DESPITE COVID-19 having a widespread impact on people’s finances, the stigma surrounding talking about money in our culture remains. Last year the Money and Pensions Service (MaPS) found that more than half of adults in the UK (52 per cent) struggle to talk openly to someone about their financial situation. While the long-held stereotype is that people avoiding having conversations about money primarily because it’s impolite, MaPS’ latest research found this is not the case.

The most common reasons people avoid talking about money is because of shame, embarrassment, not wanting to burden others and because they feel it was not how they were brought up. Those in the UK who identify as belonging to an ethnic minority group are even more likely to be worried about their current money situation, with nearly half (45 per cent) admitting they are worried in comparison to the national average of one in three (35 per cent) while 40 per cent wish they could be more comfortable talking to friends and family about money. So why is that? Often, within black households, money is not discussed at all – it’s thought of as being rude or intrusive. Growing up in London, this is something I understood from a young age.

My own money journey began with my mum. When I was in Year 7, my secondary school helped me open my first bank account so that I could deposit the coppers I’d collected in a jar. To help me build my independence and money skills, my mum deposited a small amount of pocket money into my account each month, which meant I had to budget and manage my own outgoings. Snacks, sweets, a new outfit, cinema tickets and stationery for the new school year – you name it, I had to cover it. Initially I struggled, often spending it too quickly and coming up short.

My mum helped me figure out that I was spending a large portion of my money on expensive magazines, so when I cut these out and noticed what else that same money could buy, I began to develop confidence in my money management skills. This small responsibility of managing my disposable income also opened up conversations with my parents about how to budget; skills I would take with me when I left home.

As I got older and entered the workplace, I went through various phases with my money, sometimes being extra vigilant and other times spending frivolously on the latest fashion trends and eating out. However, the real financial test came when I decided to buy my first home. For the first time, I had a real hard look at my finances. I identified what money was coming in, what I spent this on and where I could cut back. Coming from a Caribbean background where food is central to our culture, it was no surprise that this was my biggest outgoing — in particular social dinners, work lunches and coffees.

I recognised early on that one of the first things I had to do was say ‘no’ — ‘no’ to invitations to meet for lunch, dinner or both, ‘no’ to holidays that were now out of my grasp and ‘no’ to marketing emails from my favourite retailers. Surprisingly, I quickly found it quite easy to say ‘no’ when I knew I was saving for a purpose, and there was little to no judgement from friends and family.

As time went on, it got easier to prioritise saving and being out less often gave me the time to focus on the task at hand. I saved between £400-600 a month, which may not seem like a lot when saving for a house, but this amounted to me being able to put down a 10 per cent deposit on the share of my home (30 per cent) — a task which felt so out of reach a mere two years before.

Nowadays, if my friends ask me out and I’m short on cash, I’m upfront and say so. I still occasionally treat myself and have a lot to learn about pension savings but talking about money has now become part of my day-to-day and makes me feel more in control of my future. 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 and feel less stressed or anxious and more in control.

Talk Money Week, November 8 to 12, is an annual public awareness campaign run by the Money and Pensions Service to improve financial wellbeing by encouraging people to open up and talk about their finances, from pocket money through to their pensions. Take a look at MoneyHelper’s online guide for ‘How to have a conversation about money’ for some simple tips for how to start a positive conversation. Money worries are part of everyday life and something that everyone experiences, especially coming up to Christmas and going into winter. Whether you reach out to a family member, friend or a money guidance professional, talking about money is a positive way to ease the burden.

For free, confidential and impartial money and pensions guidance visit moneyhelper.org.uk or call 0800 138 7777.