Let’s Talk About Money – National Conversation Week Starts Today

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Today I am sharing some information about National Conversation Week, a collaborative initiative between financial organizations Paymentshield and Defaqto, together with mental health charity Mind.

What is National Conversation Week?

National Conversation Week – which this year runs from 11 to 18 May – aims to get people talking in a bid to improve the nation’s well-being, at a time when we are all facing unprecedented challenges and are separated from one another. This annual awareness week, founded by Paymentshield, is now in its fourth year.

Through safe conversations via phone, video calls, or any other socially-distanced method, people can bring comfort and care to one another during the current crisis. National Conversation Week reminds people to get in touch, and encourages creative ways of connecting with friends, family, neighbours, acquaintances, online communities and professionals, to give and receive much-needed support.

In particular, National Conversation Week hopes to encourage conversations about money, to tackle financial worries. A recent YouGov study of over 1000 GB adults, commissioned by Paymentshield, revealed that finances were the single biggest concern when asked to select from a list of 7, with 32% of respondents admitting that money is the thing that worries them the most – ranking higher than work, family, friends, fitness, housework, and hobbies. This is likely to have increased following the outbreak of coronavirus, with many people facing additional financial difficulty and uncertainty.

Financial Worries and Mental Health

Financial worries have a huge impact on mental health, and talking to someone about the situation can be very helpful. Shockingly, Paymentshield’s research discovered that 41% of people rarely ask for financial advice when they need it.

According to financial experts at Paymentshield, during periods of financial uncertainty, people tend to consider their outgoings and can be tempted to make risky financial decisions based purely on cost. Seeking the help of professionals is especially recommended during these periods, to avoid being left vulnerable if, for example, you cancel an insurance policy and are no longer protected, or swap to a cheaper policy without understanding how to avoid higher compulsory excess fees. National Conversation Week raises awareness of the benefits of talking to financial advisers, so that people can have a better understanding of what they can do if their circumstances have changed.

As part of the awareness week, a variety of free resources and information have been released. This includes mental health information from Mind, which is National Conversation Week’s charity partner for the second year in a row.

Stephen Buckley, Head of Information at Mind, says:

“The coronavirus outbreak will have a long-term impact on our economy – we’re likely to see another recession as the nation attempts to get back on its feet. We know there is a strong link between issues like debt, unemployment, poor housing and poor mental health.

“So, it stands to reason that factors like job insecurity, unemployment, low paid work and redundancy could have a knock-on impact on mental health. Unfortunately, we know these kinds of factors disproportionately affect people who have existing mental health problems. That’s why it’s important that financial support and support with wider social issues are there for people when they need it.

“Speaking about these issues and asking for help may seem daunting but sharing your worries can be a real relief and is often the first step in getting the help you need. We’re supporting National Conversation Week in the hope that it will encourage people to speak to a friend, family member, or another trusted individual about how you’re feeling.”

Jennifer Ripley, Head of Marketing at Paymentshield, says:

“We might not be able to see each other face-to-face, but that doesn’t mean that conversations have to stop. We know that right now is a particularly worrying and challenging time, especially with so much uncertainty, and whilst people are cut off from their usual support networks. It’s more important than ever before that we stay in touch, especially when it comes to financial conversations. Money is one of the biggest contributors to poor mental health. We’re calling on the nation to keep the conversation going – from video calls with a financial expert, to a chat with grandparents – and support each other.”

Independent financial research company Defaqto is also supporting this year’s National Conversation Week. Its independent comparison tools can be used alongside conversation on many websites (such as this one) to gain a better understanding of the overall value and quality of a financial product.

To mark the start of the week, Paymentshield has also launched an online quiz to help people find out more about their financial personality, and how conversation could benefit them. Why not try it out now to see what sort of financial personality you have? I am ‘Budget Bobby’, apparently!

More Resources

For more information, resources and advice, or ways to get involved, visit: www.nationalconversationweek.co.uk.

For advice and support looking after your mental health at this time visit www.mind.org.uk/coronavirus.

For more information and tips visit www.mind.org.uk/money.

Thank you to my friends at National Conversation Week for sharing the information above and, in particular, raising the very important issue of mental health and financial awareness at this challenging time. I strongly recommend checking out the website resources mentioned. And I’d like to endorse the advice that if you have money worries, don’t bury your head in the sand. Speak to friends and family members, and to a financial expert if appropriate (here’s a link to my blog post about why I have a personal financial adviser).

• If you are working from home right now, by choice or due to the virus, you may also enjoy this excellent piece by my fellow blogger Actual Ar about Keeping on Top of Your Well-being as a Remote Worker.

