National Financial Awareness Day: Expert tips to take control of your money
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Talking about money is still taboo in the UK.
However, one in three adults experiences anxiety about their finances, while one in ten has no savings.
Both are things we need to change.
So, to get the conversation going, on National Financial Awareness Day, we're offering our top tips on how to become more financially resilient - and where you can seek help if you're struggling.
'Silence breeds anxiety'
Sarah Pennells, Royal London's consumer finance specialist, says 'silence breeds anxiety' and encourages people to have 'open honest conversations' as a first meaningful step towards change.
'Too often, we treat money like a taboo topic, especially in families or communities where cash is tight,' she adds.
'On Financial Awareness Day, let's talk not just about numbers, but about how money makes us feel. Financial wellbeing and mental health are deeply connected – and that's a conversation we need to normalise.'
In its latest financial resilience report, Royal London found that mid-lifers (aged 30-49) report lower satisfaction with their standard of living than any other age group.
Nearly half (46 per cent) of adults in this age group also said thinking about household finances makes them anxious, but this figure rises to a full 50 per cent for adults aged 18-29.
Younger people are more likely to talk about money
While about three in five people over 65 talk about their money openly, this rises to almost nine in ten for 18-24 year olds, which is an encouraging trend.
But the report also highlighted the significant rise in single-person households, which are more vulnerable to rising costs such as a sudden increase in energy bills.
Surprisingly, even among higher-income households earning between £50,000 and £150,000 anually, almost one in four (22 per cent) still needed to prioritise repaying debts over saving more, while 33 per cent said higher bills prevented them from saving more.
'Stress about money can affect sleep, relationships, self-worth, and overall health,' explained Ms Pennells.
'And for those living paycheck to paycheck or managing debt, the emotional toll can be even greater. That's why financial resilience isn't just about having a safety net, it's about feeling confident in your ability to navigate life's financial ups and downs.'
Expert tips to gain financial resilience
The best way to become financially resilient is to try to stay in control of your money, wherever possible.
That might seem easier said than done, but once you begin you'll be surprised at how fulfilling it feels - and that can give you confidence to continue.
Here are a few ways to get started:
1. Cancel any unused subscriptions (or those you can live without)
Research from Citizens Advice last year revealed that people spend £688m on subscriptions they never use. Many are renewed automatically after a free trial period, often because people forget to cancel. HSBC research shows that the average Brit can save just over £400 a year by cancelling subscriptions.
2. Switch to a better savings account
Although interest rates have dipped a little, some Cash ISA providers are still offering above-inflation rates of 4 per cent or more, including Plum and Trading 212. One of the main benefits of Cash ISAs compared to other savings accounts is that there's no tax to pay on any interest you earn.
3. If you can afford to, consider investing
Most people in the UK don't invest. However, over a long time period, the stock market generally delivers much better returns than cash savings, outperforming it nine out of ten times for every 10-year period since the 19th century.
Long-term investing can help you build your savings pot and become more financially resilient later in life.
Before you dip your toes into investing, it's important to have an emergency cash fund that covers at least three months of living expenses.
4. Check if you can get a better energy tariff
You may be paying more for your energy than you should.
Luckily, the average annual household energy bill has fallen by around 7 per cent. But you should still check if you could save money by switching to a fixed-rate energy deal. Switching shouldn't take longer than five working days, and if you're unhappy with your new provider, you still have a 14-day cooling off period if you want to switch back. Just remember to pay any outstanding bills from your previous and/or new suppliers.
5. If you're struggling, there are free confidential services that can help
Citizens Advice, StepChange Debt Charity, and National Debtline offer guidance on budgeting, repayment plans and how to access emergency support.
Speaking to your bank or utility provider as early as possible can also make a difference. They may be able to offer temporary payment plans or hardship funds to help you get back on track.
'Financial resilience isn't a luxury - it's something we can all benefit from,' said Ms Pennells. 'Let's normalise seeking advice, asking questions, and celebrating even the smallest financial wins.'
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