Talk Money Week: Addressing money with loved ones

With Talk Money Week kicking off this week, Mamta Shanbhag, Head of Customer Management Unsecured Lending at Tesco Bank, shares her top tips on how to start talking about money with loved ones, including data from our own research – we found nearly half (49%) of people don’t talk about spending habits with friends and family.

Addressing money with loved ones

 
Mamta Shanbhag, Head of Customer Management Unsecured Lending at Tesco Bank, comments: “For something that influences much of our lives, money isn’t often discussed. While it can feel awkward it’s important we all try and normalise talking more about money, especially with those closest to us. Our latest research found that half of people (49%) don’t talk about spending habits with friends or family, and 56% don’t talk about savings goals. Getting comfortable talking about these things will help when there are other money conversations to be had, like managing debt or if you need some help with your money.”
 
Mamta shares her top tips on how to approach talking about money with loved ones:
 
Set aside time
 
Openly talking about money can be new for people. If you want to have a chat with your partner, or a loved one, about money, set aside time and let them know beforehand what you’d like to talk about. This will help them come prepared and with an open mind.
 
Be patient
 
Sharing your experiences, worries, successes or learnings can often lead to people sharing their own. So be patient. You might even find they are relieved it’s something you’re open to talking about and could encourage them to share their own experiences.
 
Honesty is the best policy
 
It can feel easier to try and deal with challenges around money on your own. But being honest with your loved ones, and your partner, in most cases is the best policy. We know that over two -thirds (62%) of adults don’t talk to friends and family about debt, and only 26% would turn to their partner for support if they found themselves in debt. You don’t need to deal with these things on your own and if it’s not a loved one you are comfortable speaking to, there are lots of charities that can offer support.
 
Set your limits
 
Birthdays, weddings, holidays, meals out can all quickly add up and see you spending more money than you had planned, or wanted to. This is why it’s important to have open conversations with your friends, or family, and set a limit on what you are comfortable spending. You’ll often find people are in the same boat as you, and will be grateful that someone has spoken up.
 
Methodology
 
Research conducted by Opinium Research on behalf of Tesco Bank. Sample was 2,000 UK adults (aged 18+). Fieldwork was undertaken 20th September – 23rd September. All data has been weighted to be representative of the UK population.