West Lancashire MP Rosie Cooper is supporting Talk Money Week, an annual awareness campaign run by the Money and Pensions Service to encourage everyone to open up about their money and pensions.
Held from 9-13 November, Talk Money Week aims to reduce the stigma around money by encouraging conversations among families, friends, neighbours, customers, colleagues and communities. Talking openly about money can have a huge impact on managing money worries, and is important for our overall health and relationships. The impact of Covid-19 has made it more important than ever to start conversations about money to look after our financial wellbeing.
Talk Money Week is also an annual opportunity to celebrate the work organisations are doing to support the UK Strategy for Financial Wellbeing, launched by MaPS in January 2020, which has ambitious ten-year goals to help everyone make the most of their money and pensions.
Throughout the week there is activity across the UK to get more people talking about personal finance issues, and engaging with topics such as saving regularly, planning for retirement, dealing with debt, and teaching children and young people about managing money.
West Lancashire MP Rosie Cooper commented:
“It is important we break the stigma associated with talking about money, and have the much-needed conversations about how COVID-19 has impacted people’s finances and how to get help to get through the changes to personal finances.
“For anyone who is struggling or concerned about their money situation visit www.maps.org.uk/talk-money-week/ to see what help and support is available.”
About Talk Money Week
Talk Money Week is an annual public awareness campaign, run by the Money and Pensions Service, to get the nation having conversations about money. Talking about finances has been shown to help people make better informed and less risky financial decisions, feel less stressed or anxious and more in control, have stronger personal relationships, and help their children form good lifetime money habits. Talk Money Week takes place from 9-13 November 2020.
About the Money and Pensions Service
The Money and Pensions Service (MaPS) vision is: ‘everyone making the most of their money and pensions.’ MaPS brings together the free services previously delivered by the Money Advice Service, The Pensions Advisory Service and Pension Wise. MaPS offers customers guidance and appointments over the telephone, online and in person.
MaPS is an arm’s-length body sponsored by the Department for Work and Pensions (DWP), and it has a joint commitment to provide access to the information and guidance people across the UK need, to make effective financial decisions over their lifetime. The organisation also engages with HM Treasury on policy matters relating to financial capability and debt advice.
For further information visit the Money and Pensions Service website www.maps.org.uk
Consumers can continue to access free guidance about their money and pensions via the following websites and helplines:
About the UK Strategy for Financial Wellbeing
The UK Strategy for Financial Wellbeing establishes five “agendas for change” and sets goals to be achieved by 2030. These are:
- Financial Foundations: 2 million more children and young people getting a meaningful financial education
- Nation of savers: 2 million more working age people who are struggling and squeezed saving regularly
- Credit Counts: 2 million fewer people often using credit to pay for food or bills
- Better Debt Advice: 2 million more people getting the debt advice they need; currently only 32% of those who need debt advice access it
- Future Focus: 5 million more people understanding enough to plan for their later lives, and during them
The strategy will also examine factors which can make people particularly susceptible to financial detriment, such as mental health conditions and gender. Covid-19 has also highlighted certain segments of society that need specific focus – including some Black and minority ethnic (BAME) communities, young people and those with variable incomes – and these additional vulnerabilities will be addressed in the recommendations. Further information about the UK Strategy is available at www.maps.org.uk/wellbeing