Talk Money Week – November 7-12, 2022, history, significance
Talk Money Week is celebrated in the week of November 8 and this year, it is held from November 7 to 12. It is a national effort to get people in the U.K. talking about money
Everyone is concerned about their financial situation. On this day, U.K. citizens get urged to talk about money management, from pocket money to pensions, and to recognize the work done by thousands of organizations around the country to improve financial wellbeing. The week provides a forum for family and friends to talk about money, whether at work, school, or any other setting, and offers simple measures to address issues and enhance financial well-being.
HISTORY OF TALK MONEY WEEK
The Money and Pensions Service organizes an annual awareness campaign called Talk Money Week to encourage people to discuss their money and pensions. This observance aims to decrease people’s tainted view of money by encouraging families, friends, neighbors, and communities to talk about it.
Talk Money Week is an annual opportunity to recognize the work organizations like Derry City and Strabane District Council are doing to promote the long-term U.K. Strategy for Financial Wellbeing the Money and Pensions Service (M.a.P.S.) introduced in 2020, with widespread support.
There will be activities daily throughout the Council area to get more people talking about personal financial difficulties and interacting on topics that include consistent savings, retirement plans, debt management, and teaching children and young people about money management.
M.a.P.S. was founded in October 2018 and was previously known as the Single Financial Guidance Body before being renamed M.a.P.S. The Old-Age Pensions Act of 1908 established the modernized state pension that granted five shillings per week to people over 70 years whose yearly means did not exceed £31.50. Occupational pension schemes were more widespread in the early 20th century partly because of the Finance Act of 1921, which granted tax relief on pension system contributions.
TALK MONEY WEEK TIMELINE
1990s
Pension Structure is Established
The Social Security Contributions and Benefits Act 1992 and the Superannuation and other Funds Act 1992 establish the structure for current state pensions.
2002
The Pensions Committee
The Pensions Commission, a cross-party organization that reviews pensions in the United Kingdom, gets established.
2018
Money and Pension Services
The Money and Pension Services gets founded.
2020
Talk Money Week
The Money and Pensions Service introduces Talk Money Week
HOW TO OBSERVE TALK MONEY WEEK
Hold money-related conversations
Throughout the week, discuss money with friends and relatives. You can even seek the advice of financial specialists, if necessary, to boost your confidence regarding money management. They can also provide financial information and teach you the resilience needed to deal with future income fluctuations.
Visit the Money Helper website
If your children are above three years, teach them the value of money and the need to save. To help you start a money talk with your children, use the MoneyHelper website’s step-by-step “Couch to Financial Fitness” program.
Research financial information
Search the web for financial information. Read up on savings, insurance, and pension to arm yourself with information to start money conversations.
5 FACTS ABOUT FINANCE
Monetary items before bills
before the invention of bills and coins, items like conch, shells, ivory, animals, and grain served as cash.
Temples served as banks
Because security was always tight, the early banks were most likely religious temples.
First record of financial transactions
Babylon kept the first records of loans, deposits, currency validity, and trade during the 18th century B.C.
The first recorded banker
The first banker on record was Pythius, a merchant banker from Asia Minor in the fifth century B.C.
America’s first currency
The Sterling Pound and the Spanish Dollar were America’s first two currencies.
WHY TALK MONEY WEEK IS IMPORTANT
It aids financial decision making
It enhances our ability to make more informed financial judgments. When it comes to loans, insurance, and investments, financial literacy can help us make better financial decisions.
It aids in money management
We get financial information during Money Talk Week. This knowledge can help us manage our money and debt more effectively, reducing financial stress and worry.
It helps us achieve financial objectives
If we are knowledgeable, we will be better able to define and achieve financial goals. Taking advantage of Money Talk Week as a step toward financial literacy helps secure financial stability.
