Talk Money Week The information on this page has been collated from the Talk Money Week webpages. You can download the information from this page by clicking on this button: Talk Money Week The Money and Pensions Service holds Talk Money Week every November, to increase people’s sense of financial wellbeing by encouraging them to open up about personal finance. Everyone has money worries and for many, the issues of 2020 have made these worse. But importantly, we can take some simple steps to feel more in control of our financial wellbeing at this difficult time. Talking about it can really help! Why talk about money? During COVID-19 we may be physically closer than ever to our immediate families, but financially we still prefer to keep our distance from some of our loved ones. Did you know: 21 million British people are keeping money secrets from their loved ones? Money causes the biggest strain on couples’ relationships. (Relate, 2017) Our adult money habits can be set by age 7, so talking to children about money is really important. The effect of COVID-19 has made it more important than ever to start conversations about money. Research shows that people who talk about money: 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 helps us to build financial confidence and resilience. But how to get started? Having Conversations About Money At Home Lockdown has seen the UK population spending more time at home and having more reasons to worry about money, but it seems this hasn’t made us any more willing to talk about money. Having these conversations can have a positive impact on our closest relationships. Use the Money and Pension Service guides to help you start a conversation with your friends, partner, relatives and children. Five tips to help you get started 1. Create a comfortable setting: You might feel more at ease chatting over a cup of tea, as you go for a walk or at your kitchen table so you can lay out any paperwork. Try to minimise interruptions; put phones on silent. 2. Prepare how you’re going to kick it off: Sometimes the hardest part of having a conversation is knowing how to start. Once you’re past the first few seconds, you might be surprised by how easily the conversation flows. If you see a news bulletin relevant to your situation, use this as a springboard to initiate a conversation – it’s a useful way to break the ice and to remember that many people are in the same boat right now. 3. Listen as well as talk: Try to make sure you go into the discussion with an open mind, being prepared to take in the other person’s point of view. Hearing one another’s standpoint in a respectful way can make the difference between having a constructive conversation versus an unproductive argument. 4. Check in with friends and family: Once you’ve made the first step to opening up about your financial worries, you can help others to do the same. Never force someone into a conversation as they’ll only be defensive, but do remind them you’re here to chat if they need support. 5. Choose who you open up to: Try not to have preconceptions about whom you should have these conversations with. You might find it easier to speak to someone who may not be directly impacted by your money worries, like a friend or professional. Conversation starter guides How to have a conversation about money Talking about money to yourself Talking with your partner about money Talking with your friends about money Talking with an older person about money How to talk with children about money Manage Cookie Preferences