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Who do you talk to about money?

Just 42% of the UK say that they feel financially healthy. And it's just 'not British' to talk about money.

Who did you last talk to about money? And who do you ask for help? 

 

 

"If I didn't have my parents to go to I don't know where I'd go"

Parents, brothers and aunties all get an honourable mention when we asked who you talk to about money. It's clear that these discussions are often kept to the family and there's a lack of certainty about where else to turn for help.

46% of us also say we will turn to financial websites but there's a fear of hidden agendas and not knowing the motivations behind the site. 

 

 

 

 

"I want to be as happy and as comfortable as that"

Our families teach us about money and help shape our relationship with it. Mick's Granddad worked for Great Western Rail as a booking clerk in the 1950s. He was "pension, pension, pension" and looked after his family and paid off a four bedroom house. 

Have a listen to what his Granddad taught him. Little and often. And starting early.

 

 

So, who can you talk to about money?

Many of us tend to ask our parents, or keep it in the family, because we're too ashamed to ask our friends and don't trust the professionals to look after us. But there are some other resources available as a point of validation and help. Here are some ideas of where you could go with your questions about money: 

  • Financial advisers 
    Regulations have changed and most financial advisers today do not work on commission, will be very clear on what they charge and focus on the advice rather than product sales. But you will typically need to have in the region of £75,000 - £100,000 plus to become a client. Annual fees for advice will be in the range of 0.75% - 1% with investment costs on top. An hourly rate for advice will be about £150 - £225.  

    Try VouchedFor or Unbiased to see advisers in your area. 

  • Money coaching
    A very new concept and it can be hard to find but this is lower cost help and non-regulated little 'a' advice which won't give you specific product recommendations but will guide you through the decision making process and table all the issues. Look on Google. 

  • Pension Advisory Service 
    This is a fantastic free service funded by the Government. Talk to someone very well-versed in the world of pensions on the phone. They won't give you personalised financial advice or recommend pension providers but they will help with all your technical queries and really be a good sounding board for those complex questions. 

  • Online communities
    Take these with a pinch of salt as you don't know the qualifications or motivations of the person behind it. Also be careful of anyone pro-actively calling you with pensions or investments schemes - these unsolicited calls should be treated with suspicion. 

  • Newspapers and magazines
    If you are considering investing, Moneyweek magazine is worth a look. The personal finance sections of the FT and The Times cover a wide range of subjects or The Mail's This is Money website is comprehensive. 

  • Investment platforms
    The helpdesks of the larger platforms such as AJ Bell Youinvest, Interactive Investor, Hargreaves Lansdown and Fidelity are helpful. They cannot give you personalised advice such as which investments to buy, but they can help with technical and factual questions about setting up ISAs and pensions. 

 

 

Holly's tip: 

"I speak to lots of people about money all the time and it strikes me that most of us tend to assume that everyone else is 'more sorted' than us. And that's not true. Don't be afraid to talk to good friends about money worries. They might not be able to fix it but a problem shared is a problem halved and all that. We've all got something about our finances which is bothering us so don't be too hard on yourself." 

Holly Mackay, Founder and CEO, Boring Money 

 

Investor Pulse - what you told BlackRock

Every year, BlackRock ask people from all over the world, including the UK, how they think and feel about their financial health. This year, they went deeper than ever before to understand the connection between our financial health and well-being.

Want to know more about Investor Pulse and see what else BlackRock found out?