As Brits, one of the hardest, and perhaps most sensitive, topics for us talk about is probably our finances.
In fact, research discovered that 34% of people say they rarely or never talk about financial matters. Some argued that discussions about finances aren’t “necessary at this time” suggesting a level of discomfort at broaching the topic. Meanwhile, others simply didn’t know how to start these conversations. But starting these discussions can really help both you and those around you in the long run. After all, 47% of people who do talk with their children about finances believe it enhances their understanding of the importance of saving and investing which can set them up for a future of financial confidence.
At My Pension Expert, we’re passionate about helping people to kickstart conversations about financial planning – particularly when it comes to retirement planning. And the sooner we start breaking the taboo around talking about financial topics, the sooner we can start progressing to the financial future we want.
So, it’s time to get Britain talking about their finances.
Start talking early
Now, they may not have the responsibility of a mortgage and can reap the benefits of a holiday without burning a hole in their pocket, but parents and grandparents speaking to their kids and grandkids about finances could be the most impactful way to break such an upheld taboo.
Talking to them openly about topics such as budgeting their pocket money, making small savings, or even debt, could be all you need to plant a seed for better financial wellbeing.
Nurturing a confident, calm and non-judgemental approach to finances sooner could mean that future generations can carry this forward and break the cycle of financial silence. And in doing so, they will be able to better plan for their financial futures.
Get the conversation started
Even if you weren’t actively encouraged to discuss money when you were younger, there is no reason why you can’t take steps to break the cycle of silence now. Having a chat with a friend or family member over coffee might not sound like much, but it can make a huge difference to your financial understanding.
For some, this may feel daunting – particularly if you’ve always kept your financial cards close to your chest. Luckily, we’ve got some tips to help you feel comfortable starting off that initial conversation:
- Set up a safe space:
If possible, a private space with little-to-no disturbances where everyone can feel relaxed is ideal. It could be as simple as a chat on the sofa with a cup of tea, or even in the garden- this way you might get to soak up some nice weather, too! - Talk about a financial goal: Whether you are saving up for a holiday, or even a new garden shed, sharing a small goal could be a great icebreaker to talking about your finances.
- Feeling comfortable is key: Active listening without interruption, compassion and engagement could be some great tricks to a productive conversation. This way you are offering a safe, non-judgemental space where both you and your trusted person can feel comfortable.
- Drawing the conversation to a close: It’s important to know your boundaries, or when to move the conversation forwards. Perhaps you are saving for a holiday- you could talk about the food or the culture. Focussing on non-financial aspects can be a smooth gateway to a new topic.
Speak to an adviser
While speaking to family and friends can be a fantastic first step to your journey, it’s also important to speak to a regulated adviser. When seeking tailored advice, you can be reassured that you are at the heart of the journey.
Speaking with an independent financial adviser allows you to frame your financial position. You can think clearly about your current circumstances, where you want to be in the future and develop your financial objectives. This is a great starting point for a plan of action moving forward.
Having discussions with a regulated adviser means that you have all the information you need to make an informed decision about your future, without hindering your current circumstances.
Break the taboo
Talking about finances can be difficult, but this doesn’t have to be the case.
Whether it’s with the up-and-coming generations, a trusted friend or relative, or even an adviser, talking about finances is important for our wellbeing and productively planning what comes next.
Now is the time for Britain to break the taboo and encourage one another to be open to talking about our finances. This way we can kickstart change and put finance into the spotlight so everybody can grow, together.
Ready to take the first step toward financial confidence?
Start the conversation today – whether it’s with a loved one or a regulated adviser. At My Pension Expert, we’re here to help you navigate those first steps and build a future you can feel confident in.
