Credit Unions of Wales Supports Talk Money Week 2022

Credit Unions of Wales is supporting Talk Money Week, an annual awareness campaign coordinated by the Money and Pensions Service to encourage everyone to open up about their money and pensions.

Held from 7 to 11 November, Talk Money Week aims to reduce the stigma around money by encouraging conversations among families, friends, neighbours, customers, colleagues and communities.

Talking openly about money can have a huge impact on tackling money worries and is important for our overall health and relationships.

The impact of the Covid-19 pandemic and pressures due to the rising cost of living has made it more important than ever to start conversations about money to look after our financial wellbeing.

Talk Money Week is also an annual opportunity to celebrate the work organisations like Credit Unions of Wales are doing to support the long-term UK Strategy for Financial Wellbeing, launched by the Money and Pensions Service (MaPS) in 2020 with support from stakeholders across the UK, which has ambitious ten-year goals to help everyone make the most of their money and pensions.

Throughout the week there will be activity across Wales to get more people talking about personal finance issues, and engaging with topics such as managing credit, saving regularly, planning for retirement, dealing with debt, and teaching children and young people about managing money.

Caroline Siarkiewicz, Chief Executive at the Money and Pensions Service says:

“As we cope with the after-effects of the Covid-19 pandemic and face pressures from the rising cost of living, financial wellbeing should be at the heart of national conversation: a financially healthy nation is good for individuals, communities, business, and the economy. Talk Money Week provides a key opportunity for the nation to break the taboo of discussing money and finances. We are pleased to see so many organisations encouraging conversations about money – from pocket money to pensions – to help people across the country make better informed decisions about their finances.”

For more information on Talk Money Week visit us

About Talk Money Week

Talk Money Week is an annual public awareness campaign, run by the Money and Pensions Service, to get the nation having conversations about money. Talking about finances has been shown to help people make better informed and less risky financial decisions, feel less stressed or anxious and more in control, have stronger personal relationships, and help their children form good lifetime money habits. Talk Money Week will take place from 7-11 November 2022.

About the Money and Pensions Service

The Money and Pensions Service (MaPS) is here to ensure every person feels more in control of their finances throughout their lives: from pocket money to pensions. When they are, communities are healthier, businesses are more prosperous, the economy benefits and individuals feel better off. MaPS delivers free and impartial money and pensions guidance to the public through MoneyHelper, which recently brought together legacy services the Money Advice Service, The Pensions Advisory Service and Pension Wise.

MaPS is working to make sure the whole of the UK understands that financial, physical and mental health are all deeply connected. MaPS’ role is to connect organisations with the shared purpose of achieving the five goals set out in the UK Strategy for Financial Wellbeing.
MaPS supports innovation so that everyone can use the most effective methods to help people feel more in control of their money, targeted to those most in need and inclusive of people from all backgrounds. MaPS is an arm’s-length body sponsored by the Department for Work and Pensions (DWP).

For further information visit www.maps.org.uk. Members of the public can get free guidance about their money and pensions via: www.moneyhelper.org.uk / 0800 138 7777

About the UK Strategy for Financial Wellbeing

The UK Strategy for Financial Wellbeing establishes five “agendas for change” and sets goals to be achieved by 2030. These are:

● Financial Foundations: 2 million more children and young people getting a meaningful financial education
● Nation of savers: 2 million more working age people who are struggling and squeezed saving regularly
● Credit Counts: 2 million fewer people often using credit to pay for food or bills
● Better Debt Advice: 2 million more people getting the debt advice they need; currently only 32% of those who need debt advice access it
● Future Focus: 5 million more people understanding enough to plan for their later lives, and during them

Further information about the UK Strategy is available at www.maps.org.uk/wellbeing