[INSIGHTS]: Talk Money Week Participation Pack

ABOUT: Empowering financial conversations during Talk Money Week 2023.

LINK: https://maps.org.uk/en/our-work/talk-money-week#

Summary The Talk Money Week Participation Pack provides comprehensive guidelines for the 2023 event, focusing on encouraging open discussions about money across various sectors, including workplaces, financial services, local government, education, and health. The initiative aims to break the taboo surrounding money talks, enhance financial literacy, and promote financial wellbeing.

Key Points and Ideas

  • Talk Money Week occurs each November to foster money conversations in various settings.
  • The 2022 edition reached over 12 million people online and was covered by 500 press outlets.
  • Research indicates that talking about money leads to better financial decisions and improved personal relationships.
  • The week includes activities and events to help people discuss money matters from pocket money to pensions.
  • MoneyHelper, a service provided by the Money and Pensions Service, offers clear, free, and impartial money and pensions guidance.
  • The campaign encourages doing one simple thing to improve financial wellbeing and sharing it with others.
  • Financial education in schools is vital, with resources and toolkits provided for this purpose.
  • There’s a strong link between financial wellbeing and mental health, emphasizing the need for conversations about money in health and social care.
  • The Money Guiders Conference is a part of Talk Money Week, focusing on providing guidance for those in money-related roles.
  • The initiative promotes financial education, resilience, and confidence to face financial challenges.

Key Statistics

  • Over 12 million people reached online during Talk Money Week 2022.
  • Coverage by over 500 press outlets.
  • 70% of children aged 7–17 receive regular pocket money.
  • 64% of Buy Now Pay Later users are under 40 years old.
  • 91% of people struggling with mental health avoid talking about money.
  • Those with recent mental health problems are four times more likely to be behind on bills.
See also  [INSIGHTS] : FCA Consumer Duty Summary

Key Takeaways

  • Open discussions about money are crucial for financial wellbeing.
  • Various sectors, including education, health, and local government, play a role in promoting financial literacy.
  • Financial education should start early in life to build strong financial foundations.
  • Addressing the taboo of talking about money can lead to better financial decisions and mental health outcomes.
  • Collaborative efforts are essential in enhancing financial literacy and wellbeing.
  • Talk Money Week is a significant opportunity to engage communities in meaningful financial discussions.

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