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Metro
12-06-2025
- Business
- Metro
Does money seem to be the hardest word? Here's how to handle talking about it
When it comes to personal conversations, money is still one of the hardest topics to discuss with friends, partners and family. A new study from savings app Plum puts financial questions such as 'What is your salary?' and 'How much do you have in savings?' at the top of a list of most awkward questions to ask, while money topics such as debt and credit ratings take up four of the top 10 spots in 'conversation topics to avoid' – along with President Trump and Brexit. But while most of us steer clear of chatting about our finances, research from the Money and Pensions Service shows that those who can broach the subject end up better off. Money talkers make less risky decisions and feel less stressed, the study shows. 'Building money conversations into our everyday lives helps us to build financial confidence and resilience,' says Becky O'Connor, director of public affairs at PensionBee. So how can we have these money conversations profitably and securely? We asked the money experts for their top tips for various scenarios. To view this video please enable JavaScript, and consider upgrading to a web browser that supports HTML5 video We've all been there. A lovely meal out with friends can leave a nasty taste in the mouth when it comes to sharing the bill. Sometimes the most difficult conversations about money can be the smallest ones, says financial adviser Rebecca Penny, who runs Planit Financial. That includes conversations over splitting the bill over dinner if you have only had the starter and everyone else has splashed out on steak and lobster. Many of us stay silent as the bill arrives. The solution: tackle it one-on-one, says Rebecca, who believes a 'quiet word in the ear of the person organising the meal in advance can work wonders. If you really feel you can't have the conversation, she also suggests a non-talking strategy – just slipping to the bathroom close to the end of the meal and settling your part of the bill directly with the restaurant staff on the way back. Financial situations can make or break a relationship, whether at an early stage or later on, before you move in together. But sitting down to discuss salary, existing debts and your attitude towards spending and saving can seem excruciating, not to mention a bit of a passion killer. Money coach Lesley Thomas, who runs the Money Confidence Academy, says that it is natural to feel awkward about having this conversation. 'It can feel invasive or trigger shame or comparison,' she says. She adds that it's not a conversation to have on the first date, but also cautions those in new relationships not to wait too long. 'Timing matters,' she says. 'Wait until trust is being built, but don't wait too long, especially if the relationship is getting serious.' The solution: Get the tone right and use curiosity as a tool, says Lesley. 'Don't treat it like a test, treat it like shared data. You're not just asking, you're aligning values. Use curiosity, not interrogation.' Lesley also advises sharing your own situation first. 'I've got a student loan and a credit card I'm paying off slowly. How about you?' might be a fair opening gambit, she believes. If one of you is in financial difficulty, or times are tight, it can be hard to broach the subject even if you've been together for years. It's easy for it to lead to recriminations or regret and can make the problem worse, not better, if not well-tackled. 'You have every right to be upset but try not to let it derail your efforts to find a solution together,' says Sarah Coles, personal finance expert at DIY investment group Hargreaves Lansdown. 'There's nothing to be gained from a shouting match.' The solution: Find the right time. 'You can't rush some of these sensitive conversations, so find a time that works for you both,' says Sarah. She also suggests that running through the conversation in your head first can help with preparation. 'Consider how to introduce the subject thoughtfully and think about how they might feel and respond. Don't let this be an excuse for putting it off, but it can help to have plotted a way through the more difficult aspects of the conversation.' Above all, though, tell the whole truth, so that you don't have to have the conversation again with more resentment on both sides later. 'This is not the time to fudge the truth or hold things back,' she says. 'If it all emerges over time, they'll feel you weren't being honest, and it makes it much harder to help if they only have half the truth. It's not going to be pleasant but rip that plaster off.' Being on the same page with a potential flatmate is important early on, otherwise you'll be in for an awkward time with unpaid bills, empty fridges and a potentially trashed credit score. But if you're dealing with an acquaintance or someone you barely know, sorting out the ground rules can feel like a minefield. The solution: Polly Arrowsmith, accountant and cost of living specialist, suggests having this conversation when you sign the lease agreement, rather than waiting until it all goes wrong. 'While it may seem overkill, it is helpful to write down your agreements and sign and date them. 'Do this when everyone feels good about the flat share, and refer back to it if a disagreement happens,' she says. If someone is not paying their share, she suggests addressing it calmly. 'Talk with heart, and not anger. Listen to them,' she says. Conversations about money with ageing parents can also be a flashpoint, as there's not only care costs and inheritance to consider, but also who will manage their money if they cannot. Conversations at these ages might cover things like setting up a lasting power of attorney (LPA), both for finances and healthcare, to cover incapacity, as well as tricky discussions around wills, legacies and tax. Alex Gaita, financial planning director at Schroders Personal Wealth, says getting financial affairs in order in this way is 'something many of us put off'. 'It can be quite a difficult topic,' he says. More Trending The Solution: Shift to the positive. Focusing on the money negatives as families get older makes conversations hard to have. Alex says that when he shifts the conversation to differences that older people can make with their money in the future years, the talk lightens and families can get excited. 'When I speak to clients about how their money could help the next generation – from their children, even to their great-grandchildren's future – the conversation shifts. 'They start to think not just about what they've built, but about the legacy they want to leave.' View More » MORE: OCD left me convinced condoms didn't work — sex was terrifying MORE: 'Everyone asks what fragrance I'm wearing – it's this little-known niche perfume' MORE: Readers defend the government's U-turn on winter fuel payments Your free newsletter guide to the best London has on offer, from drinks deals to restaurant reviews.
