Blog: Unlocking Financial Wellness during Talk Money Week: One Simple Action
By Lindsey Reed, TISA Trainer
In a 2022 survey conducted by the Money and Pensions Service*, it was revealed that 81% of people avoid discussing their finances. The most common reasons cited for this financial silence were the fear of judgment, the burden of burdening others, and feelings of shame or embarrassment. Yet, the consequence of this silence can be detrimental, often leading to poor financial decision-making, a lack of essential money management skills, and even strained relationships.
In contrast, the benefits of open conversations about money are numerous, including enhanced financial literacy, reduced financial stress, the ability to set and achieve financial goals, and the cultivation of stronger, more transparent relationships. Discussing money helps build trust and understanding among individuals. These dialogues empower individuals to make informed choices, plan for the future, and ultimately achieve greater financial wellbeing.
This is why TISA is committed to delivering our Essentials for Money Management Training. The feedback we’ve received thus far has shown that the impact of this training has been profoundly positive.
As Talk Money Week takes place, the Money and Pensions Service encourages us to take one single meaningful step to enhance our financial wellbeing. The power of even one well-considered action can have a compounding effect, transforming the way we manage our finances and ultimately securing a more stable and prosperous future.
Here, we have compiled a list of suggestions for you during Talk Money Week, enabling you to take a small yet significant action for your financial health:
- Create a Budget: Think of a budget not as a constraint but as a personal plan to achieve your financial goals while gaining a better understanding of your spending habits.
- Build an Emergency Fund: Allocate a portion of your income to save for unforeseen emergencies. Having at least three months’ essential expenses readily available in an instant-access savings account can provide peace of mind and long-term financial security.
- Review Subscriptions: Check your Direct Debits and Standing Orders in your bank and PayPal accounts. Are you still using those subscriptions and services, or is money being automatically deducted without your awareness?
- Credit Card Spending: Treat your credit card like a “debt” card. Before making a purchase, ask yourself if you truly need the item or if it’s an impulse buy.
- Seek Help: If you’re concerned about your financial situation, consider reaching out to organisations like StepChange and CAP UK for free, non-judgmental advice.
Remember, improving your financial wellbeing is an ongoing process, and Talk Money Week is an excellent opportunity to begin taking steps in the right direction. Open conversations and deliberate actions can lead to a more secure and prosperous financial future.
Useful links
TISA’s Money Management homepage: https://www.tisa.uk.com/money-management/
Talk Money Week 2023: https://maps.org.uk/en/our-work/talk-money-week
*One in six UK adults have no savings
https://www.fincap.org.uk/en/articles/key-statistics-on-uk-financial-capability