Money can be worrying and difficult to talk about, but it can also unlock opportunity and improve the quality of people’s lives.
As the Minister responsible for financial capability, I know the positive impact that conversations about money can have. They help us make better financial decisions, build good lifetime habits for our children, and feel more in control.
That’s why I am supporting Talk Money Week.
Talk Money Week is the annual campaign that champions open conversations about money. This year’s theme, ‘Do One Thing’, encourages us all to take one concrete step towards improving our financial wellbeing.
This has never been more important. We have greater choice now more than ever about how we spend, save, and invest our money, but the benefits of this can be limited without talking openly and having a better understanding.
The Government is committed to helping people manage their money effectively. That’s why the Money and Pensions Service was established in 2019, providing the comprehensive and consistent guidance needed to build financial wellbeing at every stage of people’s financial lives.
Talk Money Week is the perfect time to take advantage of these excellent resources and find ‘One Thing’ to improve financial understanding.
My own ‘One Thing’ is to talk with my family about saving more.
Whether you choose to talk to your child about pocket money, start a weekly budget, check your pension, or reach out for financial advice or support, it can really make a difference.
As well as the difference made by individuals, Talk Money Week provides an opportunity for the financial services industry to reflect on how it can facilitate better conversations about money. This week, I also encourage firms to consider what more they can do to empower their customers to feel more in control of their finances and better able to take positive action. Simple things like how numbers are presented and avoiding jargon.
I think we all know the tendency, when faced with a big and sometimes daunting to-do list, to put off taking action for another day. That is why the message of ‘Do One Thing’ is so powerful – it helps us break down these challenges and take the first step of what is often a longer journey. I hope that this week you are also inspired to break this barrier, get talking, and ‘Do One Thing’.