Holly's Blog: The last taboo?
By Mike Narouei, Content Producer at Boring Money
21 June, 2019
Here’s a question. Who do you talk to about money? When was the last time you had a candid chat with someone about this most secret of subjects?
BlackRock – a massive global fund manager – asked over 27,000 people in 13 different countries about money in their Investor Pulse survey. They found that money is the number one cause of stress for us in the UK, ahead of health, relationships and work.
We’re on a bit of a mission to start the conversation. Supported by BlackRock, we’ve been out and about talking to people, asking them very un-British things about their finances and making some videos and content to tell the story.
In one of my favourite videos (https://www.boringmoney.co.uk/blackrock-investor-pulse/what-is-your-relationship-with-money-like/), people open up to me about what their relationship with money is like. Seems as though we get this from our parents (hello Dad, it’s all your fault ;0). Yup, families are hugely influential and 26% of us still ask good old Mum and Dad for financial advice. Which makes parents the nation's largest and least profitable advice firm!
What also strikes me though is how ashamed many of us feel about money (https://www.boringmoney.co.uk/blackrock-investor-pulse/what-stresses-you-out/), as expressed so well by Anna, a midwife, who is juggling kids and childcare and feeling left behind by the financial torrents of meaningless words and jargon.
Rather than just sit around and chat though, we’ve created 8 pages (https://www.boringmoney.co.uk/blackrock/) which are also jam-packed with independent tips and ideas from me to help with ideas from budgeting apps, to ISAs, pensions, how to find a good financial adviser, getting started with ISAs, where to get free help with pensions and more.
Here's a few snippets
Lots of parents talk to me about their young adult children and getting them started. Check out the ideas (https://www.boringmoney.co.uk/blackrock-investor-pulse/can-technology-help-you-start-investing/) on how tech can help people budget, start an ISA for £1 or buy a share of some of the brands they know and love. Our infographic is a visual beginner’s guide to investing on a page.
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Feeling just a bit rubbish and curious as to how other people approach money? I love John’s comments about how his wife is the “financial straight man” and how they juggle the finances.
Video goes here
If you are feeling stressed about things, you are not alone. Have a look at some ideas about where you can go for some advice (https://www.boringmoney.co.uk/blackrock-investor-pulse/what-stresses-you-out/) on debt, general finances and pensions.
We share tips about who you can talk to about money (https://www.boringmoney.co.uk/blackrock-investor-pulse/who-do-you-talk-to-about-money/) – from sites to help find a good adviser, to a free Government funded service which will tackle your pensions questions.
And finally there are some ideas for impulse spenders (https://www.boringmoney.co.uk/blackrock-investor-pulse/do-you-feel-in-control-of-your-finances/) and getting help (https://www.boringmoney.co.uk/blackrock-investor-pulse/did-you-learn-about-money-at-school/) where financial education may have made us feel left behind.
I hope you like these pages, which can be accessed from the link below. Please do share them, give us a shout out on social or send any feedback. Thanks to BlackRock who supported us to tell these stories.
Money - The Last Taboo? (https://www.boringmoney.co.uk/blackrock/)
Thanks to our 600 lovely readers who shared their thoughts on Best Buys lists in last week’s survey.
Trust has been impacted and there was an average confidence score of just 4.4 out of 10 in these lists.
70% of you have used them– 25% as a key filter you rely on. And 45% as a sense-check.
More broadly, lots of you have questions about the suspended Woodford fund and we’ll be tackling the “Should I stay or should I go” question in the coming weeks.
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