It’s time to talk about money – and we’re all ears

Talk Money Week

9th-13th November is Talk Money Week, an annual campaign organised by The Money & Pensions Service which is part of a national effort to raise awareness of financial matters and help people to build their financial wellbeing.

Did you know?

  • 47% of British people don’t feel confident making financial decisions? 

  • What about the fact that 44% of those earning £30,000 or less have fallen behind with bills and other commitments due to the pandemic?

With facts like these, it’s little wonder that almost 4 million people admit to having borrowed money just to pay those essential bills to keep the heating on or put food on the table.

Sadly, for the team here at The Co-op Credit Union, these statistics don’t come as much of a surprise.  Every day we’re talking to our members about their financial circumstances, providing a listening ear and having common sense conversations about minimising how much interest you pay or whether borrowing is really affordable.

We understand that it’s important to enjoy some of the finer things in life but first we need to make sure we’re covering the basics and The Co-op Credit Union – like credit unions across the country and around the world – is all about helping our members to make wise financial decisions and take back control of their money.

So whether you’re saving for something special, borrowing for a nice family Christmas or looking to consolidate those high cost debts to save £££s, remember that it’s good to talk about money and here at The Co-op Credit Union we’re all ears.

Some tips on how to have a conversation about money on the Talk Money Week Website

Get in touch

As always, remember – we’re here for you – our members, so if there is anything we can help with, please get in touch for an informal chat – we’ll do our very best to help. Find out how to contact us

Why talk money?

Talking openly about money is vitally important for our health, wealth and relationships. The effect of Covid-19 has made it more important than ever to start conversations about money.

Research shows that people who talk about money:

  • make better and less risky financial decisions

  • have stronger personal relationships

  • help their children form good lifetime money habits

  • feel less stressed or anxious and more in control.

Building money conversations into our everyday lives also helps us build financial confidence and resilience to face whatever the future throws at us.

If we’re not prepared, we can struggle to cope when an income shock happens or a life event changes everything.