“Let’s talk about money” – Talk Money Week 2020

The week of 9^th– 13^th November 2020 marked Talk Money Week. According to The Money and Pensions Service, Talk Money Week is designed to “increase people’s sense of financial wellbeing by encouraging them to open up about personal finance – from pocket money to pensions.”

Money worries are pervasive in society. This has been exacerbated further during the current global pandemic with many businesses suffering financial ruin and individuals suffering from reduced salaries and at worst, loss of jobs.

The Money and Pensions Service has produced a Talk Money Participation Pack which encourages and promotes having conversations about money with others and gives ideas about the ways in which these conversations can take place, whether in the workplace or at home, in education and youth work as a few examples.

The guide explains that there is research to show 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

Financial worries can be a huge source of tension in a relationship and it may be one of the main reasons for the decline in the relationship. Yet more of an issue is when one party is not aware of the full extent of the other party’s financial difficulties and this only becomes known during the divorce process.

Openness and honesty about money during the relationship can help to alleviate tension and avoid some more difficult conversations further along the line. The Participation Pack contains some useful tips about how to have these conversations at home emphasising that you need to listen as well as talk, understand your husband/wife/partner’s point of view and talk through matters in a respectful way.  This will enable a constructive and meaningful conversation rather something more counter-productive which only serves to cause further tension and even worsen the situation.

Jo Harrison, Counsellor and family consultant at FLiP says “Secrets in relationships about money give an idea of how hard intimacy and honesty might feel. The divorce process is often an uncomfortable revelation when it comes to money secrets”.

For some, the help of a professional can facilitate what can be an awkward and difficult conversation.

You can also join the ‘Talk Money’ conversation at #UKFinancialWellbeing on Twitter and LinkedIn. Please also see: www.maps.org.uk/wellbeing