Money Matters

Tuesday 4 July, 2023 

Tips for Pensioners for Surviving the Cost of Living Crisis

If you’ve been feeling the pinch recently, you’re not the only one.

Just as Britons begin to overcome the effects of Covid-19, we’ve been hit with the highest living costs seen in 40 years.

In simple terms, things are...

Wednesday 2 June, 2021 

A guide to overcoming anxieties about financial matters.

The effects of the COVID-19 global pandemic and the global recession over the last year has left many families facing financial difficulties. Talking openly about these struggles will be key to your families’ financial stability.

Here are a few tips to help you raise the subject of money matters with family. 

Easing into the conversation

Using personal experiences as an example, how you have managed to deal with past financial difficulties such as reviewing your monthly bills and other expenses, reviewing your pension or updating your Will. These topics can help you ease into the conversation, and you can use them to emphasise the importance of putting financial arrangements in place.

Changes in your circumstances.

Using a situation such as, your child going to university, having a new baby, moving to a new house, changing your job or taking a pay cut, these can all be great opportunities to prompt you to look at your finances and to talk openly about your circumstance with your family.

Discuss future plans

Discussing your plans for the future i.e., child care arrangements when planning for a new baby, taking on caring responsibilities for elderly or critically ill family member, retirement plans,  intentions to sell your home and downsize are all good opportunities to talk about money matters with your family.

Too often, families can be left unsure of what they need to do in these situations. Discussing the state of your finances with family can reduce stress and help prepare for the unexpected.

Be open and honest

Being transparent about money matters will make the subject easier to discuss within a family setting. 

Take care of the practical details

There is no time like the present to make sure your paperwork is in order. Book an appointment with a financial advisor who can look over your affairs, help you plan and create a to-do list. Working on your financial planning may sometimes require you getting additional information from your family, this is a wonderful way to bring everyone together, explaining the details you need and why.

Seek professional help

Meeting with a financial advisor can help you understand what money you have and how you can make your money work for you. 

We hope these tips will give you starting points to overcome some of the anxieties relating to talking about financial struggles and will help you start the conversation about money matters with your family. 

There is online free advice from  Citizens Advice to help you find a way forward.