Time to Talk Day – why talking could improve financial wellbeing

At a glance

• Time to Talk Day encourages people to talk about their mental health as a way of improving it.
• Many are increasingly worried that the rising cost of living is affecting their long-term financial prospects.
• Research¹ shows that people who seek financial advice feel more confident and less vulnerable about their finances, aiding mental wellbeing.

Today marks Time to Talk Day, when people are encouraged to speak openly about their mental health with friends and family, helping to break down the stigma around mental health issues.

As research shows, financial pressures and money worries generally can be a leading cause of poor mental health, so how can we address this and improve our mental wellbeing?

Talking to someone about your mental health can help reduce the stigma around these sensitive issues and encourage others to open up about similar challenges they may face.

That’s what Time to Talk Day, which falls on 5 February this year, is all about. Supported by UK charity Mind, the initiative focuses on encouraging people to talk openly and honestly about mental health, across workplaces, schools and communities. By creating supportive communities, listening and supporting others, the initiative aims to reduce isolation and help people move towards better mental health.

All of us have different worries at certain stages of life, but one issue most of us are likely to have to face at some point is money.

Over recent years, the rising cost of living has affected people in different ways. Some are finding it harder to cope with increasing household bills; renters are spending a larger proportion of their income on housing; homeowners are facing higher mortgage rates; parents are dealing with rising childcare and education costs – not to mention food prices, which continue to push inflation above the Bank of England’s 2% target.

Our Real Life Advice 2025 Report, based on research carried out on our behalf by Opinium1 confirms this. It highlighted widespread concern about the cost of living (39%), day-to-day affordability (20%) and a lack of emergency savings as the biggest short-term financial worries (16%).

For many people, rising day-to-day costs are coming at the expense of long-term financial security and this can further add to mental stress and ill health.

Looking at the next decade, people expressed concerns about the cost of health or long-term care (14%), what retirement will truly require (11%), the ability to stop working at all (8%), outliving pension savings (7%) or becoming financially vulnerable (8%).
Whether it’s short-term pressures, long-term fears or both, finding a way to manage these challenges is essential.

Finding a way out

But when stress takes over, it can become difficult to find the clarity needed to make decisions or take action.

In some cases, this stress can become overwhelming. According to the Financial Conduct Authority’s Financial Lives 2024 survey, more than a fifth of adults felt overwhelmed and stressed dealing with financial matters.²

In these situations, it can help to understand what’s contributing to the pressure. Creating a list based on what is worrying you could be an effective first step, helping you see issues more clearly.

Talking to someone about your mental wellbeing could be just as effective, if not more so, than organising your thoughts alone. While it may feel uncomfortable sharing personal worries, explaining how they affect your life could help others to understand them.

Whether you’re dealing with rising household bills, mounting credit card debt, fears about job security, or concerns you might not have enough money to retire, talking to someone you trust – a family member, friend or professional adviser – could help. It’s an option worth considering during times of stress.

And to echo Time to Talk Day’s key message – keep talking – it can really pay off. Our Real Life Advice 2025 report highlighted that 84% of people receiving ongoing financial advice said it had improved their mental and emotional wellbeing. People across all ages and life stages reported feeling more confident, less stressed and less vulnerable because of the advice they received.

If you feel worried about your finances – for whatever reason – use Time to Talk Day as the moment to take a positive step for your mental wellbeing.

For us, financial advice is always about helping you make the most of your life and preparing for the chapters ahead.

If you have any questions about optimising your finances, get in touch. We’re here to help.

Sources

¹Opinium surveyed 8,000 UK adults nationwide between 22nd July and 5th August 2025 and refreshed shorter surveys of a further 2,050 UK adults between 28th November and 6th December 2025. Quotas and post-weighting were applied to the sample to make the dataset representative of the UK adult population. Within this poll, the relevant weighted sub-samples were:
Men, women, other gender, 18-34, 35-54, 55+, Scotland, Northern Ireland, North East, North West, Yorkshire and Humberside, East Midlands, West Midlands, Wales, East of England, London, South East, South West, working, self-employed, student, retired, unemployed, other not working.

²Financial Conduct Authority, May 2025

SJP Approved 02/02/2026