Talk Money Week, what is it and why is it important?

Every November across the UK, an annual campaign known as Talk Money Week encourages people to talk openly about their finances, everything from daily budgeting, to retirement planning, to will writing. 

Organised by the Money & Pensions Service (MaPS), Talk Money Week runs across five days, this year the 3rd to the 7th of October, and carries a theme to spark conversations, this year’s is “Start the Conversation.”  

Whether it’s a quick money talk with your partner about household spending, asking a question about pensions with a professional, or helping a child understand budgeting. This week encourages individuals to have the confidence to make money talk part of everyday life.  

Why talking about money matters 

It can be a common theme that for some people, talking about money can be an awkward or difficult subject to open up about. Yet there are many benefits of doing so and the downsides of staying silent could have a negative impact on your financial wellbeing. 

Better, more informed decisions 

People who regularly talk about money tend to make more informed financial decisions. When finances are discussed rather than hidden, mistakes are more likely to be caught early, opportunities better understood, and resources optimised. 

Improved relationships & trust 

Money is an element in nearly every life decision, marriage, careers, parenting, health care. When couples or families talk openly about finances, expectations align and misunderstandings are reduced.  

Suppressing money conversations has the potential to breed resentment, secrecy, or conflict. When approaching a financial discussion, it’s important to allow a safe, non-judgmental space, this approach can boost engagement and can strengthen trust within relationships. 

Lowering stress to feel greater control 

Financial worry can be a chronic stressor for many individuals. But when finances become part of day-to-day communication, rather than something to be tucked away, money worries can reduce stress, helping people feel more “in control” of their financial wellbeing. 

The importance of passing on healthy habits to the next generation 

Talking about money with children and younger family members can help them to build financial literacy skills early. When money conversations are introduced as part of normal, healthy communications in the home, kids learn that saving, budgeting, planning are a healthy part of life. 

Breaking the stigma around money conversations 

Money, for many, has historically been a taboo subject. People can feel embarrassed, ashamed, or that they haven’t been given the skills to financial strength. Talk Money Week’s aim is to help loosen that stigma and raise awareness on circumstances such as financial abuse, situations where one person controls another’s money or incurs debts in someone’s name. 

 Tips for starting the conversation 

If talking about money doesn’t come naturally, here are some ideas to help ease in: 

• It’s important to pick the right time and environment for your conversation. Choose a moment when there’s space, calm, and privacy.  

• Be clear in your mind what you hope the outcome of the conversation is to be, whether it’s for clarity, help, joint planning and use clear language to express that.  

• Using gentle starters can be a productive place to start, you might begin with “Can we talk about how we each see saving for the future?” or “I’m thinking about my budget, would it help to share ours?” 

• Listen actively, money for many people, can be an emotional subject. Let the other person speak without interruption, acknowledge fears, ask questions. 

• Focusing on small actionable steps first is key, you don’t have to map your whole financial life in one discussion. Start with one thing such as a spending review, planning for one goal, or agreeing to revisit. 

• Make it ongoing, treat it as a conversation, not a one-off.  

 Final thoughts 

Money can often be wrapped in secrecy, hesitation or in some cases even anxiety. But it’s also real, unavoidable, and deeply interwoven with our lives. Talk Money Week encourages us to bring it into the light, to talk, to share, to plan and to support one another in financial growth. 

At Foster Denovo, we want to encourage all of our colleagues and clients, even if you’re not currently working with us, to use Talk Money Week as a nudge to begin or deepen your financial conversations. We’re here to help support those conversations every step of the way. 

Please note: This article is for general information only and does not constitute advice. The information is aimed at retail clients only. All information is correct at the time of writing and is subject to change in the future.