Let’s Talk Money

We’ve already discussed new year’s resolutions, and making helpful changes. But one big change many of us need to make is to resolve to be more open. It’s time we realised it’s ok to talk about money. Money worries and financial pressures can affect absolutely any of us, at any time and are closely linked with mental health problems. It’s a vicious circle – people struggling with their mental health can face challenges with their finances, and people who are facing money worries can find their mental health suffering.

Many of us were brought up to believe that discussing finances was taboo, somehow impolite. Along with politics, money was not considered an appropriate topic of conversation. Unfortunately, this has resulted in generations of people who aren’t sure how to manage money and, worse, have no idea where to turn when they struggle financially. Add awkwardness of discussing one’s feelings – despite tremendous efforts to remove any stigma – and we have the makings of a perfect storm.

Recent generations seem to have endured far more financial pressures than their predecessors. This has been driven by several economic, social, and policy-driven factors over many years:

Housing Crisis and Property Prices

House prices have skyrocketed since the mid-20th century, and not just in London and the South but across many areas of the UK. Buying a home, once a realistic goal for many families, has become increasingly unaffordable. Even those who have managed to get their foot on the property ladder will be paying a huge mortgage. Even the slightest change in circumstances, or interest rates, can be a crisis. Rents have also surged, leading to a higher proportion of income being spent on housing and social housing availability is rare.

Stagnant Wages and Cost of Living

Wages have not kept pace with the rising cost of living. Real wage stagnation means many people face financial strain despite working full-time.

Everything is more expensive nowadays. All our essential goods and services, including food, energy, and transport, have become significantly more expensive. Recent inflation spikes, especially following the disruption and Covid lockdowns of 2020 and beyond, have exacerbated these pressures. Many businesses were unable to survive, resulting in job losses, too.

Student Debt

The introduction of tuition fees in the late 1990s, and subsequent increases, have left many people with substantial student debt. Repayment structures, though income-based, can still reduce disposable income for years after graduation.

Job Market Insecurity

There’s been a huge rise in so-called gig economy jobs and freelancing, zero-hour contracts, and other less secure employment options. Again, this has been made worse by the pressure on businesses, especially small ones, with their own massively increased expenses and the ongoing impact of lockdowns and Covid restrictions.

Time to Talk About Money and Mental Wellbeing

Past generations often enjoyed the security of a ‘job for life’ but this is increasingly rare these days, with a decline in long-term, stable jobs with pension benefits. Given how much the employment and financial landscapes have changed recently, it’s clear that other long-held and outdated notions should be challenged, too.

It’s no longer taboo to discuss money or mental health. It’s vital. When we talk and ask for help, we can find answers – and access support. Talking openly – about money and mental wellbeing – starts at home; it starts with us. The best way to ease the awkwardness and break the stigma is to talk openly. Talk to partners, parents and children. Talk with friends, colleagues, employees and managers. Once it’s normal to talk, any stigma or awkwardness disappears – and help becomes easier to source and access.

Talk to Us for Expert Debt and Money Advice

That’s what we’re here for, so, take a look around our website, where you’ll find all manner of help and expert advice. Then, take the first step and contact us. We can also signpost you to other organisations that can help, too.

Just as a job for life is no longer the norm, bear in mind that if a bank or financial institution is no longer right for you, that can be changed, too. We all shop around for insurance, don’t we? Or holiday deals, and utilities. Changing banks is no longer a time-consuming or fraught process and could make an enormous difference to you and your financial wellbeing.

Talk, Listen, and Look Beyond

It’s all too easy to believe everything we see on social media: shiny new cars, insta-worthy nights out, countless holidays but that’s rarely – very, very rarely – a true representation of anyone’s real life. Modern consumer culture can create pressures for higher spending, but, when we look behind the façades, it’s often a vastly different picture. Unrealistic expectations – what our parents and grandparents called ‘keeping up with the Jones’ is harmful to both finances and mental health.

It’s time to talk, but also to share – and consume – more helpful content. And it’s time to start talking money. By doing so, not only can we help ourselves, but others, too.