Talk Money Talk Pensions Week
- Why should I talk money?
- How to get the conversation started
- Talking about money and pensions with people in your life
- Talking about money and mental health
- Financial abuse
- Talking about money and pensions with specialists
Do you look after your financial wellbeing? Talking about money can help our health, wealth and relationships.
The goal of Talk Money, Talk Pensions Week is to encourage everyone to open up about their finances. Discussing money and pension savings can feel taboo but in fact sharing thoughts about your money, whether good or bad, can be very valuable.Taking a little time to talk can lead to changing your habits, understanding your circumstances better or deciding to get help from an expert. And if that conversation becomes a regular catch-up, those benefits can only increase.
Talk Money, Talk Pensions Week is happening between 18-22 November 2019 but the Money and Pensions Service, which brings together the Money Advice Service, The Pensions Advisory Service and Pension Wise, is here to help you with your questions and problems all year round.
Why should I talk money?
Talking openly about money is important for our health, wealth and relationships. Research shows that people who do:
- 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. If we’re not prepared, we can struggle to cope when an unexpected bill arrives, or a life event changes everything.
This year we’re also reminding everyone to take some time to talk about pensions, whether or not you’re already saving into one. Our Money Advice Service website has lots of guides, tools and calculators to help you get started, check if you’re on track and work out how much you will need to live on when you retire.
If it really doesn’t feel right to talk to someone else at the moment, there is one person you can start with, and that’s you. Having a money conversation with yourself - by writing down what you need, what you want and how you might reach your goals - can help you take control. We’ve got a guide to making a checklist and getting started.
How to get the conversation started
If starting a money conversation isn’t easy, either for you or the person you want to talk to, there are steps you can take to help you prepare. You may also need to use a different approach depending on whether you’re talking to your parents, partner, friends or children.
We've also put together some resources to help you talk about money and pensions in organisations you're involved in - for example as an employee, a volunteer in a charity, or a member of a community group.
Talking about money and pensions with people in your life
Talking about money and mental health
Eight in ten adults with experience of mental health problems say money worries have made their health worse.
Opening up about your money worries can reduce stress and help you focus more of your energy on getting better. Eight in ten people who get advice about their debts say they feel less stressed, less anxious and more in control of their lives.
You can use our guide for great tips on how to deal with money when you’re feeling low, including practical things you can ask friends and family to do to help.
Check out the Mental Health and Money Advice website too. It’s really helpful if you or someone you know has a diagnosed mental health problem.
Everyone has the right to financial independence, so if your partner is controlling your money or running up debts in your name, it’s financial abuse.
If you’re in this situation, talking about money might cause your partner to do or say things that put you at risk of mental or physical harm.
It’s important to know you don’t have to struggle on alone. Use the Money Advice Service guide on protecting against financial abuse for things you can do and where to get help and support.
Talking about money and pensions with specialists
Getting things straight in your own head, or properly considering your options, can sometimes be best done by using an independent specialist.
If you want expert guidance on pensions you can find help through Pension Wise and The Pensions Advisory Service. If you’re aged 50 or older with a defined contribution pension, you can book a free, confidential appointment with a Pension Wise expert to talk through your options for using your pension pot(s) when you retire. You can also call The Pensions Advisory Service helpline or use their webchat service for any pension question at any time in your life.
If you are worried about problem debt and finding it hard to manage, getting expert debt advice can really help you to feel less stressed and anxious and more in control again. A debt adviser won’t judge you and will help you find the debt solution that’s best for you. To find free, confidential debt advice online, over the phone, or face to face you can use the Money Advice Service debt advice locator tool.
If you want specific advice, especially about financial products, it can also be worth talking to an independent financial adviser. A good adviser can save you money and a lot of worry, particularly if you are dealing with a big event such as retirement, going into care, becoming a parent, or have inherited a large lump sum.