81% of people actively avoid discussing their finances, according to research from the Money and Pensions Service (MaPS).
Their research shows that people who regularly talk about money tend to make better financial decisions, enjoy stronger personal relationships and feel less anxious about money. Another bonus is that their children tend to form good money habits for the future too.
Concern about being judged, fear of burdening others and shame or embarrassment were the top three reasons. But there’s some compelling evidence to show why we need to tackle this taboo.
We’re committed to helping people, families and businesses to thrive. Talking about money is key to this – whatever your financial situation. That’s why we’re supporting Talk Money Week and encouraging people across the UK to get involved.
Talking about money can feel daunting, but it doesn’t need to be. The call to action for Talk Money Week this year is to ‘Do One Thing.’ When it comes to feeling more confident about managing and talking about money, the most important step is the first one.
At the bank, we have a wide range of tools, products and services that could help. Here are my top five suggestions for taking action:
- Explore your relationship with money – Our new Insights tool in our mobile app is a good place to start. Through sharing personalised information, a spending tracker and top tips, it could help you understand your relationship with money a little bit better.
- Start to save – Once you’ve reviewed your outgoings, it’s helpful to think about saving. By switching on ‘Round Ups’ you can save a few pence every time you spend - and the rewards soon add up. Round Ups saves your spare change from the everyday things you buy and puts it in your savings account.
- Know Your Credit Score – We were one of the first banks in the UK to offer a free credit score feature to our customers. And earlier this year, we made it available to everyone across the UK. Since its launch in May, Know Your Credit Score has been used by 34,000 people to help them understand and improve their credit score, to help support them in achieving their future goals.
- Stop the scammers – As scammers become increasingly sophisticated, it’s more important than ever to understand how to keep your money safe. The Security Profile feature in our mobile app can guide you through personalised steps to improve your financial security. Since its launch in April this year, it’s been visited 2 million times.
- Talk to us – Whether you’re worried about paying bills, want to save for your first home, or you’re thinking about investing, talking to us could help. Our Financial Health Checks are free for everyone, not just customers, and could help you make the most of your money. Our fantastic colleagues are here to help, whatever your situation. So far this year we’ve delivered 429,000 Financial Health Checks. And I know from customer feedback, just how life-changing some of these conversations have been.
This Talk Money Week – maybe you can share some of these suggestions with friends or family? Or you might even give one a go yourself. And remember – we’re here to talk to.
