12 November 2018

A money problem shared is a money problem halved - Becky O'Connor, Royal London

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Becky O'Connor

Personal Finance Specialist

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Talk Money Week runs from 12 to 18 November. Royal London has produced a series of “Good With Your Money”  guides to help people understand some commonly misunderstood (and rarely talked about) areas of personal finance, such as how to decode your tax code and a guide to Power of Attorney. Becky O’Connor, personal finance specialist at Royal London, said: 

Money can be an uncomfortable, emotional subject. It’s often at the times we need to talk most about money that we shy away from it – when we are struggling with debt or making big decisions about the future.

If we don’t feel like we are being very ‘good’ with our own money, we push the topic further out of bounds, for fear of judgment or criticism, which can lead to more problems or mistakes. The Money Advice Service reckons that the average amount of secret debt someone has is £4,164. Talking about money to someone, a friend, family member or a counsellor, is a key step towards getting better at managing it. A money problem shared is a money problem halved. Being good with money is not the preserve of those who were good at maths at school (although applying basic maths to your own finances certainly helps). Good money management is more about building positive habits, such as budgeting. Money nous can be learned. Like any skill, it needs to be practiced and refined over the years – sharing with and learning from others is a big part of this process.”

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For further information please contact:

Becky O’Connor, Personal Finance Specialist

About Royal London

Royal London is the largest mutual life, pensions and investment company in the UK, with funds under management of £117 billion, 8.8 million policies in force and 3,745 employees. Figures quoted are as at 30 June 2018.