Why we need to talk about money


 

Graeme Bold

Graeme Bold

Workplace Pensions Director

Talk Money Week this November wants to get everyone talking and do one thing to improve their finances.

Talking about money can be hard. A third* of UK adults feel too uncomfortable to talk about it with their peers and just over half** of parents or carers feel confident discussing it with their children. For many, it’s a taboo subject.

It can be down to a lack of understanding, confidence, or perhaps it’s just something they’ve never done before. The lack of financial education in schools across the UK doesn’t help. 

Yet, many people worry regularly about their finances*** and it can affect their mental health, especially in the current economic climate. 

Do just one thing  

Talk Money Week (6-10 November), from the Money and Pensions Service (MaPS), wants to get people talking – and do just one thing to try to improve their finances. It could be as straightforward as setting aside a regular time to talk about finances with family, or making a Will so that loved ones are looked after should anything happen. It could also be looking at ways to budget better, finding lost pensions or getting to know more about pension savings.

We’re right behind Talk Money Week because financial wellbeing is incredibly important – and our members and employers tell us how much it matters to them, too. 

Talking about money – including pensions – and making it part of everyday life helps to build knowledge, confidence, and resilience but if people’s finances aren’t in good shape how can they save for their future?

Our 2023 Retirement Report highlights that around one in three people are currently on track for a retirement which won’t give them a comfortable lifestyle based on Scottish Widows’ National Retirement Forecast. They won’t have a car, or holidays, or spare money to save for a rainy day. 

That needs to get better.

Be Money Well

That’s why financial wellbeing is important for everyone. As part of our Talk Money Week support, we’ve got lots of resources for employers and employees on our Be Money Well web pages.  

There are tips, tools, guides, articles, and guidance to help people better understand, manage, and start conversations about their finances. Whether that’s learning the basics, improving digital skills, accessing support through difficult times or learning the key financial things to think about at different life moments. 

Financial wellbeing isn’t just for one week in November, of course. Our Be Money Well hub is there to help employees learn new financial skills all year round.

We regularly run financial wellbeing focused webinars with employers, advisers, and employees. This gives people the opportunity to ask us any questions they have about everything from debt to budgets and pension basics.

As part of Lloyds Banking Group, we take part in year-round money education sessions for school children and students to help to improve their financial understanding and equip them better for working life. Starting to learn about these matters at an early age will help our young people learn to make better decisions about their money.

For now, let’s do what we can to get people talking – and just do that one thing to improve those finances.

Find out more: The Be Money Well hub

Sources:

* 34% of adults feel too awkward talking about money  (Source, Klarna, 2022)

** Money and Pensions Service, 2023: 56% of parents/carers feel confident talking to their children about money 

***44% worry regularly about money. (Source, Klarna, 2022)



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