Let’s talk debt and pensions during Talk Money Week 2019

Written by Tom James on 28 October 2019

What is Talk Money Week?

Personal finance is often seen as a taboo subject but Talk Money Week is here to help break the stigma. Running from 18-22 November 2019, this year the campaign will be focused on pensions.

Organised as part of the Financial Capability Strategy for the UK, the aim of Talk Money, Talk Pensions Week is “to turn talking about money from one of the UK’s least favourite topics of conversation into something that becomes as natural and familiar as talking about the weather.”

 

Why is it important to talk about money?

According to a 2018 article by Moneywise, nearly half of UK adults are hiding more than £4,000 of debt from their family and friends. Further to this, a 2018 report by the Money and Mental Health Policy Institute reported that more than 100,000 people in problem debt attempt suicide each year in England. Therefore, it’s important to start talking about money worries before your situation gets worse.

Talking about money is important. It can give you confidence to get help and find out who can best advise you on any problems. It can be a great sense of relief to share your problems, so you’re not facing them alone.

If you don’t feel ready to have a chat, write down what you are going through and share it with somebody you trust. However, we’d advise you seek professional advice as soon as possible if you are in debt. Too many people wait until their debt level reaches a point where it’s difficult to pay back what they owe, causing them to enter a long-term debt solution.

PayPlan can talk to clients on a WhatsApp or email-only basis, so help is available to those who want to take things slowly without the need to talk on the phone. Find out how you can get tailored help by filling out our debt help form. If you do feel comfortable to talk, PayPlan’s advisers will happy chat to you on the phone.

 

Why is it important to talk about pensions?

Your pension is a form of financial security when you retire and it should be there to help you enjoy retirement after a lifetime of hard work.

Sadly, many people can’t retire at the State Pension age and continue working later in life, as they haven’t saved up enough or have too much debt to repay. Therefore, it’s important to get your finances sorted out as early on in life as possible.

Recent research from PayPlan has highlighted the struggles that people from different stages of life are facing when it comes to their pensions.

In a survey of over 3,000 participants approaching retirement, PayPlan found that many over 55’s had fallen into a financial trap whereby they weren’t prepared for their retirement. Over 34% of respondents said they waited between 1-2 years before seeking help, and just 10% plan to retire on time.

When researching millennials living in the UK, PayPlan found that 1,840,490 have almost no knowledge about pensions, and a staggering 521,930 opted out of paying towards their pension all together.

Check your current State Pension age to get an idea of how well your existing savings will support your state pension in retirement. If you have doubts that you will be supported in retirement, seek advice immediately.

 

How can you manage your money?

If you have found that your debts have gotten the better of you, it may be time to seek professional advice. PayPlan has a dedicated team of trained advisers who can offer confidential and expert advice to help get you back on track.

Our CEO, Rachel Duffey, had this to say when it comes to seeking advice:

“If you are struggling with debt, you should try to negotiate with your existing creditors and come to an arrangement over what you owe; you can ask for more time to pay and, although this isn’t guaranteed, it’s certainly worth asking the question.

“It may also be worth seeking professional help from a debt adviser if you are overwhelmed with multiple debts.”

Visit our debt help page today or call a trained adviser for free on 0800 280 2816.

Filed under News and Stories

This article was checked and deemed to be correct as at the above publication date, but please be aware that some things may have changed between then and now. So please don't rely on any of this information as a statement of fact, especially if the article was published some time ago.

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