Talk Money Week 2022: PayPlan encourages open chats about money to prevent people from suffering in silence
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Talk Money Week (Monday, 7th November – Friday, 11th November) is a campaign supported across the industry to raise awareness and encourage you to be more open about money with your friends and family – and potentially help you get advice from experts if needed.
With the cost of living, inflation and rising interest rates all adding to everyday financial pressures, there has never been a more appropriate time to consider opening up about your finances.
Why should we talk about money?
Research by Money and Pensions Service shows that 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
Building money conversations into our everyday lives also helps us build financial confidence and resilience to face whatever the future throws at us.
MaPS has also highlighted toolkits to help people talk about money within organisations and schools.
We know what being in debt feels like
Data from MaPS’ Talk Money Week in 2021 revealed one in three (36%) say their financial situation makes them feel worried, while nearly one in two adults in the UK (45%) don’t feel confident in managing their money day-to-day.
We’ve spoken to our customers, other debt advice agencies and our advisers themselves as part of our Debt Doesn’t Discriminate campaign, to really understand what it means to feel out of control financially, and how people with lived experience have turned their lives around.
One common theme that came out when we kicked off our campaign last year was that there’s a perceived stigma around being in debt – but the reality is, it can happen to anyone.
Doctors, single parents, police officers, teachers – your career or background doesn’t make you exempt from falling into debt.
We feel if more people knew how widely this issue affects people – they’d be more encouraged to open up, and we want to banish the illusion of debt being something that only happens to some people, and not to others.
Sometimes, it’s not always safe to talk about money. If your partner or a family member limits or controls your access to your money, or runs up debt in your name, it’s financial abuse.
Financial abuse involves a perpetrator using or misusing money which limits and controls their partner’s current and future actions and their freedom of choice. It can include using credit cards without permission, putting contractual obligations in their partner’s name, and gambling with family assets. It’s important to know you can break free and that there are national helplines and services you can use.
Talking about your debt is the first step to getting help
At PayPlan, we’re passionate about helping our customers achieve not only their debt-free dreams but overall financial wellness for the future too.
When you’re ready, we’re here to talk and help you get back on track.
For FREE debt help and advice:
Fill in the form with your details and one of our advisers will call you back.
Call us FREE on 0800 280 2816 – we’re open from 8am-8pm Monday to Friday and 9am-3pm on Saturdays.