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Many find it difficult to talk money

Research tells us that talking about money is often a taboo subject.

According to MIND, ‘over 1.5 million people are experiencing both problem debt and mental health problems’ which suggests an unsurprising link: that money worries can add to, if not create, poor mental health.

When we feel like we don’t have enough money, and we don’t feel like we can discuss it openly, it can make daily life stressful and difficult. Normalising discussions around money can help us to process money worries, help us come up with solutions, and make us feel comforted that we’re not alone.

Break the stigma around money talk

Talk Money Week is all about sparking money conversations in workplaces, family and friendship groups, schools and wider communities. From pocket money all the way to pensions, it’s designed to get people of all ages comfortable talking about money and to ‘help you get advice from experts if needed.’

Recent data tells us children and young people use money in their daily lives from as early as age 7. MaPS’ research (2023) found that 70% of children aged 7-17 receive regular pocket money, yet just over half of parents/carers say they feel confident talking to their children about money. It also shows that 52% of children buy things online without parental supervision at least some of the time (MaPS, 2024).

These statistics suggest a need to bridge the gap.

Normalising money talk can have huge benefits

Getting comfortable talking about money can help young people make good decisions when it comes to money, and build good habits for the future.

The MaPS say that talking about money can:

-        help people feel supported, and less stressed

-        help us build stronger personal relationships

-        increase financial confidence and resilience; and

-        make people feel better equipped to deal with money problems if and when they arise.

So why not start today?

How to get involved

Think about how to start the money conversation

People have different attitudes towards money, and it can be helpful to approach the topic sensitively. You can read Talking to your partner about money money and Talking with friends about money about money to help guide you on how and where to start.

Use your myFund account to revise your pension

If you haven’t already, you can sign up for your myFund online account today to access things like P60s, Annual Benefit Statements (ABS’), and to see your current savings. This will help to give you a clear idea of where you’re at, and think about any adjustments you might want to make.

Chat to your family about your Fund pension

You can let your family know about important pension topics, such as:

• Nominations for death benefits: A lump sum of money could be paid to those who matter to you if you die before claiming your pension. By making a nomination, or several, you can say who you'd like the money to go to, such as a person or a charity you care about.

  If you haven’t already, you can make your nominations by logging into your myFund account. You can find out more information on nominations here. 

• Power of Attorney: A Lasting Power of Attorney (LPA) is a legal document that lets you choose one or more people (known as ‘attorneys’) to help you make decisions, or to make decisions on your behalf.
  

This can be helpful if you have an accident or an illness and are unable to make your own decisions. You must be 18 or over and have mental capacity (the ability to make your own decisions) when you make your LPA.

You can find more information by visiting Gov.uk/power-of-attorney.

Find out if you have a lost pension and tell your friends and family to do the same

According to Pensions Age, there’s an estimated £31.1billion in lost pensions in the UK. Tracing a lost pension could boost your pension savings, and make you feel more financially secure for your future.  

If you think you might have a lost pension, you can download this treasure map provided by National Pension Tracing Day. The treasure map includes helpful tips such as thinking about how many times you’ve moved over the course of your working life, and whether or not you updated your address with pension providers.

For more information and other valuable resources on tracing lost pensions, visit nationalpensiontracingday.co.uk.