Foster Denovo|News & opinion|Opinion|Talk Money Talk Pensions Week 2019 – why is it important to talk about money?

Talk Money Talk Pensions Week 2019 – why is it important to talk about money?

This week, from Monday 18th – Friday 22nd November, is Talk Money Talk Pensions Week; a nationwide event dedicated to improving the relationships people have with their money by encouraging them to talk more openly about their finances.

Financial wellbeing

The theme for Talk Money Talk Pensions Week 2019 is financial wellbeing. Financial wellbeing is about people feeling secure and in control of their finances. Knowing that they can manage the day to day costs and the unexpected but also building towards a healthy financial future.

Why is it important to talk about money?

Talking about money is a great way to build a healthier relationship with money, increase your financial literacy and develop positive financial habits. It can help you to:

  • learn new ways to look after your money;
  • avoid and manage financial stress;
  • prepare for retirement;
  • manage your life goals; and 
  • enjoy your social life without regrets.

Understanding your finances

You may have different milestones and goals you would like to achieve throughout your life. These could include: travelling; purchasing a property; starting a family; helping your children through university; or simply being more financially stable.

Understanding your current finances and how you would like them to look in the future can help put you in the best position to achieve your goals and milestones.

Making a difference

According to our recent research, more than a third of people (34%) think that less than £50,000 in their pension pot will allow them to retire. Yet this is hugely underestimated when research by Aegon found that in order to have an annual income equivalent to £27,000 per year during retirement, people will need to have accumulated more than £300,000 in their pension pot.

This is further compounded by statistics from the 2018 Financial Capability Survey*, which estimates that 10.7 million adults in the UK rarely or never save – that is 21% of the population and, consequently, 11.5 million (or 22%) have less than £100 in savings.

This is really concerning and makes it clear that more people should be talking about and thinking about their finances, not only for the present but also to achieve the financial future that they would like to have. It’s never too late to make a difference!

Should I talk to a financial adviser?

As financial advisers, our job is to help you understand your finances and what’s important to you in life, so you can make informed decisions about your money and your future.

If you would like to learn more about how we can help you, contact us today to book a no obligation initial meeting at no cost to you.

 

*https://masassets.blob.core.windows.net/fincap-cms/files/000/000/457/original/Financial-wellbeing-capability-UK-adults-poverty-debt-saving-numeracy-infographic.pdf

Information correct as of 19th November 2019

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