In a regular column, MoneyHelper will share financial guidance and practical ways you can save cash without breaking a sweat.
Earlier this month, the Money and Pensions Service (MaPS) ran Talk Money Week, an annual campaign by to encourage open conversations about money nationwide.
MaPS wants people to talk about money all year round, which is why James Kelly, MaPS Regional Manager for the North West, had put together four tips to boost financial well-being.
1. Be open about your budget
New research from MaPS shows UK adults find it easier to discuss sex and politics than money issues.
Having conversations about money can seem awkward but it’s important to be vocal about and to feel comfortable in saying “no” to unnecessary expenses – this is called loud budgeting.
Loud budgeting includes being upfront about budgeting reasons, openly discussing what you can afford, finding budget-friendly options, and sharing budgeting tools like the free MoneyHelper Budget Planner.
2. Check your pension
There are benefits to talking about money; those who do make better financial decisions and feel less stressed.
However, just over one in 10 people in the North West discuss their pensions with friends and family, and only one in three have checked their pensions in the last 12 months.
Without knowing how much is in your pension, you can't plan for your future and your retirement, so it’s crucial to do so. Once you have checked your pension, you can then use MoneyHelper's pension calculator to understand what it means for your future.
MaPS research found that half a million people in the North West would benefit from debt advice, with another million on the edge.
Many avoid seeking help due to fear of judgment, feeling overwhelmed, or thinking it’s unsuitable.
Debt advisers offer a supportive, non-judgmental environment where you’ll be offered practical expert advice and options to help you move forward. If you need help, you’re not alone—use MoneyHelper’s free debt advice locator tool to find support nearby.
4. Talk to children about money
To boost financial well-being, talk to children about money early on.
MaPS research shows money habits form between ages three and seven and financial education makes a difference—children who learn about money are more likely to save actively and feel confident managing finances. Visit https://www.moneyhelper.org.uk/en for free guides and activities to support age-appropriate financial learning.
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