In 2015, the UK’s Financial Capability Strategy was published, the result of a large-scale collaboration between various organisations from central Government departments, to charities and big business. ‘The Strategy’, as it is referred to, is managed and promoted by the Money and Pensions Service, who are also behind #TalkMoney #TalkPensions Week, which happens each year.
In their resource pack for 2019, the Money and Pensions Service say the annual campaign is built around a central objective:
“Our goal is to turn talking about money from one of the UK’s least favourite topics into something commonplace.”
MyEva, of course, is on a similar mission to help employers create “Financial wellbeing for everyone”, so naturally, we have been scouring our timelines for some of the most important conversations that have been sparked by #TalkMoney #TalkPensions Week. These posts were close to our hearts as we spend our every working moment debating these very issues – take a closer look at the ones we’ve highlighted below:
No conversation about money would be complete without the Financial Times’ personal finance editor, also the no-nonsense, down-to-earth voice of the FT Money Show Claer Barrett, obvs!
The Claer introduced us here in the office to the highly-addictive Money Diaries book by Lindsay Stanberry and helped us realise just how much we have in common with women who spend far too much at Starbucks, avoid reading bank statements and even hide purchases from partners.
One of our go-to online resources, HR Zone, is just one of the many this week who have highlighted the gender inequality that exists in all aspects of finance. Anchored with the #TalkMoneyWeek hashtag, their Tweet on this subject led to a blog by best-selling HR author Gethin Nadin who asked, “...why women are being left behind” when it comes to Financial Wellbeing.
Referencing the Government policy paper, Gender Equality at Every Stage: A Roadmap for Change which was released in July earlier this year, Nadin drills down with stats on the impact of intersectionality and how some women are at a further disadvantage simply due to the fact that they belong to groups which are the minority in the UK. For instance, Nadin says that for non-white, non-heterosexual women “your pay gap is even wider.”
Insurance brokers and risk managers, The THB Group are a company after our own hearts, clearly showing how seriously they regard employee wellbeing and the views of their workforce, with a dedicated Twitter account for their HR department. @THBGroupHR shared this post (see above) on the importance of creating an ‘emergency fund’, which is generally regarded as savings that equate to three months of your usual income, in case anything goes wrong with your job, business or benefits. MyEva users will note that building this type of fund is something that appears very high-up on their personal checklists and is a practice our in-house advisers would normally advocate over paying off debts or taking a holiday, for example.
The Just Finance Foundation is an ongoing project from the Church of England that aims to eliminate:
“...financial exclusion, distress caused by unmanageable money worries and debt, and the lack of practical knowledge around budgeting, saving and spending.”
For #TalkMoney #TalkPensions Week, the foundation has highlighted its work with primary school children. The blog says: “Research has highlighted that key habits around money are being formed by the age of 7, yet just 5% of parents think that their child or children leave school with the adequate skills needed to manage their money well.” h
Alice Manship from financial adviser firm, The Money Partnership, who specialise in helping clients with “big financial decisions” like taking out mortgages, raised awareness about an issue affecting many low-income families; with her share (click here to view the post).
The post was taken from the ever-useful Money Saving Expert, who explored a Government report into state benefits and whether or not they are being claimed by people who are entitled to them:
“While some may choose not to claim benefits they are eligible for, the DWP's report says take-up may also be affected by factors such as the attractiveness of the benefit, lack of awareness or the perceived stigma of receiving a benefit.”
Whether or not you’re affected by the topics we’ve included here, #TalkMoney #TalkPensions Week is bound to have inspired conversations at your workplace or maybe even one really important one with your bank manager! To keep up with the hashtag, search ‘Talk Money’ and ‘Talk Pensions Week’ on social media for the rest of this week (week commencing 18 November 2019).
Learn more about MyEva
MyEva is a digital financial wellbeing expert designed to support employees with their financial wellbeing by helping to improve their financial situation with independent personalised guidance and advice.
To learn more about how Employers can support the financial wellbeing of their workforce, explore www.myeva.com, email firstname.lastname@example.org or complete the form below.
Follow MyEva on LinkedIn today to discover how Employers are improving the financial wellbeing of their Employees.