Talk Money Week is an annual campaign run by the Money & Pensions Service aimed at busting the taboo around money discussions.
With UK consumers still feeling the effects of the cost of living crisis, the so-called “great wealth transfer” underway, and the Autumn Budget imminent, now is the perfect time to talk money.
IFA Magazine agrees, suggesting that upcoming changes to the Inheritance Tax (IHT) treatment of pensions could be the catalyst Brits need to discuss estate plans openly.
Running from 3-7 November, the theme of Talk Money Week 2025 is “Start the conversation”.
So, with that in mind, keep reading to learn how to do just that, whether with your children, partner, parents or a professional.
Talk Money Week encourages us all to open up about our finances, and younger generations are on board
Now in its fifth year, Talk Money Week attempts to break down barriers and encourage people to talk more openly about money and their finances. From pocket money to pensions, these discussions can be the start of a more fulfilling and confident relationship with money, essential for reaching your financial goals.
And while money has historically been seen as a taboo subject, a YouGov poll from earlier this year suggests that the tide is turning.
When asked whether talking about money was “vulgar” or “tacky”, there was a clear pattern, with younger generations happier to open up about their current salary and financial circumstances.
Source: YouGov
Half (50%) of UK adults answered that money talk is not vulgar, compared to 38% who think it is. But the discrepancy between generations is clear.
While 67% of Gen Z are happy to talk about money, only 40% of baby boomers answered likewise. And among boomers, 50% find money-talk vulgar compared to just 17% of Gen Z.
For older generations, then, there is still some work to do if they’re to open up about their finances.
1. The great wealth transfer, vital money lessons, and the importance of debt management
Money attitudes are formed young (possibly as early as age seven). If you grew up in the post-war years, it’s understandable that you might have been raised around different money attitudes to those in their teens today.
But open and frank discussions at home could set your children or grandchildren on the right path to financial success, instilling a positive relationship with money.
Back in 2023, you might have read our article, ‘5 top tips and financial lessons to pass on to students now’, which provided guidance for parents with children heading to university for the first time. Helpful advice included:
- Budgeting with income
- The importance of an emergency fund
- Things to consider before using a credit card.
On this last point, debt can be a difficult area of your finances to manage and an even harder aspect to talk about.
If you intend to pass wealth onto your children, you’ll want to know they have the financial education to manage their inheritance and the confidence to seek help if this becomes difficult.
2. Financial infidelity and the importance of planning as a couple
We’ve also spoken before about the need for open and honest conversations in relationships. You might have read ‘How to organise your finances as a couple this Valentine’s Day’, which we wrote last year.
In it, we quoted a 2023 Aviva report that suggested 38% of UK adults currently in a relationship had committed some form of financial infidelity. This might’ve taken the form of “secret” stashes of money or hidden debt.
And while some degree of financial independence might well be a good thing, there are also many benefits to planning your finances as a couple.
By sitting down to talk through your finances, you’ll be able to:
- Identify shared goals and understand the areas where you are, and are not, on the same page
- Make better decisions that work for both of you. Two heads really could be better than one
- Take advantage of pooling your available thresholds and allowances to manage your joint wealth tax-efficiently.
Start the conversation this Talk Money Week and see how you and your partner could work together to achieve your financial goals.
3. Difficult conversations with parents and why involving loved ones in your estate planning matters
Back in July, we wrote about dying tidily, listing five ways to put your affairs in order and avoid leaving a messy legacy, and second on our list was having difficult conversations with loved ones.
Discussing your estate plans can help to ensure all relevant parties are on the same page and hopefully avoid disputes after you are gone.
It’s important, too, to instigate these conversations with your elderly parents, who might be reticent to discuss their health and finances.
Ensuring your parents have a valid will and a Lasting Power of Attorney in place could save you time, money and stress after they are gone, if a diagnosis of dementia, for example, leaves them unable to look after their own affairs.
While these conversations might not be easy, they are vital, and Talk Money Week might be just the push you need to get talking. Upcoming changes to the IHT treatment of pensions could mean you need to alter your estate plans, with Professional Adviser recently reporting a surge in demand for advice.
Get in touch
We’re on hand to help you manage your estate planning, whatever rule changes occur, and we could help you broach difficult financial topics with loved ones, too.
So, if you’re looking for an independent financial adviser in Milton Keynes or Olney, look no further. At Jane Smith Financial Planning, we’ve been helping clients for 30 years, so contact us at info@janesmithfinancial.com or call 01234 713131 to see what we can do for you.
Please note
This article is for general information only and does not constitute advice. The information is aimed at retail clients only.
The Financial Conduct Authority does not regulate estate planning, tax planning, Lasting Powers of Attorney, or will writing.
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