Money is such an important part of everyone’s lives, but there are still so many people who do not like talking about it. Talk Money Week is an annual campaign which is run by the Money and Pension Service, designed to encourage people across the UK to have more open conversations about money1. This year, Talk Money Week will be taking place from 8th to 12th November. 

Why is this important? 

According to The Money Charity, 306 people a day were declared insolvent or bankrupt in England and Wales from July to September 2021. This was equivalent to one person every 4 minutes and 42 seconds2. As well, people in the UK owed £1,745.7 billion at the end of August 2021. This is up by £64.1 billion from £1,681.6 billion at the end of August 20203. These statistics are only a small insight into the financial problems people are facing across the country. But with so many people still not willing to discuss their money problems, it can be hard as an employer to know how many of your employees are falling into these statistics.   

Financial wellbeing  

When employees are financially stressed, it can affect their wellbeing.  This can result in employees suffering with low morale, decreased productivity and absenteeism, which can all have a knock-on effect to businesses. That’s why, it’s vital that employers encourage open conversations about money this Talk Money Week and beyond. Here’s a few ideas how.  

Tips to help get your employee talking about money 

Multi-channel communication

Remember that everyone takes in information differently. So, by sharing information via multiple methods, it will help you to ensure you don’t leave anyone out. Some methods could include face to face meetings, via the telephone or through online resources and webinars.  

It doesn’t have to all be serious 

Finances can sometimes seem like a bit of a chore. But by making your communications fun and light-hearted, it can help employees feel more at ease with having financial discussions. Those topics which are more serious, make sure you avoid negative words and always give clear and concise information.  

Train your managers  

A great way to get your employees to talk about money is by starting at the top. When line managers are willing to have open and honest conversations about money, the effects will filter down. Training your managers on the benefits of good financial wellbeing is a good place to start.  

The benefits of sharing  

It’s important for employees to understand how talking about their finances can benefit them. Reminding employees that you are there to support them, not judge and ensure they get the help, tools and resources they might need, will encourage more open conversations.  

Continuous communication  

How often you share messages can be as important as the messages themself. Promoting financial wellbeing throughout the whole year might give your employees a sense of normality, so they feel more comfortable to talk about their financial concerns as soon as they arise.  

Financial Fitness Show 

Another way to get people talking about their finances is through our financial education initiative. The Financial Fitness Show is a fun and engaging live TV style talk show designed to empower and encourage your employees to reflect on their financial circumstances and develop positive financial habits. Find out more about this wellbeing initiative here.  

If you would like to get a feel of what the show is all about, we are delivering 2 free sessions, to coincide with Talk Money Week, for you and your employees. These sessions are: 

Friday 5th November 11.00am  

Planning for your financial future 

Friday 12th November 11.00am    

The importance of budgeting, saving and investing 

Find out more and register here.  

Employees are one of the most important assets to any organisation. So, no matter what you decide to do this Talk Money Week, every little bit you as an employer can do, will help improve their financial future. Visit the Secondsight website to find out more about any of our financial education and wellbeing initiatives.  

Secondsight is the trading name of Foster Denovo Limited, which is authorised and regulated by the Financial Conduct Authority.  

  1. https://moneyandpensionsservice.org.uk/wp-content/uploads/2021/08/talk-money-week-participation-pack-2021.pdf P.3  
  2. https://themoneycharity.org.uk/media/October-2021-Money-Statistics.pdf?utm_source=Individuals+-+The+Money+Charity&utm_campaign=d191da0e68-The+Money+Statistics+February+2020_COPY_02&utm_medium=email&utm_term=0_1e74a1b033-d191da0e68-1204894425 P.4 
  3. https://themoneycharity.org.uk/media/October-2021-Money-Statistics.pdf?utm_source=Individuals+-+The+Money+Charity&utm_campaign=d191da0e68-The+Money+Statistics+February+2020_COPY_02&utm_medium=email&utm_term=0_1e74a1b033-d191da0e68-1204894425 P.6