Wed. Dec 25th, 2024
talk about money
Macro image of a woman's hands as she holds out British ten and twenty pound notes, with pound coins and a twenty pence piece.

Start the conversation and improve financial wellbeing

National Talk About Money Week, 4th to 8th November, encourages everyone to open up about personal finance. This annual campaign raises awareness of the importance of financial discussions and aims to break the stigma around money.

Why talk about money matters

Many people feel uncomfortable to talk about money. In fact, a survey from the Money and Pensions Service shows that 81% of UK residents avoid financial discussions altogether. However, Loqbox data reveals that those who do talk about their finances experience better financial decisions, reduced anxiety, and stronger personal relationships. Finances remain a leading source of stress in the UK, which makes open conversations about money even more essential.

A shift in younger generations to talk about money

Encouragingly, younger adults show greater comfort in discussing finances. Around 27% of 18-24-year-olds say they’re comfortable talking about money with anyone, and 32% discuss finances with close friends or family. However, comfort levels tend to decline with age, highlighting the need to normalise financial discussions across all generations.

Today’s economic challenges, like rising inflation and cost of living, make it more crucial than ever to break the silence around money. Open financial discussions can help people learn, share, and ultimately improve their financial resilience.

Practical tips to start the conversation

1. Be open about your finances
Share your financial goals, struggles, or debt plans with trusted friends or family. Talking through money matters with others can offer fresh perspectives and keep you accountable to your goals.

2. Educate yourself
If finances feel confusing, take small steps towards financial literacy. Many online tools, resources, and even free workshops can help you understand credit management, budgeting, and planning. Loqbox Co-CEO, Gregor Mowat, advises, “It’s never been easier to join the conversation. Just a few hours of learning can open up new financial opportunities.”

3. Make financial discussions a habit
Talk about money regularly, not only when issues arise. Making money conversations part of daily life fosters healthy attitudes towards saving, spending, and future planning.

Ending the stigma around money talk

Ending the stigma around money discussions is essential for better financial health. Tom Eyre, Co-CEO of Loqbox, highlights that, “National Talk About Money Week isn’t just about raising awareness; it’s about creating safe spaces for open financial conversations.”

Facing finances can be daunting, but taking that first step – whether downloading a budgeting app or talking to a friend – can make all the difference. Remember, everyone starts somewhere. For more tips and support, visit Loqbox’s financial wellbeing resources.

By starting these conversations, we can cut financial stress, improve money habits, and build healthier financial futures.

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By Fergus McCarthy

Fergus McCarthy is a seasoned publishing professional with over three decades of experience in the media industry. In 1993, he co-founded Parents News, a pioneering publication aimed at providing busy parents in Southwest London with essential information on education, entertainment, sports, and family-friendly activities. Under his leadership, Parents News quickly expanded its reach from 60,000 to 192,000 monthly printed copies, establishing additional branches in Kent, South London, Northern Ireland, and Cornwall. In 1997, recognizing the potential of digital media, Fergus helped launch Parents News UK Online, which carried digital editions of the printed publication and offered a broader range of national information. The website's popularity soared, attracting up to 700 daily hits at its peak. Although Parents News transitioned to an online-only platform in 2017, Fergus continues to play a vital role as Publisher and Advertising Manager, focusing on providing value to businesses through effective advertorials.

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