Almost all of us think about it every day, but very few find it easy to talk about. Even within our families and closest relationships, communicating about money can feel like a real no-no. Yet with so much of the current national conversation dominated by financial anxiety, it’s clearly high time to break that taboo.
From today until 11th November, the Government’s Money and Pensions Service (MaPS), is marking Talk Money Week – it's annual initiative designed to encourage the estimated 90% of Britons who find money a tricky topic to open up and share their experiences and problems with others.
There are really sound reasons for doing so. Research shows that people who talk about money make better financial decisions, have stronger personal relationships, suffer less stress and anxiety, and even help their children form positive money habits.
One of the most important messages is that while so many are grappling with mounting inflation and the cost of living, simply being able to communicate with and learn from each other can help build financial confidence and resilience for the future.
Financial resilience has always been at the heart of PayCaptain’s mission, which is why we’ve built in a suite of budgeting and money management tools designed to help individuals. But we’re also aware that technology (however smart) isn’t the whole answer. Talking money is about engaging with each other as fellow humans.
Employers have an important role to play in helping their people find the right support when they need it, and in creating an environment where employees’ moneyworries can be addressed. And not just because it’s the right thing to do. There’s a wealth of evidence that anxious, stressed-out staff are a drag on productivity. Now, more than ever, that’s an impediment any business can ill afford.
The overarching theme for this year’s Talk Money Week is credit – and aims to help demystify some of the jargon (especially around things like interest rates) and increase understanding of how to use credit responsibly.
Getting involved with any of the issues highlighted by Talk Money Week is easy. There’s a participation pack available via the MaPS website that’s designed to promote workplace visibility and help kickstart the conversation. And we’ll be doing our bit by ‘talking money’ here, every day this week.
In the meantime, why not explore how PayCaptain can help support you and your team? Our employee app carries a host of innovative features to help them understand their pay and deductions better. We’ve also recently partnered with Plain Numbers – an initiative to improve the way individuals relate to financial information. Using a Plain Numbers approach can double the number of employees who understand communications such as payslips, giving them a better chance of making informed choices and improving their finances.
To learn more, contact us for an informal, no-obligation chat. We’ll be happy to demo PayCaptain for you.
PayCaptain www.paycaptain.com is an HR/FinTech company that delivers a fully automated Cloud outsourced payroll service. In October 2022, PayCaptain was named as Software Product of the Year at the prestigious Chartered Institute of Payroll Professionals (CIPP) Annual Excellence Awards. PayCaptain is the world’s first payroll company to be B-Corporation certified. To read more about B-Corporations, visit www.bcorporation.net. The company has been recognised and rewarded with two B Corp ‘Best for the World’ awards for being within the top 5% of highest scorers within both the Workers and Governance impact areas in the B Corporation B Impact Assessment.