Many people find it difficult to talk about money. Talk Money Week 2021 endeavours to change that to improve our relationship with money and have a positive effect on mental, financial and physical wellbeing.
Talk Money Week 2021 runs from 8th-12th November and encourages businesses, schools, local authorities, healthcare providers and families to be more open with money. Run by the Money and Pensions Service, this year's campaign focuses on the connection between mental and financial wellbeing.
It's no secret that most of us like to keep schtum about our finances. Whether you are in a positive or negative financial situation, many of us fear judgement if we reveal our personal circumstances. In fact, 1 in 4 UK adults admitted to lying about their financial situation to their family in a 2019 survey conducted by Lloyds Bank.
Such financial secrecy can lead to us suffering in silence when it comes to our monetary woes. In turn, this has been found to lead to increased mental and physical health problems and can often cause individuals to make rash financial decisions; and so the cycle of financial and mental health issues continue.
As the age old saying goes, a problem shared is a problem halved. Therefore, by opening up about our finances, we can break this cycle and improve our own mental and financial wellbeing. Likewise, by having open, honest conversations about money with someone we trust we can make better decisions for our finances while simultaneously feeling more in control and less alone.
And, the benefits don't stop there. By instilling a culture of financial openness, we actually teach our children to be more financially savvy and form valuable monetary habits.
While the benefits of talking money may be all well and good, putting this into practice is easier said than done. First, things first who do you talk to about money? While there is no one size fits all answer, there are plenty of options to discuss your financial worries.
Often, it is the most difficult to talk about our finances with those closest to us, especially if we are in debt. In fact, in a 2019 survey 1 in 4 UK adults admitted to lying about their financial situation to their family.
However, contrary to popular belief, talking through our finances with those closest to us can actually strengthen our relationships. Whether you are talking about money with your partner, kids, parents or friends, conversations about our finances build financial resilience and make us feel less alone with our problems whilst also giving us the benefit of seeking advice or a listening ear from someone who knows our situation.
Conversations with family and friends about our finances are especially important if you live with, or share financial responsibility with these people. Living in the dark about your spouses or parent's debts will only lead to further financial distress down the line and cause friction and mistrust within your relationship.
Talk Money Week 2021 is focusing specifically on the correlation between mental and financial wellbeing. This couldn't be more fitting given that 46% of people in problem debt also have a mental health problem while one in five people with mental health problems are in problem debt.
With this in mind, talking to a mental health professional or charity can be a great way to turn the tide on how our mental health is affected by money and vice versa.
Many also find speaking to a support service like the Samaritans much easier due to their non-judgmental, fully confidential approach; factors that can't always be relied upon when talking to family.
It may not be your first instinct to reach out to your local authority when you are struggling with your finances. But, as part of Talk Money Week, many local councils are hosting free webinars workshops and offering free resources all to help communities improve their financial and mental wellbeing.
Head to your local council's website or social media channels to see what events they are hosting.
Last but certainly not least, if you are in financial distress or struggling with problem debt, it is important that you speak to a debt advice company.
Expert debt advisors, like Angel Advance, can offer impartial, confidential debt advice free of charge and advise on the relevant debt solution for you. Not only can this help you get back on track financially, but it can also help to alleviate some of the stress and anxiety brought on by money worries. In fact, most of our customers say that talking to Angel Advance and our debt advisors lifts the weight of debt from their shoulders - read our reviews on Trustpilot to see for yourself.
At Angel Advance, we know that talking about money isn't easy, but it is important. That's why we offer a whole host of ways to contact us, from live chat and email, phone to our online tool. However, you feel comfortable talking about money, we are here to listen and provide confidential, free debt advice.
Angel Advance provides online debt advice to get you back on track and make your finances more manageable.Get Debt Advice Now