As always, if you have any comments or questions about this post and/or National Conversation Week, please do leave them below.

My Coronavirus Crisis Experience So Far…

Nick Everything Else events 4 Comments

I thought today I’d share a more personal post about how the coronavirus, and the measures to prevent it spreading, have affected me personally.

First of all – as many of you will know – I live on my own since my partner, Jayne, passed away a few years ago. I am fortunate to live in a fairly large house with a good-sized garden, so being mostly confined to barracks hasn’t been as big a challenge for me as I’m sure it has for some. Also, I am used to working from home, having done this for the last 30 years or so.

Of course, that doesn’t mean the coronavirus crisis hasn’t affected me in a variety of ways. As Pounds and Sense is a money blog, I thought I should start off with that…

Financial

One hard thing for me (and many other people, of course) has been seeing my equity-based investments – and in particular my pension fund – tumble in value. I’m 64 and semi-retired and my SIPP is in drawdown, so I have been particularly concerned about this. But I have tried to follow my own advice and avoid panicking. In the longer term I am sure that the markets will recover, even if this could take years rather than months.

In general my P2P/crowdfunding investments have been holding up better, with my Bricklane property ISA up substantially over the last few months. Admittedly I am hearing stories about some P2P platforms such as RateSetter struggling to process the large volume of withdrawal requests at the moment, but again I am sitting tight for now, so this isn’t affecting me directly. I have reinvested some of my returns from maturing investments on Kuflink on their new secondary market (see screen capture below), so will be interested to see how this works out.

I did decide to invest £7,000 – the proceeds of another maturing investment – in another vehicle for Buy2LetCars. As regular readers will know, I’ve had one (new) car with this car loan investment platform for about two years now, and the monthly repayments have been coming through like clockwork. So I decided to invest my £7,000 (the minimum investment with Buy2LetCars) in another car – a pre-owned one this time, of course.

I particularly liked the idea of investing again with Buy2LetCars, as they lease vehicles to key workers such as nurses and other NHS staff (along with teachers, prison officers, police, and so on). These people all need cars for their (essential) work. They are responsible individuals, and have every incentive to look after the vehicles (though as they are fully insured, investors don’t bear any risk from accidents themselves).

Unfortunately Buy2LetCars don’t tell you who has leased ‘your’ car, but I like to think the ones I have bought are providing transport and security for two hard-working NHS nurses at this moment 🙂

The only other investment I have made recently is a modest top-up to my Nutmeg Stocks and Shares ISA. This is obviously a bit of a gamble, but with equities having fallen so much in such a short time, I hope to take advantage when the markets start to rise again. Of course, there is no guarantee that the markets won’t fall further in the short term, but based on my experiences to date I am confident that the Nutmeg team will do their utmost to protect my investment and soon enough start it growing again.

I am also waiting to hear if I will be eligible for the government scheme to support self-employed workers. I think I should be, as I appear to meet all the criteria. Indeed, as they are basing payments on profits earned in the tax years 2016/17, 2017/18 and 2018/19, this should actually work in my favour. I earned quite a lot more in 2016/17 and 2017/18 than I am earning now, as I glide serenely into retirement (lol). I won’t turn down any money I am offered as it will provide welcome added financial security. But I appreciate that my needs are probably not as acute as many self-employed people right now.

Personal

On a personal level, the crisis has also affected me in a range of ways. Some of these are predictable, others less so.

Thankfully I have managed to avoid contracting the virus so far (as far as I know). I do, however, have good friends who (probably) have it. Fortunately they haven’t had to go into hospital, though. I am following all the guidelines about social distancing and self-isolating and really hoping to avoid catching it myself (at least until better treatments and hopefully a vaccine are available).

Like most people I have had to contend with the results of panic buying, which have left the supermarket shelves bare of certain items. Here’s a photo of the toilet roll shelves in my local Morrisons a couple of weeks ago when panic buying was at its peak…

On another occasion when I went to Waitrose the only fresh vegetables left in the shop were baby courgettes (I bought a pack – they were very nice in a stir fry).

On my recent shopping trips the situation seems to be getting better. I have been able to buy most things I needed, including eggs, which had disappeared for a while. There is still no flour or pasta, but as it happened I have enough in stock to keep me going for a while yet.

I am taking a daily walk (as mandated by the government) for exercise. In fact there is nothing new about this for me, as working from home I have always tried to fit a walk into my daily schedule. But suddenly I am seeing a lot more people (and families) out and about on the roads and back lanes. People seem a little friendlier generally, more willing to say ‘good morning’ or some such greeting as they pass. I am also becoming accustomed to zigzagging from one side of the road to the other to avoid breaching social distancing rules!

