Avoiding talking about things is a key trait of being British. In some cases – like politics and religion – not having the conversation is a good way of not getting into an argument. But there are some things we’re reluctant to talk about which we really should. Money, for example.
The government’s Money Advice Service publishes a series of guides on talking about money. These cover things like talking to elderly relatives, children and others.
You may think that there is little need to talk about these things, but in fact money is a major cause of worry for many people, and being able to talk about it is a good way of relieving this.
Who to Talk To
If you find it hard to talk to friends and relatives about money, you may find it’s easier to talk to an independent financial advisor Marlborough. But what is an independent financial advisor?
Advisors are able to discuss and recommend a whole range of financial products. These include pensions, investments, insurance products, mortgages and more. Some specialise in particular kinds of products, but what they all have in common is that they need to be regulated by the Financial Conduct Authority (FCA) in order to practise.
What to Talk About
When we’re younger our financial needs tend to focus on things like mortgages, ensuring that our homes and possessions are insured and maybe setting up a pension fund for later life. As we age priorities change, and we start to consider life insurance to protect loved ones, retirement plans, releasing equity from a property and even funeral planning.
If you have elderly relatives, it’s important to talk to them about financial plans. Even if they have made a will – and if they haven’t they should – there are other things to consider. What if they have to leave their home and go into long-term care, for example, and what about funeral planning?
It may be uncomfortable to discuss these things, but not doing so is worse. If you haven’t talked about a person’s plans, how are you going to cope if you are in a position where you need to make a decision regarding their future? So don’t put off the conversation, and don’t be afraid to ask for advice.