Money for Life work in partnership with the Money Advice Service, an independent organisation set up by government. Money AdviceService provides free, unbiased money guidance across the UK to help people make the most of their money. If you have a question or need help, you can chat to them here.
This week (9-13 November) is the Money and Pensions Service ‘Talk Money Week’. It’s well known that people in the UK don’t talk about their money enough. A whopping 9 in 10 UK adults – that’s 47 million of us – don’t find it any easier to talk about money, or don’t even discuss it at all. We don’t want this to be the case for the next generation. Young people’s finances are among those worst hit by COVID-19, as are families on low incomes. With only 48% of 7-17 year olds getting a meaningful financial education at home or school, beginning to talk about money will help give children and young people the skills they need.
Why it’s so important for young people to talk about money:
By age 7, our attitudes to money are already developing.
Mothers are 1.5 times more likely than fathers to have quit or lost their job due to COVID-19.
The number of people aged 18-24 claiming Universal Credit or Jobseeker’s Allowance has doubled in the last three months. (BBC, June 2020)
Those from Black and minority ethnic backgrounds are more likely to contract the virus and to be in jobs that are furloughed or at risk of redundancy.
Young adults are more likely and more willing to use Buy Now Pay Later schemes
Talk Money Week is designed to help people have more open conversations about money and increase people’s sense of financial wellbeing by encouraging them to open up about personal finance – from pocket money to pensions.
Everyone has money worries – and for many, current affairs in 2020 have made these worse. COVID-19 we may be physically closer than ever to our immediate families, but financially we are still distant from some of our loved ones. The effect of the pandemic has made it more important than ever to start conversations about money.
Research shows that people who talk about money:
Building money conversations into our everyday lives also helps us build financial confidence and resilience to face whatever the future throws at us.
Just as you can take actions to improve your physical health, you can take some simple steps to feel more in control of your financial wellbeing too.
Money for Life equips 16-25 year olds across the UK with the knowledge, life skills and provision needed to manage their money. Talking about money, with someone you trust, in instrumental to making the most of your finances and what you can do with them. Please don’t suffer in silence.
Money for Life work in partnership with the Money Advice Service, an independent organisation set up by government. Money AdviceService provides free, unbiased money guidance across the UK to help people make the most of their money. If you have a question or need help, you can chat to them here.
