It’s Talk Money Week
By Stefani Williams, Financial Planner & Partner
Writing an essay, starting a fitness regime or getting around to home improvements; it can be hard to kick off something new, even if we know it will benefit us in the long run. Talking about our own finances is yet another topic that can be all too easy to put off.
This week is Talk Money Week, organised by The Money and Pensions Service and it’s the perfect time to begin crucial conversations about your finances.
Talk about the basics
I’ve spoken to many clients who don’t feel that they were taught enough about the basics of managing their finances when they were younger. It seems that while syllabuses at school may have evolved, practical financial planning still isn’t something that is universally taught. It’s time to change that.
The Money and Pensions Service latest survey revealed that 33% of children recall learning about money in school and finding it useful, and 24% recalled receiving key elements of financial education at home1; showing that there is clearly room for more discussion about finances with our children to build their confidence.
Start by involving children and teenagers in conversations about money. Explain topics like saving, setting goals and budgeting, mortgages and even taxation and pensions. The more conversational we are about money and financial planning, the more likely we are to empower our children to create good habits of their own.
Talk about pensions
Is ‘sort out my pension’ lingering on your to do list, perpetually overshadowed by other day to day (and more appealing) tasks? This Talk Money Week elevate it to the top spot, whether that’s thinking about your aspirations for retirement or tracking down and consolidating multiple pensions. The Association of British Insurers estimates that there is £26.6 billion 2 in misplaced and forgotten pensions in the UK, an added incentive to make sure you are in control of yours.
Talk about care
Talking to your parents about planning for care, or planning for your own care well before you need it can be a really difficult and emotive topic, but opening this dialogue can alleviate some fears and stresses. By having these conversations, you ensure that financial plans align with care needs, and you can consider all aspects of care planning.
Talk about the future
At Holden & Partners we work with families across multiple generations seeking to preserve and grow wealth from one generation to the next, as well as looking to make a lasting philanthropic impact. By focusing on the long-term sustainability and effective transfer of wealth it is possible to create a legacy of financial security and prosperity that endures for generations, and guard against the pitfalls of mismanagement.
Talk to a financial adviser
Whatever stage of your financial planning journey you are at, if you are looking for professional support, then get in touch today.