Talk Money Week 2023: Do One Thing

Talk Money Week 2023 will run from Monday 6th November to Friday 10th November. This significant week aims to break the taboo of talking about money through starting money conversations in any area of life. It is also designed to increase people’s sense of financial wellbeing by encouraging them to open up about personal finance – from pocket money to pensions. This year’s theme is ‘Do One Thing’ encouraging individuals, organisations, and communities to do one thing that could help improve their financial wellbeing.

Conversations about finances are essential because they empower individuals to take control of their economic futures. Research shows that people who talk about money make better and less risky financial decisions, have stronger personal relationships, help their children form good money habits for life, and feel less stressed or anxious and more in control. These discussions create a platform for individuals, families, and communities to openly address their financial goals, challenges, and concerns. By engaging in conversations about money, people can share valuable insights, knowledge, and strategies, ultimately bolstering their financial literacy and confidence.

Do One Thing this Talk Money Week 2023

Taking part in Talk Money Week is vital for individuals and communities alike as it highlights the significance of financial literacy and wellbeing. By participating, individuals can gain valuable insights, share knowledge, and access resources to help them make more informed financial decisions.

Attend Workshops and Seminars

During Talk Money Week 2023, you can participate by attending financial workshops and seminars. These events offer a structured and immersive learning experience, often featuring subject matter experts and financial professionals who share their knowledge and expertise on a wide range of financial topics. Topics can range from budgeting and saving to investing and retirement planning. Attending these sessions can enhance your financial literacy and help you make more informed decisions.

Set Financial Goals

Participating in Talk Money Week 2023 is an excellent opportunity to engage with the vital topic of setting financial goals. Setting financial goals involves defining specific targets, whether it’s saving for a major purchase, building an emergency fund, or planning for retirement. It also entails creating a realistic and actionable plan to achieve these goals, which often involves budgeting, investing or debt management.

Host a Budgeting Challenge

Hosting a budgeting challenge during Talk Money Week 2023 is an impactful way to engage with financial wellbeing. By organising such an event, you can encourage individuals to take control of their finances and develop sound money management habits. A budgeting challenge typically involves setting specific spending limits, tracking expenses, and finding creative ways to save.

Advocate for Financial Education

Advocating for financial education during Talk Money Week 2023 is a powerful way to promote financial literacy and empower individuals to make informed financial decisions. By actively supporting financial education initiatives, you’re championing the idea that everyone should have access to essential money management knowledge. This advocacy encourages the development of programs and resources that teach important financial skills such as budgeting, saving, investing, and debt management.

What’s Your Money Script?

Klontz research shows we tend to follow certain patterns when it comes to our relationship with money.

The Money Script consists of four core money beliefs:

Money Avoidance

Money avoidance is one of the common money scripts identified in the field of financial psychology. It represents a set of beliefs and attitudes where individuals tend to avoid dealing with financial matters and may experience discomfort or guilt associated with money. 39% of adults (20.3 million) don’t feel confident managing their money and 11.5 million have less than £100 in savings. People with money avoidance scripts often avoid budgeting, financial planning, or discussions about money, which can lead to financial challenges and missed opportunities for financial growth.

Money Worship

Money Worship another prevalent money script in financial psychology, reflects an intense focus on the pursuit and accumulation of wealth. Individuals with this script may prioritise money above all else, equating financial success with personal worth. While striving for financial success is normal, extreme money worship can lead to workaholism, neglect of relationships, and emotional distress when financial goals are not met.

Money Status

Money status, a prominent money script in financial psychology, revolves around the belief that a person’s self-worth and status are closely tied to their financial success and possessions. Individuals with this script may constantly compare themselves to others based on material wealth and are driven by a desire to display affluence. This can lead to overspending, debt, and stress as individuals attempt to maintain a certain lifestyle.

Money Vigilance

Money Vigilance is characterised by a heightened focus on the importance of financial security and a cautious approach to money matters. Individuals with this script tend to be frugal, save diligently, and are wary of taking financial risks. While financial prudence is generally a positive trait, extreme money vigilance can lead to anxiety, reluctance to invest, or difficulty enjoying one’s wealth.

Understanding your money script is crucial for effective financial management because it shapes your beliefs and behaviours around money. Talk Money Week 2023 helps you recognise areas of improvement and make informed decisions to script a more prosperous financial future.

How Can Wellity Support You?

Our comprehensive financial training programs have been designed to empower managers and employees with the knowledge and skills necessary for financial success. Through our programs, participants will gain a deeper understanding of financial literacy, allowing them to make informed decisions about managing their finances. We tackle the often-overlooked issue of financial anxiety, offering strategies to build confidence and reduce stress surrounding money matters.

  • Climbing the Property Ladder in a Crisis
  • Eat Well, Spend Less
  • Financial Detoxing and Debt
  • Financial Insomnia and Investing in Sleep
  • Future-Proofing in a Financial Crisis
  • Having a Budget Over the Holiday Season
  • Mastering Your Money in a Changing World
  • Men, Money, and Mindset
  • Money on My Mind: Dealing with Anxiety
  • Raising Children in a Financially Challenging World

For any information on these sessions, contact our team at hello@wellityglobal.com.

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