November 4th-11th is Talk Money Week here in the UK. What does this represent?

The week is an opportunity for everyone to get involved with events and activities across the UK which help people have more open conversations about their money – from pocket money to pensions – and continue these conversations year-round.

Why talk money? Isn't it a bit wrong to do so?!

With the current cost-of-living pressures, it’s more important than ever that we get support for money worries.

Research shows that people who talk about money:

• make better and less risky financial decisions

• have stronger personal relationships

• help their children form good lifetime money habits

• feel less stressed or anxious and more in control.

Building money conversations into our everyday lives also helps us build financial confidence and resilience to face whatever the future throws at us.

This year, we’re asking organisations and businesses all over the UK to encourage their own audiences to Do One Thing that could help improve their financial wellbeing – and to make a noise about it, to inspire others to do the same.

It doesn’t have to be huge. In fact, it could be as simple as asking them to check their pension statement, talk to a child about money or use one of the features of Platinum Wellbeing to speak with a financial advisor or learn about money.

If you want to talk about financial education – great. Pensions more your thing? Go ahead.

All that matters is that we get people talking about money, together.

Where's appropriate to talk about money?

Use Talk Money Week to kickstart a conversation in any walk of life, including:

• in your workplace

• with your customers across a range of sectors

• in education

• at home with friends and family.

Who can I talk about money with?

You can talk about money with almost anyone, studies from barclays show that we develop a relationship with money from age 7!

• Talk with your friends

• Talk with your family

• Talk with your co workers

• Talk with your boss

• Talk with your kids about their idea of money

If it’s not safe to talk

If your partner or family controls access to your money, or runs up debts in your name, it’s financial abuse. But there’s no need to struggle on alone.

Financial Support Line for Victims of Domestic Abuse: call for dedicated support on 0808 196 8845.

How will the budget affect my money situation?

The latest budget's impact will mostly centre around adjustments to personal taxes, National Insurance contributions, and cost-of-living support. Here are the main points:

1. Personal Taxation:

- Income Tax Thresholds: If there are any freezes or changes to income tax thresholds, working people might pay more tax as wages increase due to "fiscal drag." For many, this could mean moving into higher tax brackets over time without an increase in real income.

- Personal Allowance: If the personal allowance threshold (the amount you can earn before paying tax) is frozen, workers may end up paying more as inflation increases their nominal income.

2. National Insurance Contributions (NICs):

- Any increase in National Insurance thresholds or rates affects take-home pay. Typically, NIC adjustments have more impact on lower- to middle-income earners. If thresholds increase, they could see a small relief, but rate increases would reduce their net income.

3. Cost-of-Living Adjustments:

- Recent budgets often include provisions to ease living costs, like energy bill subsidies, which can help workers facing rising household expenses. However, specific cost-of-living aid may vary, so it's worth looking out for whether this budget extends any fuel subsidies, childcare assistance, or rent relief.

4. Minimum Wage:

- If the minimum wage is raised, workers on lower incomes will see an immediate increase. This benefits those at the entry-level and on minimum wage jobs, though it can also lead to higher costs for small businesses employing such workers.

5. Savings and Pensions:

- For those saving for retirement, changes in pension relief or thresholds for contributions can impact long-term financial stability. If the budget includes benefits like increases to the state pension or pension credit, it could also provide additional support for older workers and retirees.

6. Benefits Adjustments:

- Working people receiving Universal Credit or other benefits may see adjustments in eligibility or payment amounts. If these benefits are aligned with inflation, they can help offset rising costs, but any freezes or caps will likely stretch household budgets further.

The budget’s overall effect will vary based on individual earnings and living conditions, but these are the main areas where it may make a noticeable impact.

Given the latest budget, There's now all the more reason to talk about money with the people mentioned in this article. if you need help with money, contact an expert such as a financial advisor or financial helpline.

Customers of our employee assistance program receive a completely free consultation to discuss any of their financial needs & situation, as well as access to debt helplines and other financial and mental health resources.

Support your employees through challenging times from less than the cost of a coffee each month: www.teessidehealthco.com/eap or join our Health co Partners completely FREE www.teessidehealthco.com/bhcp