This week is Talk Money Week, an annual event designed to kickstart conversations about managing our finances and highlight the great work being done by credit unions, banks and other organisations that are helping people across the UK attain financial security.
With the financial impact of the coronavirus pandemic still being felt by many households in the UK, this year's Talk Money Week is of the utmost importance to ensure those at the greatest risk of financial hardship are aware that there is a light at the end of the tunnel and that help is available to them.
Run by the Money and Pension Service (MaPS), Talk Money Week is for everybody and encourages partners, family, friends, colleagues, employees and more to have conversations about their money in an attempt to make the subject less taboo.
At present, money is one of the UK's least favourite topics of discussion, with nine in 10 adults struggling to talk about money or avoiding the subject altogether; according to financial institution TotallyMoney, Brits are more comfortable discussing religion or politics than money!
The hope is that, by discussing our personal finances more openly, we can all increase our financial and mental wellbeing.
Studies indicate that talking about money makes us feel better about it and helps us build healthier money habits, such as saving more regularly and making less risky financial decisions. In addition, talking about money reduces stress and anxiety and strengthens relationships. It also increases the likelihood that the person or people you discuss your finances with will do the same, allowing them to receive the same benefits.
While talking about your finances with your partner, family and friends should be reasonably straightforward once you've broached the subject, discussing it with kids and colleagues is a different proposition.
When it comes to kids, it's never too early to start teaching them about money and helping them understand how to manage it effectively, building their confidence on the subject.
If you have kids that receive pocket money, letting them take responsibility for it will develop their financial skills and teach them about the cost of living and the importance of saving from an early age.
If you're under financial pressure, talking about it with your colleagues or employer is a great way to start taking back control of your bottom line.
As for employers, encouraging your employees to discuss their financial circumstances can help them take control of their financial situation and future, including their ability to adapt to and deal with unexpected hardship.
At Leeds Credit Union, we provide straightforward and affordable financial services to people in Leeds, Wakefield, Harrogate and Craven. We help our members take control of their savings with a range of services, such as loans, savings accounts, including one for children under the age of 18, and a money and budgeting service designed to help people create realistic budgets to ensure they can always pay their bills on time. This helps them achieve financial security now and in the future.
But, as the name suggests, the most important thing about Talk Money Week is getting people to open up and talk about their money, whether they're more concerned with their pension or their pocket money.
We're big fans of the annual event and would encourage all our members to come together and join the conversation. If you find it difficult to talk about money and would like some advice on starting a financial conversation, MaPS has created a series of guides which could help. There’s also our helpful MABS team who work in partnership with Housing Leeds, helping tenants who are struggling to budget their money and pay their bills.
Leeds City Credit Union is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority (FRN 213369).
Tel: (0113) 242 3343 Email: firstname.lastname@example.org
Registered Office: Leeds City Credit Union Ltd, 2nd Floor Westminster Buildings, 31 New York Street, Leeds LS2 7DT
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Due to staff training our City branch will be closed from 9am until 11am today.
Our online and telephone services are running as usual.