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Talk Money Week

Talk Money Week 2021

Money can be an uncomfortable subject to discuss. If you find it difficult to talk about money, know that you’re not alone.

Despite the COVID-19 crisis affecting our finances, 9 in 10 UK adults – that’s 47 million of us – don’t find it any easier to talk about money, or don’t even discuss it at all.

Talk Money Week 2021 takes place on 8-12 November and encourages people to have a conversation about their finances to improve your physical, mental and financial wellbeing.

This year, Hinckley and Rugby Building Society has teamed up with Fosse 107 to talk more about money. Tune in during Talk Money Week to hear from our experts.

Click to listen to our expert advice

Talking about money within families – Colin Fyfe, Chief Executive of Hinckley & Rugby Building Society

Talking about money in schools and colleges – Ed Flack, CEO of WizeUp Financial Education

Talking about money in financial services – Cheryl Pidler, Senior Manager, Operations at Hinckley & Rugby Building Society

Talking about money for wellbeing – Richard Kotulecki, Chief Executive of Lamp

For additional support, see our helpful tips

  • It may feel embarrassing, but if you have a build-up of debt, don’t leave it until it is too late to talk about it.
  • Start getting into good habits such as trying to set a small amount of money aside every month.
  • Do some practical things like setting a household budget.
  • Open, and talk about your bills as soon as they come through the letterbox. Don’t put them in a draw and forget about them.

Top Tip

When starting conversations about money, begin with the most difficult part and the rest of the conversation will get easier from there.
  • Financial education is taught as part of the national curriculum for state schools up until the age of 16, but it shares a platform with sex education, gambling, alcohol and drugs.
  • There is no financial education in the curriculum post 16.
  • It is important to never assume that children already know about finance.
  • Talk about money regularly at home, perhaps make it normal to speak about money around the dinner table when children are present.
  • Talking to children about money will help them better manage their own finances in the future.
  • Supplying good financial education to children means they are more likely to make much more sound decisions when they leave school for university or into the workplace.
  • Remember that conversations about money don’t stop when children become adults.

Top Tip

Supplying good financial education to children means they are much more likely to make sound decisions when they leave school for university or into the workplace.
  • It has been a tough 18 months and many homeowners will have experienced uncertainty regarding their income.
  • It is understandable to be nervous talking to your mortgage lender about money.  The thought of having a difficult discussion could be so worrying that you just want to put it off all together.
  • Many people will avoid speaking to someone when they experience difficulties and will attempt to deal with the situation on their own.
  • Generally, lenders have a lot of information about mortgage affordability on their websites, or a customer services team that you can speak to about your concerns.
  • Speak to your lender.  They will be able to signpost to independent advice, and identify options to help find resolution to arrears.
  • By talking to your lender about your situation, it will mean that you can move forward, and that you don’t have to deal with concerns alone.

Top Tip

Understand that your lender will want to help you, and making a call and starting the conversation as early as you can, ideally before getting into arrears, is always the best course of action.
  • There are links between money and mental health and learning how they interact can help us manage both better.
  • Spending money can give us a brief high, so spending too much might make us feel better for a brief time.
  • But we might feel guilty for spending, if we can afford to do so.
  • We might feel frightened to look at statements or bills.
  • We might feel under pressure to be able to support ourselves and our families.
  • Remember that mental health may have an impact on our ability to work.
  • Talking to someone can improve our mental health. But it can be difficult to know who to turn to. Nationally here are several charities nationally who can help provide mental health support.

Top Tip

Understanding the emotions we have around money can help us to spot patterns in our behaviour, help us to feel in greater control, and enable us to improve our financial and mental health.

If you are a Hinckley & Rugby customer and would like to speak to someone about mortgage payment difficulties, then we would like to reassure you that we are here to help.

Please arrange a Mortgage Support Account Review with a member of our Mortgage Support Team.