Money Matters: Why we're supporting Talk Money Week

In this week’s Money Matters column, to mark Talk Money Week, Wrekin’s debt and energy manager Dan Bebbington discusses the importance of having open conversations about money.

Talk Money Week is a perfect opportunity to break the silence on all things personal finance – from pocket money to pensions.

Despite it being one of the most impactful areas of our lives, money often remains a taboo topic.

But talking about money – especially when struggling – can be the first step towards achieving financial wellbeing.

Many people feel uncomfortable discussing their finances. Whether it’s concerns over debt, the rising cost of living, or saving for retirement, the topic can evoke shame, fear or embarrassment.

Money issues affect almost everyone at some point, and normalising open discussions can ensure people feel more able to reach out for help when they need it.

This year’s Talk Money Week is all about doing ‘one thing’ to open up conversations about money.

For parents, it is a great time to introduce children to the basics of budgeting with pocket money, helping them develop a healthy relationship with money from a young age.

Teaching kids about earning, spending and saving empowers them to make responsible choices later in life.

Simple lessons, like saving a portion of their pocket money, can set them up with essential financial skills for the future.

Other simple actions you could take this week include checking in on your pension pot, re-evaluating your monthly budget, or setting a goal like paying off a debt or reaching a certain savings goal.

If you’re struggling with money, why not take the opportunity to share your concerns with a trusted friend or family member, or seeking the support of a money advice service.

It can be a daunting first step, but many people feel a huge sense of relief once the burden is shared. A trained advisor will also be able to help you evaluate your finances and work out a way forward.

If you are worried about money, remember you’re not alone. Using this week as a prompt to start a conversation – whether with your partner, child, friend or a professional – can be liberating.

This Talk Money Week, let’s all commit to having these important conversations and doing our bit to help end the stigma.

6th November 2024