This week (12-18 November) is ‘Talk Money Week’, a national initiative to encourage people to open up conversations about money, either between friends and colleagues, financial services and customers and many other organisations and their clients. The aim is to help improve people’s financial wellbeing through better money management skills as well as encouraging them to open up about any issues and seek guidance.
The statistics are very concerning with too many people struggling with their finances and unable to manage their money from one day to the next. The problems and the reasons for this are complex but what is clear is that if over 30% of employees worry about meeting their day-to-day living costs then this has a devastating effect on people’s health and wellbeing, as well as productivity and concentration levels. Most are lost, with insufficient understanding of the complex financial market, won’t talk about their problems or know when and where to seek help.
That’s why Talk Money Week is such a positive initiative, encouraging many different types of organisations to engage with people to help them. It’s a fine balance and many worry about interfering, but there are positive ways to help people take control of their finances, lessen their anxiety and increase financial competency.
Having come from a financial services background myself, I’m very aware of the vast range of savings and pensions vehicles on offer. However, all too often people shy away from them due to the complexity of their design and the jargon language used – this is particularly true of pensions. Not everyone can afford financial advice to help translate such products for them, so surely we have a duty to make these more accessible through better communication?
Effective communication is critical to help people navigate their way through the maze of options out there and awareness is an ongoing and vital need. It’s not just incumbent on the financial services industry to demystify the complex and technical jargon, the Government and employers also have their parts to play in simplifying financial products.
It’s also imperative not to stand still and speak only to the audience of today. Consideration must be given to developing generational differences – how they find, absorb and retain information.
Empowering partnership to communicate financial wellbeing
Eximia was founded to do just that – to help organisations bridge the gap between the technical world and translate it into creative and relatable communication campaigns that speak to all audiences, at any age. Several of us have spent time in the financial services sector and saw that gap first hand. At the same time we understand the challenges business face, and how they’re often too time or resource deprived to tackle this head on.
We’re passionate about working closely with clients to help them talk about benefits and financial wellbeing in a simple and jargon-free way – not losing the legal essence of these financial products, but just making them accessible and relevant to the average person. By empowering people to take charge of their financial future, we liberate them to make better long-term choices and we firmly believe that communication is a vital component in achieving this.
Help your people with financial awareness and understanding by developing a strategic communications and education plan today!