9 in 10 UK adults – that’s 47 million people – don’t find it any easier to talk about money, or don’t even discuss it at all. With the pandemic bringing many financial challenges to the forefront of our lives, Talk Money Week which runs from 8th – 12th November, is encouraging us to have open and transparent conversations about personal finance. These informal chats can take place with our friends, partners, relatives and children and can have massive positive effects on not only our financial wellbeing, but also our relationships with our loved ones.
Not only can talking about money help us relieve any of our own money worries we may have, but it can be an opportunity to impart crucial knowledge to other family members. Children and young people start developing vital attitudes and money skills by the age of 7 and those who are more financially aware tend to have parents/carers who speak about finances and engage them in money related tasks. Having conversations about money builds children’s confidence on the subject, in turn honing better financial skills as adults.
Research shows that people who talk about money:
- make better and less risky financial decisions
- have stronger personal relationships
- help their children form good money habits for life
- feel less stressed or anxious and more in control
Talk Money Week urges us to stop keeping money secrets from loved ones and use this point in time to address any concerns we have. To find out more about Talk Money Week and make use of the numerous resources available, click here.
Talk Money Week, is ran by The Money and Pensions Service (MaPS). MaPS is an arm’s-length body sponsored by the Department for Work and Pensions, established at the beginning of 2019. MaPS is dedicated to helping people – particularly those most in need – to improve their financial wellbeing. If speaking to a loved one is too daunting, MaPs free, non-judgemental and impartial guiders can offer advice here.
If you have any concerns about your NESPF pension, remember you can use My Pension to view your benefit statements and check the details we hold on your pension. You can also contact the Fund if you need to speak with a member of our staff.