Talk Money Week

People in the UK don’t talk about their money enough. This is a problem when 67% of employees say money worries affect their mental health.  

Talk Money Week aims to break down the taboo of talking about money through starting money conversations in any area of life. The week is designed to increase people’s sense of financial wellbeing by encouraging them to open up about personal finance – from pocket money to pensions [1]. 

Research shows that people who talk about money:   

• make better and less risky financial decisions   

• have stronger personal relationships   

• help their children form good money habits for life    

• feel less stressed or anxious and more in control  

Talk Money week has a role within the workplace too. We spend a large portion of our waking hours at work and with colleagues, not to mention the clear connection between employment and finances. Providing financial resources and helplines internally is a great way to support your employees with education, but Talk Money Week is also a great chance to review your employee benefits to see if they are supporting your employee’s financial resilience and wellbeing.  

Research from Money Helper confirmed that even before the pandemic, there were over 16 million people in the UK with less than £100 in accessible savings [2]. That’s almost a quarter of the UK population without an adequate financial buffer. We all experience those unaccounted-for costs or bills so having a rainy-day fund is crucial to seeing those through and staying financially resilient.  

Talking Money is a sure way to understand the needs of your workforce and how they can best be met. Talk Money Week is a great opportunity to make a case for financial wellbeing as a priority within your company. Employers can launch a staff survey to understand the financial worries of colleagues and what they’d find helpful. There are many benefits that alleviate financial pains such as childcare vouchers, season ticket or cycle loans, pension contributions. 

Workplace savings is a very relevant benefit in a post-Covid world. The pandemic highlighted both a need for accessible savings while also providing some with more disposable income that can be put away for short-to-medium term goals. Whilst saving for retirement is important, 73% of employees [3] agree that building up savings that can be accessed when needed is just as important.  

As can be seen by the Bank of England figures and our own research stats, many employees are in saving mode and so employers need to strike while the proverbial iron’s hot. The demand is there with 58% of employees saying they would save into a workplace savings scheme set-up by their employer [4]. Setting up a workplace savings scheme as an adjunct to the pension scheme is easy and it provides the kick-start that employees need. Saving that comes straight out of pay is far easier to stick with than saving from a bank account – employees learn to live on what arrives in their bank account each month and if they’re hitting a sticky financial patch, they’re more likely to cancel payments coming out of their bank account than they are out of their pay.  

[1] https://maps.org.uk/talk-money-week/

[2] Money Helper Research  

[3] Cushon Research – May 2020 

[4] Cushon Research – May 2020