Be open about financial affairs

It’s good to talk... hiding money is bad for health

- with WARREN SHUTE

Money is an emotional thing. I liken it to a diet or our weight: we don't like to talk about what we earn, or how much we have saved, or what we weigh, because we worry others will judge us or perhaps compare us.

But not talking about money is causing problems in society with a real psychological impact, too, especially in the current economic climate. Mind, the mental health charity, puts it well - “poor mental health means managing money is harder, and worrying about money makes mental health worse”. There’s a vicious circle effect at play.

Thankfully, there are organisations working to change this status quo, and one of them is the Money & Pensions Service (MaPS). This month they ran a campaign, Talk Money Week - themed “start the conversation”, to improve financial wellbeing by encouraging people to open up about their finances, from pocket money through to pensions.