation about money:
- Prepare the setting and time of your talk – without putting too much pressure on this, have a think about where you would feel comfortable to have the conversation. Would you like to chat face-to-face, video call or phone? Who else is likely to be involved in the conversation? Choose your time of day as well – if it’s a more serious conversation then make sure you have enough time to chat through everything you need to.
- How to start the conversation – starting a conversation can be hard, especially if it’s important or something you’re worried about. If you’re in a similar situation to something that has happened to a friend, or that you’ve seen on TV – then you can begin by telling that story to get onto the topic. If that doesn’t apply to you, then a few suggestions to start the conversation are: ‘I need your help with what just happened. Do you have a few minutes to talk?’ or ‘I think we have different ideas about [blank], I’d like to hear your thinking on this.’
- Conversational tips – getting emotional is completely valid but getting really angry or upset might interfere with the outcome you’re seeking. Tell yourself that you can express these emotions at another time, but this conversation requires your mind to be clear and logical. Also, try not to interrupt the person you’re talking to and avoid being judgemental.
Know how to deal with negative responses
If things aren’t quite going to plan, you may find it helpful to have some responses to hand that can help to deal with a negative direction.
Finally, try to end the conversation on a high – or positively at least. Make sure that you have a follow up plan – what are the next steps?
Are you struggling with debt?
If you or a family member has multiple debts and are struggling to keep up with repayments, then get in touch with one of our expert advisers today by phone or via our online Debt Help Form.