Having open and honest conversations about financial matters can be difficult.

Indeed, a survey by evolution money found that 52% of UK adults would rather go online for financial advice than talk with friends and family about such topics.

But talking about money can improve your financial stability and wellbeing. It gives you a chance to learn from those who have been in your situation and to help educate others whose position you are familiar with.

Talk Money Week is a national awareness week that encourages more people to engage in financial conversations. This year, it takes place between 4-8 November.

So, if you’ve been avoiding financial discussions, now could be the opportune time to address them. Read on to discover five valuable financial conversations to have during Talk Money Week.

1. Speak to your partner about your pension savings and retirement plans

You may have retirement dreams you’ve envisioned since the start of your career or plans to stop working at a certain point in time. But have you shared them with your partner?

Open communication is crucial when it comes to retirement planning, as your goals and timelines may differ or align in ways you didn’t realise.

Discussing your expectations early on can help you marry your vision with your partner. This could help to avoid potential future conflicts and ensure that both of you are on the same page.

It gives you an opportunity to set collective goals that may be about travel, lifestyle changes, or family commitments.

You can then work together to align your financial priorities and ensure you are building as one. For example, one of you may have a considerably bigger pension than the other, which could mean the partner with the smaller pension may not have to work for as long as they thought they would.

Retirement is a significant life transition, and having these conversations early can lead to a more fulfilling and harmonious future together.

2. Discuss the importance of setting life goals and how to save for them with your children or grandchildren

If you have children or grandchildren, Talk Money Week offers the perfect opportunity to share your knowledge and impart valuable money lessons.

While exploring the benefits of a diversified portfolio or the value of building a pension might not hold their attention, you can still engage them by discussing the importance of setting life goals and learning how to save for them.

Simple, practical lessons about budgeting, saving, and making thoughtful financial decisions can empower them to build strong money habits for the future.

Encouraging them to dream big while staying focused on their goals can help them balance ambition with discipline.

By teaching children how to break down their dreams into achievable steps and showing the value of consistent saving, you can inspire them to aim high while also preparing them to manage their finances wisely as they work toward their aspirations.

3. Explore employee benefits with your colleagues or staff

Discussing employee benefits with your colleagues could lead you to discover offerings from your workplace you’ve previously overlooked.

Talk Money Week could also be a good time to raise the idea of alternative benefits with your employers. Or, if you’re a business owner, you might take it as the ideal moment to speak to your employees about any new benefits they’d like to see.

For example, salary sacrifice schemes, where you exchange a portion of your monthly salary for non-cash benefits, can be advantageous for both employers and employees.

By opting to reduce your salary, you can lower your Income Tax and National Insurance contributions (NICs). At the same time, employers also gain from these schemes, as they save on their NICs, creating a win-win situation for both parties.

Talk Money Week is the perfect occasion to broach such topics with your staff, employer, or fellow employees.

4. Check in with your parents or grandparents to see how they’re managing their finances

Older people often find managing finances more challenging, so checking in with elderly relatives can be a helpful way to ensure they’re staying on top of things and to offer support if needed.

Some issues may be simple to address, such as managing their bills, subscriptions, and online accounts. Others may require professional advice, such as addressing their concerns about how to use their assets to pay for future care costs.

In each instance, having a conversation is the first step. You can then work out if you can help them directly, or if you need the assistance of a financial planner.

Moreover, by helping your loved ones manage their finances or taking on specific tasks, you could reduce the risk of them falling victim to fraud, as elderly people are particularly vulnerable.

And you may want to check in with their legal matters, like naming a Lasting Power of Attorney (LPA), which can provide security if they’re unable to make decisions in the future.

You can read more about this in our previous article on the topic.

5. Speak to a financial planner

Talk Money Week is the perfect time to discuss your life goals and any worries you may have with a financial planner.

By having these conversations, you can gain clarity on your financial path and ensure that your strategies align with your aspirations.

Whether it’s planning for retirement with your partner, saving for your child or grandchild’s education, or thinking about how to fund your parents’ care, a financial planner can provide valuable insights and tailored solutions to help you achieve peace of mind and financial security.

Don’t hesitate to reach out during Talk Money Week to start an important and lasting conversation about your financial future.

To speak to a financial planner, get in touch.

Email us at info@blueskyifas.co.uk or call us on 01189 876655.

Risk warnings

This blog is for general information only and does not constitute advice. The information is aimed at retail clients only.

A pension is a long-term investment. The fund value may fluctuate and can go down, which would have an impact on the level of pension benefits available. Your pension income could also be affected by the interest rates at the time you take your benefits.

The value of your investment can go down as well as up and you may not get back the full amount you invested. Past performance is not a reliable indicator of future performance.