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Talk Money Week

Every year in November, we run our Talk Money Week awareness campaign to encourage you to be more open about money with your friends and family and help you get advice from experts if needed. Having conversations about money can seem awkward. It can feel like a taboo subject, but it needn’t be. From pocket money to pensions, Talk Money Week is an opportunity to start building money conversations into everyday life. 

Why do we run Talk Money Week?

We all have money worries. Our research shows that one in three of us say thinking about our financial situation makes us worried. Unsurprisingly, those of us who lost income due to the pandemic are more likely to have lost confidence in our ability to manage money. There are simple steps you can take to address uncertainties and improve your financial wellbeing. We can help you do that. 

Talking about money with friends, family, children — or experts if necessary — can help you feel more confident in managing your money and give you greater financial resilience to deal with future income changes or life events that affect your finances. We also encourage building healthy relationships with money from a young age. Our research has shown that almost a third of parents and carers don’t talk to their kids openly about money, missing out on an opportunity to help with children’s vital early understanding.

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How can I get involved?

You can start by simply having a conversation about money. If you and your partner have different attitudes to money, our guide Talking to your partner about money, can help. If you’ve been putting off having an awkward conversation about money with a friend, then read our guide Talking with friends about money.

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Talking to kids about money

Our research shows that parents who are very confident managing everyday finances are twice as likely to talk about money with their kids. In Talk Money Week 2021, we launched a new stage of our Couch to Financial Fitness plan to help parents start money conversations. Here are some ideas to get you started.

MoneyHelper’s top tips on how to talk to children about money: 

  • Lead by example. There are activities you can do when you’re out and about to help boost your child’s money skills. For example, when you’re out food shopping, take your children and make money-related decisions out loud like why you chose the shop brand cereal over the better-known brand. And compare prices of items out loud or ask them to tell you the different prices of products. 

  • Show them the whole picture. If you pay by card, rather than cash, don’t forget to show your child that this is part of your money management as well. Show your child your current account balance before you use it in a shop. Then show them your balance afterwards so they can see it’s less than before, MoneyHelper recommends. Do the activity again before and after withdrawing cash or shopping online. 

  • Encourage them to save. It’s good for children to understand from a young age that sometimes you have to save money for things you want. You could start by asking them if there’s something they would like to save for. Help them visualise this by drawing a picture of it or creating a progress chart, and help them come with up ideas to save money such as turning off lights or buying fewer things. Then, let them look after the savings in a piggy bank and when they have enough you can enjoy the family treat! 

  • Use game power. Many digital games are based on the player collecting tokens that allow them to progress through levels or to get extra features. Turn household jobs into a similar game, giving them ‘tokens’ they can exchange for rewards, such as their favourite treat or snack.

  • Look for opportunities to have money conversations. If you have older children, you might’ve previously set up saving accounts for them, or perhaps they have a Child Trust Fund. With the first Child Trust Funds having reached maturity in 2020, depending on their age, your child might be able to access their account and make decisions about their fund. This is a good opportunity to open up a conversation about money. 

  • Get help for money worries. If you have any money worries or don’t know where to start when it comes to your own finances or you’re worried about keeping on top of bills and payments, MoneyHelper has a host of tools, calculators and guides to help. If your finances have been impacted by Coronavirus, the Money Navigator tool can help you find a way forward, or if you’re worried about debt the Debt Advice Locator Tool can help you find a free adviser near you, online or over the phone.

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