South Wales Argus
29-05-2025
- Business
- South Wales Argus
Average wedding guest spends nearly £700 on celebrations
The Money and Pensions Service (MaPS) found that each guest averages a spend of £692, including travel and accommodation, new clothes, and presents. Most guests attend three celebrations annually, accumulating costs of more than £2,000. This expense is significantly higher for people aged 25 to 34 who attend six celebrations per year, with their costs rising to nearly £4,500. In Wales, the strain of these expenses is no less significant. Wales manager at the Money and Pensions Service Lee Phillips said: "Attending a wedding or civil partnership can put a strain on your finances, as the cost of gifts, travel and accommodation, new outfits, and childcare can really start to add up, especially as celebrations can go on for 2-3 days. "To support managing your money around expensive milestones, use MoneyHelper – particularly ahead of the spring and summer which is considered the peak season for these celebrations."
Wales Online
26-05-2025
- Business
- Wales Online
The free NatWest workshops empowering you to take control of your finances
Most of us will remember the excitement of a visit from the tooth fairy, or the thrill of cash in a birthday card as a child. Our relationship with money starts at a young age and becomes more important than ever when we are adults. From getting your morning coffee on the way to work, to saving up to buy your own home, understanding the importance of finance and how it plays a part in your everyday life is essential. And it's never too late to put the right foundations in place or build on your existing knowledge. Learning doesn't have to stop - even if the birthday card money usually does. According to research conducted by the Money and Pensions Service , millions of people struggle with money management and face financial difficulties on a daily basis. Around 45% of adults don't feel confident managing their money, 1 in 6 have no savings, and 4 in 10 18–25-year-olds need debt advice. NatWest supports more than 19 million customers throughout the UK, whether they are buying a home, setting up a business, scaling one, or investing their money. More than just a place to withdraw and deposit cash, the banking group aims to build everyone's money confidence and security, focussing on growing with customers as a trusted partner who can meet their changing needs. As one of the UK's biggest banks for business, NatWest helps businesses of all sizes to grow and thrive through a range of programmes and services, including its free Financial Foundations workshops which cover topics ranging from first payslips to protection from fraud and scams. Money worries are the biggest cause of stress for UK workers with 8 in 10 employees taking their concerns to work, which can negatively impact attendance, productivity and performance. Available for businesses, organisations, and community groups, NatWest's Financial Foundations workshops are designed to build financial resilience and empower adults to take control of their money and future. There's helpful, impartial guidance and content for everyone who is earning or managing money, no matter what stage they're at and regardless of their current financial knowledge. 'We wanted to empower them with essential life skills' More than 600 training workshops have taken place across the UK to date, with over 12,000 adults benefitting from the free guidance and insights. One organisation that chose to take part in the workshops is Cardiff and Vale College (CAVC), which offered the training to its adult learners. One of the largest colleges in Wales, CAVC provides a wide range of courses, apprenticeships, and training opportunities to students of all ages. Understanding the need for students to be well-equipped in the world of money, the college decided to participate in the NatWest Financial Foundations workshops. Speaking about the decision to reach out to NatWest, Valeria Gyurovicsova, CAVC progress coach coordinator, said: "We are committed to delivering high-quality education that equips students with the skills and knowledge needed for further study, employment, and life beyond college. "Our diverse and inclusive environment fosters personal and professional growth, ensuring students are well-prepared for future careers. "Our relationship with NatWest started through our engagement in financial education initiatives. While we are not banking customers in a traditional sense, we value NatWest's expertise and resources in financial literacy. Their support in delivering workshops and resources has been instrumental in helping our students develop essential money management skills. "We were introduced to Financial Foundations by our business development manager, who connected us with NatWest's regional director in January. After learning about the programme, we saw a great opportunity to provide our students with essential financial skills to support their transition into work or further education. "The programme aligned perfectly with our commitment to equipping students with practical life skills." (Image: NatWest) Hoping that the workshops could provide students with better financial knowledge to use in everyday life, Valeria continued: "Our main goal was to provide our students with fundamental financial knowledge, including budgeting, banking, and understanding payslips. "We wanted to empower them with essential life skills to help them manage their finances effectively, make informed financial decisions, and build confidence in handling money - whether they are entering apprenticeships, employment, or higher education. "We plan to integrate the knowledge gained from the workshop into our tutorial sessions and student support services. Our tutors will reinforce key financial concepts through discussions, activities, and real-life scenarios to ensure students can apply what they've learned. "We also hope students will take these lessons forward by developing good financial habits, becoming more financially independent, and feeling more prepared for their future careers." The workshops cover all areas of finance, from money basics such as borrowing and budgeting, to how to avoid potential scams and protect against fraud. When asked if the college would recommend the NatWest Financial Foundations workshops to others, Valeria said: "Financial literacy is a crucial life skill that is often overlooked in traditional education. "The Financial Foundations programme delivers practical, engaging, and accessible financial education that equips students with the tools they need to manage their money confidently. It's an invaluable resource for both students and educators. "I would say that financial education is not just about numbers - it's about empowering individuals to make informed decisions that will impact their future. "The Financial Foundations workshop provides essential knowledge in an engaging and practical way, making it a worthwhile investment in the long-term success of students, employees, or community members." To find out more about Financial Foundations, please contact or visit NatWest's website.
