The Personal Finance Society is urging its near 40,000 members to take part in part in Talk Money Week this week, an annual campaign get consumers to talk about money matters with their family.

The campaign - now under way until 12 November - is coordinated by the government’s Money and Pensions Service.

The PFS says its own members can make a difference themselves by starting a conversation with family and friends about issues such as later life and care funding and encouraging others to do the same. 

Talk Money Week aims to reduce the stigma around money by encouraging conversations among families, friends, neighbours, customers, colleagues and communities. 

The Personal Finance Society has emailed 39,000 Financial Planning professional members asking them to read and share its Guide to Later Life: Starting the Conversation and arrange a conversation about this issue with their own friends and family.

The professional body says Covid-19 has made it more important than ever to start conversations about money and financial wellbeing.

A Personal Finance Society survey of 2,000 consumers in December 2020 found people who discuss later life and care plans with their wider family are reassured by talking over the issues and coming up with a plan.

Matthew Connell, director of policy and public affairs at the Personal Finance Society, said: “Starting conversations about later life and care funding sooner rather than later enables you to focus on enjoying your life in the sure knowledge that you have the appropriate plans in place to deal with later-life needs.

“It is never too early to start planning for later life but sadly all too many people every year find it is now too late to widen their options for care as they sleepwalked into a funding crisis.” 

Caroline Siarkiewicz, chief executive of the Money and Pensions Service, said: “As we continue to respond to the challenges of the Covid-19 pandemic, financial wellbeing remains key to the UK’s recovery: a financially healthy nation is good for individuals, communities, business, and the economy. 

“Talk Money Week provides a key opportunity for the nation to break the taboo of discussing money and finances.”

For more information about Talk Money Week visit: www.maps.org.uk/talk-money-week/

To read the Guide to Later Life: Starting the Conversation visit: https://www.cii.co.uk/media/10126692/later-life-consumer-guide-c1.pdf