Sometimes, the hardest part of a conversation is starting it in the first place. From time-to-time, we all experience that feeling of dread that comes from the idea of having to talk about something which makes us feel uncomfortable. Some conversations are difficult. Some conversations can wait. And because of this, some conversations don’t happen at all.
I’m sure you can think of times in your life where you thought about broaching a subject with someone, but then thought again. In certain circumstances, it can be for the best – sparing people’s feelings or avoiding falling out with someone. But in other instances, not having an important conversation can be damaging in the long run.
There’s all sorts of topics we can be guilty of avoiding, but today I want to talk about one of the most common – money. It definitely feels like a British thing, doesn’t it? To discuss anything but money matters.
I’m a bit different, I guess. In my role as a Financial Consultant at Skipton Building Society, I spend my working days talking about little else but money. I help my customers open up and talk about their finances, with the aim of making them feel more confident about the future.
I know it’s not easy for many people, but I always tell my customers they can trust me. And that by sharing as much as they feel comfortable, I might be able to help them make stronger plans.
Why do we avoid conversations about money?
I think there’s two big reasons why so many of us avoid talking about money. Firstly, we’re all a product of our upbringing. In Britain especially, it’s not considered socially polite to talk about money. It’s taboo. Private. Off limits.
The other big barrier to talking about money is something called ‘Fear of Finding Out’. What this means is – if you’re worried about something – you’re afraid to explore or learn more about the potential problem, because of what you might discover.
I’ll give you a great example of this:
- According to August 2023 research by the Living Wage Foundation, more than half of people saving into a pension fear they won’t ever be able to retire.
- Yet a May 2024 survey by People’s Partnership discovered 32% of working people don’t know how much they have saved in all their pension pots.
- If you’re worried you might not be able to do something (like retire), a natural response might be to check. But a fear of finding out appears to be stopping a lot of us from taking that practical step.
If you’re already feeling bad about something, it’s an understandable human reaction to avoid the risk of feeling even worse. But burying your head in the sand is ultimately counter-productive.
In this pension example, having a conversation might lead you to realising you’ve saved more for retirement than you thought, making you feel better. And even if there’s some bad news, you could start to take practical steps to address the problem – rather than ignoring and letting it get worse.
Don’t fear finding out. Because not finding out could prove a lot worse.
The value of having a conversation about your money
According to the Money & Pensions Service, more than 20 million UK adults don’t feel confident managing their money. So if you’re feeling uncertain about your financial plans, you’re in good company.
It’s a problem that we at Skipton Building Society are especially mindful of. As the UK’s fourth largest building society, we believe we have an important role in providing financial education to people who need support. That’s why we’ve developed a new service to offer you a conversation about your money.
Best of all, it’s completely free.
It’s called My Money Review. Available at your nearest Skipton Building Society branch or over the phone, it’s a friendly conversation where you can openly discuss your finances with a knowledgeable colleague. We’ll ask you about your financial priorities and goals. And help you discover how your current plans stack up.
At the end of the chat, you’ll get a summary of your situation. If your plans are in good shape, we’ll give you the reassurance of telling you this, so you feel more confident about the future. And if there are ways you could make even stronger plans, we’ll offer personalised recommendations for you to think over.
A conversation you won’t want to miss
Finding out where you stand is a really good place to be. I know from my experience of providing My Money Review service that customers appreciate knowing how they’re positioned. Of having a safe space where they can ask questions about their money.
Many members have benefited from this service. This includes David, who told us, “I had such a great experience. We had an hour-long chat about my finances which helped me to see problems and opportunities.”
As we provide a range of financial services, there are different ways we could help you get your money working harder. For example, we offer a range of savings products. For longer-term needs like investing and pensions, we could even arrange for you to meet with one of our qualified financial advisers.
5 reasons to have a conversation with us about your money
- Friendly chat that goes at your pace
- Personalised summary of how your plans stack up
- Information on how you could make stronger plans
- No pressure to act on our recommendations
- A My Money Review is completely free!
Book a My Money Review
If you can spare one hour to talk about your financial future and check if your savings are on track, a FREE My Money Review appointment could be just right for you.
Book a My Money Review
Important Information
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