It is 'Talk Money Talk Pensions' week 18th - 22nd November 2019 and it is a week designed to get the UK talking more openly about money and pensions. Money can be a taboo subject when it comes to talking with friends and family and as a result, many people are suffering silently with financial issues, unaware that there are services and products that could help to improve their financial wellbeing.
Research conducted by the Money & Pensions service has found that:
- Only 38% of 7-17 year olds say they learned about money management at school
- 22 million working-age adults don't understand enough about pensions to plan effectively for retirement
- 5 million people in retirement are not currently satisfied with their current financial circumstances
- Over 11 million adults have less than £100 in savings and investments
- 9 million adults often borrow money or use an overdraft or credit card to purchase food or pay bills
How can I improve my financial wellbeing?
Damien's Money MOT
Improving your financial wellbeing can be tricky and it can often be difficult to know where to start. Damien, founder of Money to the Masses, developed Damien's Money MOT to help people get to grips with their finances and understand areas which may need improving.
With Damien's free Money MOT, you simply answer a few multiple-choice questions regarding your finances and receive a grade at the end to see how your finances shape up. Each area of your finances is broken down and you are scored out of 3 stars in each area. There is the option to sign up to Damien's free action plan, which sends personalised emails based on the results of the MOT and they include actionable information that helps you to improve your finances within a matter of minutes.
For more information on Damien's Money MOT and other financial health check tools read our full article.
Talk to family and friends
Talking openly about your finances will help you to understand which areas may need improving and what you may need help on. Talking to family helps you to realise you are not alone. As the old saying goes, a problem shared is a problem halved.
There may be times when it is best to seek financial advice. To find out when to get financial advice read our article, 'Do you need financial advice?.' If you decide to seek financial advice but are unsure how much it costs, we explain it in detail in our article 'How much does financial advice cost?'
If you are in financial difficulty or cannot afford to pay for advice it is still important to seek help. Below are two articles that list free services for those who need financial advice or are struggling with debt: