We are now well into Talk Money Week 2023 run by the Money and Pensions Service (MaPs) which we are supporting. The purpose of Money Talk Week is to break the taboo of talking about money and encourage individuals to speak about their finances, something we still seem to struggle with here in UK. It is an annual campaign that organisations of all kinds can get involved with.

Despite the current spotlight on household finances, talking about money remains a taboo. People find it difficult to open up about money worries, and don’t access the expert advice available to help them find a way forward.

This is a shame because the research shows that when people do talk about their finances, they make better and less risky financial decisions, and feel less stressed and anxious.
By talking more about money, we can build financial confidence and resilience to face income shocks, life events and whatever the future holds.

This year MaPs are encouraging consumers to do one thing that could help improve their financial wellbeing- it could be checking your pension or talking to your child about pocket money. Think about what your one thing could be.

It’s no secret that many consumers are currently struggling with the cost-of-living pressures. It keeps coming up in the press and also got a mention in this week’s Kings speech.

As we head into the winter months which often come with an increase in spending, lenders will need to think about how they can proactively engage with their customers to support them if required.

Part of that is about making sure that individuals know where to turn to for advice. The Money Helper website contains a huge range of information, tools, and guidance about all aspects of money so is a great place to start.

Here at the CCTA we are always keen to support external campaigns that fit with the vision of our association. At the heart of the CCTA is a commitment by our members to lend responsibly. It is important that consumers should only borrow when it is in their best interests to do so.

This is also part of a wider debate about the need for access to credit. When used appropriately credit is an important tool to help individuals manage their finances. We need to ensure there are range of products that meet the needs of consumers to help them manage their finances effectively.