This TalkMoney week, we want to help everyone start the conversation about anything from pocket money to pensions. Whether it’s a quick chat about bills with a partner, a question for a professional, or introducing earning and saving to a child, “Start the Conversation” is the first step towards action. Chats about money don’t have to be polished; they just need to happen.

We want to encourage people to start conversations about money. We hope it will instigate better money management, avoid debt, improve mental well-being, give people confidence, and bring people closer through these conversations. TalkMoney week is a notion that starts with a chat, with hopes that this leads to action. 

Research shows that people who talk about money: 

• Make better and less risky financial decisions
• Have stronger personal relationships
• Help their children form good money habits for life
• Feel less stressed or anxious and are more in control

Here is some advice to get you started on a casual conversation about money, with a friend, family member or acquaintance. 

How to prepare for the conversation?

1. Choose a moment when you’re both feeling relaxed.
2. Understand whether it would be best done in private or a public space. Depending on the person, some people open up better in private, but others may find it easier to open up in public, with the background noise of a cafe or in the park.
3. Stick to your goal and stay on topic. Why are you starting this conversation in the first place? Are you worried about debt, borrowing money, or pensions? Do you want to know more about saving, budgeting, planning for the future, or support? Maybe even write down what you would like to talk about first. 
4. Consider their point of view and how they’re feeling – be open minded. 
5. Be prepared for possible friction in these conversations. To avoid reacting too quickly, think in advance how to respond appropriately. 

How to start the chat about money? 

1. You could use ‘objects’ to start the chat about money. This could be a letter you’ve seen, something their paying off or bought recently. 
2. You could ask what their opinion is on the situation and take it from there. 
3. If a similar situation has come up with someone you know, or in book and on TV, you could use this to start the conversation about money. 

What to do after the chat? 

1. Recap at the end, so you’re both clear on the communication. 
2. Come to an agreement on any next steps moving forward. 
3. If you feel like there’s still things left unsaid, unanswered or unplanned, ask if you can talk again. 
4. Change the conversation to something more lighthearted. And remember to thank them for chatting!

A good money chat is just a chat. Be open-minded throughout to make sure you both feel heard. Be aware you may not get the conclusion you want or reach an agreement this time. The point is: you started the conversation – so well done! Money chats can always be difficult and you’re doing a great job of avoiding repercussions in the future.