Tips To Help You Talk About Money
Find out the potential benefits of having a conversation about money
Open and honest conversations about money with friends and loved ones is important for our financial wellbeing. These discussions empower us to tackle financial challenges, learn from each other, and take control of our financial future.
Yet, a third of UK adults feel too uncomfortable to talk about money with peers, despite 44% worrying about money regularly (Klarna, 2022).
Talking about money can feel uncomfortable and awkward, and it’s very often a topic that is avoided. But given most aspects of our lives are affected by our finances in some way or another, not talking about money can cause problems.
The Money and Pensions Service has lots of tips to help you start conversations about money with friends and family, as well as support to help you face difficult conversations, for example, if someone owes you money or if you feel a partner is hiding debt from you.
Here’s a few tips to help you start a conversation about money:
- Start by simply asking someone “are you open to discussing money?” to understand if asking questions about money will make the other person feel uncomfortable and to get a gauge of how open about their financial situation they will likely be.
- Make your intentions of the conversation clear from the outset. For example, are you looking for some guidance on a particular situation, or are you looking to learn something new. This will help avoid someone thinking you’re possibly just being nosey!
- Discussions about money with a partner could come up at any time, but especially if you’re buying a house, deciding to get married or have children, or when you begin splitting bills. Understanding your partner’s attitude towards money is important to these situations so start by asking questions such as “do you think it’s important to keep track of income and expenditure?” or “do you like to save or live for today?”
- Speaking to children from as young as three about money can help them build confidence and financial skills. Children learn by watching, so they will pick up your habits of paying for shopping at the till for example, so talk them through what money is for as you pay for goods or get them to hand over the money at the till to involve them. The older they get, the more responsibilities you can give them. Giving children even a small amount of pocket money, if you can, is a good way to help them learn how to control their own money, keep it safe, and start to budget.
- If you’re worried about spending too much money when you’re out with friends, be open about what you’re saving for and that this is why you’re looking to keep costs low. You could also take control of meet-ups and arrange to do cheaper or free activities, which can often be just as much fun as expensive ones!
- It’s important to understand a parent or grandparent’s financial situation, especially if there’s a chance you will need to support or care for them in the future. Open questions such as “do you have a plan for when you’re older?”, can help you begin to get an understanding of their expectations and capabilities.
You’ll find lots more tips and support to help with money conversations on our Talking about Money webpage.
Still need some inspiration?
Hear from people like you and find out some real-life examples of when talking about money has benefited an individual’s situation and overall wellbeing - A journey of conversations about money | Scottish Widows Be Money Well
IF IT'S NOT SAFE TO TALK ABOUT MONEY
If someone other than yourself controls access to your money, or runs up debt in your name, it's financial abuse. But there's no need to struggle alone. The Money and Pensions' Money Helper service has support to help you