‘Talk Money, Talk Pensions Week’ is the ideal time to discuss money worries, which research shows can help improve your financial well-being. By Rosemary Bigmore
More than three-quarters of employees in the UK claim money worries affect them at work, according to a 2019 study by Close Brothers Asset Management.1 That statistic suggests there is some truth that paying attention to your financial health can also prove beneficial for your mental health. Talk Money, Talk Pensions Week (18-22 November) is run by the Financial Capability Strategy for the UK, part of the Money and Pensions Service (MaPS), and aims to help people hold productive money conversations. Research by MaPS shows 22 million people in the UK say they don’t know enough about money to plan for their retirement.2 So if you want to know how to get started talking about money, the following tips can help…
1 Feel the fear and do it anyway
The MaPS research says there is evidence interventions can have “a doublegenerational impact – improving financial capability outcomes for both children and young people, and their parents”.2 Accepting that it’s a big leap can be a start to having a good money conversation. Speaking with a qualified money expert, such as a financial adviser, could help you to break the taboo.
2 Collect your thoughts (and paperwork)
Whether you want to talk to a partner, your parents, a financial expert or even your children, get your numbers in order. Know your budget, pension arrangements, assets and debts, including your mortgage. But also think about your financial goals: what you want to achieve with your money and what a comfortable retirement might look like are two good questions to ask yourself.
3 Set targets for your conversation
If you’re talking to elderly parents, you may want to discuss care costs, whereas with a spouse you may want to set annual, five- and 20-year savings goals. A financial adviser can help you take the emotional heat out of the conversation and recommend the best products to help you realise those goals.
4 Make a future money date
If you have had a productive financial chat, commit to monitoring and discussing financial goals and challenges. With a financial adviser this could be every year, but with a spouse or parents it may be more often. The most important thing is to keep talking because that will lead to money confidence.
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(2) https://moneyandpensionsservice.org.uk/wp-content/uploads/2019/04/Listening-Document.pdf Advice will be provided by an appointed representative of Quilter Financial Services Limited or Quilter Mortgage Planning Limited, which are wholly owned subsidiaries of Quilter plc. Investments may fall as well as rise in value and you may not get back what you put in. Quilter plc products and services are provided through its two divisions: Advice and Wealth Management and Wealth Platforms. For a list of its companies and their regulatory authorisation details, visit quilter.com. Quilter plc’s business is registered in England and Wales. The content of this promotion has been approved by Quilter Financial Services Limited and Quilter Mortgage Planning Limited. Quilter Financial Services Limited and Quilter Mortgage Planning Limited are entered on the FCA register (https://www.fca.org.uk/register) under reference 440703 and 440718.