WHETHER it is on the sofa, over the kitchen table or the evening’s pillow talk, money should be the subject of conversation next week, a leading financial adviser has urged.
Monday, November 9 marks the start of the annual Talk Money Week, a campaign led by the Money and Pensions service which aims to get the UK nattering about all things financial.
The team at Carlisle-based Rachael Bell Wealth Management are passionate supporters of the initiative - and have this year produced a series of free-to-watch videos which will be shared on social media channels across the week.
Principal of the company, Rachael, said: “Money can be an uncomfortable subject for many people. In fact, recent research1 has shown that a quarter of people in relationships find it difficult to talk to their partner about finances, while fewer than one in five speaks to their other half about finances on a regular basis.
“But the reality is that people who discuss their finances openly with their family or adviser will make better and less risky financial decisions, have stronger personal relationships, help their children form good lifetime money habits and feel less stressed or anxious and more in control.2”
From pocket money to pensions, no subject will be off the table, with the week providing a platform to have a conversation about money between families and friends, at work or at school or any other walk of life.
Five videos make up the mini-series produced by the team at Rachael Bell Wealth Management.
After the team and week is introduced on day one, the youngest member of the team, Abigail, aged 25, speaks to her peers about starting off in life, first jobs, money worries, payslips and pensions.
Practice Manager, Pam Brown, takes control on day three and explores changing circumstances; the time in life when many people will be settling down with families and mortgages, while starting to climb the career ladder. Some of the things people may rather not think of - wills, lasting power of attorney and saving for the long term, are explored.
Day four sees adviser Catherine Woodman looks at new-found flexibility - the time in life when careers and earning potential are often at their peak, when mortgages have potentially been paid off and children have grown up. This is the time, Catherine says, when it is possible to make a major impact on pension pots.
The week is rounded off by Rachael, who explores new opportunities; retirement, your dreams once you stop working - and crucially whether you can afford them.
“If you have made the right choices throughout your life and paid close attention to your finances, then there’s every chance you will enjoy the retirement you dream of,” said Rachael.
“But figures show many people will have a shortfall of up to 27 per cent3 in their retirement income against what they need for a basic lifestyle and an even higher shortfall for the lifestyle they would like. This news can come as a devastating blow.
“That’s why it is so important to start the conversation about money early - and that is why we have invested so much time and resource into this year’s Talk Money Week.”
Abigail added: “As someone in their mid-twenties, I am really keen to get people my age thinking about their money and how it can best work for them.
“It is so tempting to live in the here and now when you are young and think that pension, retirement and savings are for older people. But that could not be further from reality and I am hoping that next week will shine a light on that.”
1 - Figures from M&S Bank survey of 2,000 adults in Feb 2020.
2 - Source - Money and Pensions service https://maps.org.uk/talk-money-week/
3 - Opinium (2017) A Review of the Pensions Landscape