#talkmoneyworries Campaign Launched by the Money Advice Service

Posted by: Eden Morrison on June 21 2017 | Tagged: General news

Why a problem shared is a problem halved

 

#talkmoneyworries

 

Scotcash is proud to support the #talkmoneyworries campaign hosted by the Money Advice Service from the 19th of June to the 23rd of June 2017.

Scotcash is calling on friends and family to spot the signs that show people close to them might be experiencing problem debts. Debt and money worries are often seen as a taboo subject in the UK, so it is time to get people talking about their money worries as to provide them with advice earlier to prevent their debts becoming unmanageable. 

 

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The signs someone is experiencing problem debt are often difficult to spot. They may be hidden due to embarrassment, to protect friends and family from the situation, or because their either don't realise, or want to confront the full extent of the problem. Signs will vary for each person. However, there are a range of physical, emotional and behavioural symptoms which can give friends and family subtle clues about behaviour which seems out of character. These signs could include:

  • They have been in debt in the past
  • They have had a recent life event - an event that has resulted in a loss of income or higher spending, for example, having a baby, being made redundant, illness, divorce, or a death in the family
  • They are living beyond their means or over spending - they always seem to have the latest 'must have' items although they don't have the income to cover this
  • They seem anxious, withdrawn or depressed - they have reduced time socialising or they are avoiding friends
  • They may seem more secretive - starting to hide issues and avoiding talking about finances
  • They have changed their spending habits - either reducing spending (e.g. going on fewer holidays or eating out less) or overspending {e.g. spending without a plan for repayment, such as putting luxury items on credit)
  • They seem tired or are having trouble sleeping
  • Their weight has changed suddenly - either increasing or decreasing

 

Scotcash hopes that the #talkmoneyworries campaign will encourage people across the country to do something as simple as taking a few minutes to start a conversation with loved ones about money. It's time to break the tabboo.

 

There are three simple steps that friends and family can take to help someone who might be experiencing financial difficulties:

  1. Start a conversation - use your own personal experiences to help get to the bottom of their financial worries, make sure you keep the conversation neutral and non-judgemental 
  2. Talk to them about free debt advice - help your friend or family member to understand that free debt advice will help them get their finances back on track. Ask them to make a commitment to seek free debt advice. You could also offer to help them by going along with them
  3. Use the Money Advice Service - encourage them to use the Debt Health Check provided by the Money Advice Service to work out the best option to help them resolve their money worries, and find free debt advice in their area

 

For existing Scotcash customers, money advice is avaliable every weekday through making an appointment with one of our financial advisors. To make an appointment call us on 0141 276 0525, or fill out a contact form on our website and a member of our team will be in touch.