What is Talk Money Week?

Talk Money Week is an initiative introduced by the Money & Pensions Service (‘MaPS’) in 2020 to get people talking about money and their finances.

Talk Money Week takes place from 7th to 11th November 2022. Particularly in these times of hardship when costs are rising and more households than ever are struggling financially, the initiative wantsto normalise talking about money so people are more likely to open if they’re feeling financially stressed and are then more likely to get the support they need.

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 - what will you do to support this important initiative?

This year’s Talk Money Week will focus on the theme of ‘credit’ – to help demystify some of the jargon and build people’s understanding of credit products. Advice and support will be available for people to understand what their options are when it comes to credit, what to do if they have problems with credit and what support is available.

Why is it important to talk about money?

People in the UK don’t talk about their money openly, especially the challenges they are facing. Covid-19 affected the finances of thousands of households and families across the UK and the current cost of living crisis is putting households under even more financial pressure. Inflation is expected to hit 15% by the end of 2022 and a recession expected to run into 2023. Despite all this, 90% of adults in the UK don’t find it easy to talk about money.

"Talking about money is still considered taboo."

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

-       suffer less stress and anxiety about money

It’s important for both emotional and financial well-being, that people open up to friends, family, employers or co-workers when they’re facing financial pressure. Talk Money Week aims to try and break down the stigma associated with talking about money and have people build money conversations into their everyday lives to help build financial confidence and resilience for the future.

Talking about money at work

Employers can get involved with Talk Money Week Use by using the participation pack from MaPS. The pack promotes visibility of the initiative and helps kickstart conversations about money. By talking more openly about money in the workplace, it will help to break down the taboo and help employees gain confidence to seek support about their finances if they need it.

By talking about money in the workplace, employers can help employees to:

-       Improve money management. This can help reduce financial stress and worry, leading to better physical and mental health

-       Improve financial decision-making. People can make more informed judgements and build more resilience for the future

-       Achieve financial goals. By talking more openly about money, people can improve their financial literacy, set and achieve their goals

‍

How does PayCaptain help?

PayCaptain is a payroll solution that's designed to pay employees correctly on time, every time. But the team at PayCaptain go much further, as they focus on building a solution that supports those who have lower financial capability. Challenges with financial capability are universal - it’s a common misconception that only people on lower incomes are affected.

There’s a host of innovative functionality built in to the PayCaptain app to help employees understand their pay and deductions better, improving their financial literacy and resilience for the future. There’s also specific functionality to give employees greater control of their pay, as well as how and when they receive it.

PayCaptain also partners with Plain Numbers – an initiative to improve the way that numbers are communicated. Using a Plain Numbers Approach can double the number of people who understand communications such as their payslips, giving them a better chance of making informed choices and improving their financial well-being.  

Functionality in the PayCaptain app includes:

-       Interactive payslips – these are graphical payslips which break down payments and deductions for employees. Employees can click on Help icons for more information on how their deductions have been calculated so they know exactly how their pay has been worked out. Help icons explain tax, NICs, student loan and pension calculations directly on the payslip

-       On demand pay – where companies can give their employees access to payments when they need them, even if it’s outside of the regular pay period at no cost to the employee

-       Payment splitting – where employees can make payments direct from their net pay to family members, landlords, loans, credit cards, etc – eliminating the risk of missing an important payment

-       Savings – employees can pre-plan the amount to save and is automatically transferred from net pay. This builds some resilience for times of financial hardship

-       Money planning tool – where employees can create a personal budget

-       Personalised financial guidance – trusted, impartial and confidential financial guidance from Money Helper can be accessed directly through the PayCaptain app

-       PayCaptain has an AI Chatbot that can answer the most frequently asked questions raised by employees about their pay. If the employee needs to speak to an expert, they can be transferred to a member of the PayCaptain team for more guidance and support. When the employee calls PayCaptain, their last payslip automatically comes up on screen for the advisor so they can handle the enquiry quickly and efficiently

-       Pensions dashboard – to track contributions and build better financial resilience for later life

In summary, by participating in Talk Money Week between 7th and 11th November 2022, employers can break down the taboo of talking about money – something which 90% of the adult population currently feel unable to do. By talking about money more openly, employers can help their teams to understand their finances better, seek support for those who may be struggling as well as build better financial resilience for the future.

To learn more about how PayCaptain can help your business and improve the financial well-being of your employees, please contact us for an informal, no obligation chat. We’ll be happy to demo PayCaptain for you.