It’s Good To Talk

Why are so few people in the UK willing to discuss their financial situation? Is it peer pressure? Or perhaps our very own British culture is the root cause?

Let us take the United States as an example. The US does not share the same reluctance or nervousness when discussing personal finance, and this willingness to openly talk about finances is crucial in feeling comfortable talking about money, assets, and investments to face and overcome any challenges in the future.

That is why I am delighted to be the first of Eight’s advisers to contribute to ‘Real Talk’ – a series of thoughts, opinions, and recommendations that we hope will provide reassurance, resilience, and rewards for your finances in the years to come.

A minority of my clients have reached out to me with questions in response to newspaper headlines, television reports, and media commentary about the current state of the economy – The one thing they all have in common is they want to talk.

There is always value in wargaming scenarios; To anticipate financial changes, such as the need to remortgage and prioritise expenses should they need to be reviewed. It is for this reason that financial advisers exist.

In my role, I help my clients pull their heads out of the media storm clouds, help them become grounded, and see that financial planning has prepared them for periods of instability and downturn.

Whether by phone, video, in the office, or meeting for a coffee, they seek guidance, reassurance, and further explanation. During these meetings, I go through a simple process of looking at their income, outgoings, commitments, and reserves, and in every case, we have finished with the client saying, “So I’m alright then, thanks.”

For those who do not have a financial adviser, I would recommend finding someone to talk to – a parent, a spouse, or a trusted friend. Your concerns will probably be shared or experienced by others quite often, which you might not expect.  

You are not alone. When reports of national trends, global markets, and millions of people become overwhelming, it is time to focus on YOU.