Why talking about money is good for your health...
More than three-quarters of employees in the UK claim money worries affect them at work, according to a 2019 study by Close Brothers Asset Management. That statistic suggests there is some truth that paying attention to your financial health can also prove beneficial for your mental health.
Research by the Money and Pensions Service (MaPS), shows 22 million people in the UK say they don’t know enough about money to plan for their retirement. So if you want to know how to get started talking about money, the following tips can help.
1. Feel the fear and do it anyway
It’s not easy to talk about money. But speaking with a qualified money expert, such as a financial adviser, could help you to break the taboo about discussing finances.
Encourage everyone involved in household finances to talk about money. When it comes to the younger members of the family, their knowledge, skills and attitudes towards money are formed at a very early age, so positive commonplace discussions could have a life-long effect in forming good habits.
2. Collect your thoughts (and paperwork)
Whether you want to talk to a partner, your parents, a financial expert or even your children, get your numbers in order. Know your budget, pension arrangements, assets and debts, including your mortgage. But also think about your financial goals: What you want to achieve with your money and What a comfortable retirement might look like are two good questions to ask yourself.
3. Set targets for your conversation
If you’re talking to elderly parents, you may want to discuss care costs or estate planning, whereas with a spouse you may want to set annual, five, and 20-year savings goals.
A financial adviser can help you take the emotional heat out of the conversation and recommend the best products to help you realise those goals.
4. Make a future money date
If you have had a productive financial chat, commit to monitoring and discussing financial goals and challenges. With a financial adviser this could be every year, but with a spouse or parents it may be more often. The most important thing is to keep talking because that will lead to money confidence.
To find out more about how Willow Tree Financial Services can help you achieve your financial goals, call 01323 436680 or visit Willowtree-fs.co.uk