How often do you talk about money?
Talk Money Week aims to get everyone talking about money 'from pocket money to pensions'. FSCS Chief Executive Caroline Rainbird explains why it's so important that we open up and talk about money.
How often do you talk about money? Daily, weekly, monthly...or less than that? I know money can be a bit of a taboo subject and one that many people don't feel comfortable discussing. But I believe it's crucial that we all open up, to break down the stigma around talking about money. So I'm delighted that FSCS is supporting the Money and Pensions Service's Talk Money Week, which begins today.
Talking openly about the financial choices we are considering has so many benefits, not least for our mental health and wellbeing, which is especially important in these uncertain times. Chatting about money in our everyday lives can help to boost our financial confidence and give us the strength to face whatever the future may hold. It also helps to sound out family and friends, as this can reduce the risk of falling for scams.
Talking money helps boost confidence
The Money and Pensions Service (MaPS) reports that around half the adults in the country (over 24 million people) admit to not feeling confident in making decisions about financial products and services. At FSCS we want you to be armed with the right information about our protection to help you make informed decisions. That's why we recently published a set of key questions to ask your provider about FSCS protection, before you commit to anything.
If you're confused about the financial services industry and aren't sure where to go for help, you're definitely not alone. Look no further than our guide to financial protection, which shows some of the main organisations in the industry and explains the different roles they play.
Set yourself a talk money challenge
MaPS encourages people to talk about money 'from pocket money to pensions', which really strikes a chord with me personally. I strongly believe we should educate children about money from an early age and promote healthy money habits from childhood. I always try to teach my children that money has a value, as this isn't always obvious in a world of online shopping and credit cards, where we use actual cash less and less.
I'm setting myself a challenge to have at least one conversation about money each day this week and to continue this habit into the future. I encourage you to do the same at a time when open communication, strong relationships and savvy financial decisions are more important than ever.