I do miss being able to go for a swim. I used to go twice a week if possible to my local David Lloyd Leisure club, but that is now closed for the foreseeable future. Daily walks are good, but not really a substitute for this. I am not a natural exerciser, but am making an effort to be a bit more active in other ways at home. Having a large garden which needs a lot of attention at this time of year helps!

One online resource I have been finding very helpful is the local community website NextDoor (which I wrote about in this blog post). When last week I was despairing about ever seeing eggs again, I posted there asking if anyone knew where they might be obtained. Within a couple of hours I had over a dozen replies, including suggestions of several local shops I hadn’t even realised were still open.

A side benefit is that I am discovering shops and businesses around my area I wasn’t previously aware of, even though I have lived here for over twenty years. That includes several farm shops, including one that is barely a mile away. Also via NextDoor I learned that my town (Burntwood) is host to a fruit wine making company, and they even deliver free to local residents. I plan to order from them once I have decided whether to get damson or gooseberry 🙂

I am making good use of technology to keep in touch with friends and family (even though it’s obviously not the same as meeting face to face). My Skype skills have improved, and I even took part in an online pub quiz via Skype last week (though I’m told by younger friends that Skype is ‘old hat’ and I need to get on Zoom now!). I have also watched a couple of concerts livestreamed from the living rooms of the musicians concerned.

I was going to sign up for the NHS Volunteer Responders programme, but was a bit slow off the mark. By the time I got around to it, they had closed to new applications. If they reopen I will certainly apply though. In the meantime I am shopping for an elderly couple – old friends of mine – who are self-isolating and have been unable to get online shopping slots with any supermarket despite being officially ‘vulnerable’..

If there is one good thing that has come out of this, it is that in general people are looking out for one another a bit more. I was on the receiving end of this myself recently. The doorbell rang and when I opened it I saw a young man whose face seemed vaguely familiar. I was rather embarrassed when he explained he was my neighbour from over the road, come to check if I needed any help. It’s definitely not like Ramsay Street around here! But it’s good to know people are thinking of others at this time. And if I see that neighbour again in future, hopefully I will remember who he is now!

So that has been my experience of the coronavirus crisis to date. Not great, but I am dealing with it and trying not to get too stressed out. I do of course appreciate that I am in a fortunate position compared with many other people. I hope you and your family are coping in these strange and worrying times as well. I’d love to hear your thoughts and experiences. If you have any comments or questions, as always, please do post them below.

My Top Twenty Posts of 2019

Nick Everything Else events 0 Comments

As is customary for bloggers at this time of year, here are the top twenty posts on Pounds and Sense in 2019, based on comments, page-views and social media shares. They are in no particular order. I have excluded any posts that are no longer relevant.

I hope you will enjoy revisiting these posts, or seeing them for the first time if you are new to PAS. Don’t forget, you can always subscribe using the box on the right to be notified of new posts as soon as they appear.

All posts in the list below should open in a new tab when you click on the link concerned.

1. Twelve Great Ways to Generate a Sideline Income

2. How I Saved £511.08 on my Annual Home Insurance

3. Make Money from Car Loans With Buy2Let Cars!

4. Trade Your Way to Profit With Deal Arbitrage

5. Nutmeg Review: My Experiences With This Robo-Adviser Investment Platform

6. Get a Free £50 on Football Index With Footy Index Scout!

7. My Short Break in Aberystwyth

8. Two Places You Really Shouldn’t Turn for Tax Advice (And One You Definitely Should)

9. Why Property is an Essential Part of the Retirement Planning Jigsaw

10. How to Save Money on Clothes Shopping

11. Is It Worth Getting Batteries for Your Solar Panels?

12. My Short Break in Llandudno

13. Can You Get the Warm Home Discount?

14. How to Start Video Gaming as an Older Person (Guest Post)

15. How to Save Money on Prescriptions

16. Kuflink: My Review of This P2P Property Investment Platform

17. Is a Friendly Society a Good Home for Your Savings?

18. My Best Investments of 2019

19. Crowdlords: My Review of This Property Crowdfunding Platform

20. Start Cooking! UK Bloggers Share Their Favourite Kitchen Tools, Apps and Websites

Thank you very much for your interest in Pounds and Sense. I hope 2019 has been a good year for you.

I’ll be taking a break from blogging over the festive period (though I’ll still be around on Twitter and Facebook). I’ll therefore close by wishing you a very happy and peaceful Christmas, and a prosperous and fulfilling new year. See you again in 2020 🙂

If you have any comments or questions, of course, feel free to leave them below as usual.