CFA urges people to open up about personal finances in support of Talk Money Week

This week is Talk Money Week, run by the Money And Pensions Service (MaPs). Talk Money Week is an annual campaign, aimed to get the nation talking about money.

Held from 9th to the 13th November, Talk Money Week aims to reduce the stigma around money by encouraging conversations among families, friends, neighbours, customers, colleagues and communities.

Talking openly about money can have a huge impact on managing money worries and is important for our overall health and relationships. The impact of Covid-19 has made it more important than ever to start conversations about money to look after our financial wellbeing.

There is a need for us to be talking more, according to MaPs, research shows that people who talk about money:

• make better and less risky financial decisions

• have stronger personal relationships

• help their children form good money habits for life

• feel less stressed or anxious and more in control

MaPs will be publishing a range of materials which customers may find useful. These can be accessed via their website. This includes a number of guides on how to start conversations around money with different people, like your partner or children.

Talking about money includes discussing your finances with your lender. By way of reminder, CFA members have a range of tools to help customers facing difficulty. 

You should talk to your lender as early as possible. This will prevent any situation becoming more difficult to manage.