January
Talking about money
Talking about money can be uncomfortable- whether we struggle with numbers or buy impulsively, it may take a crisis to get us discussing our finances. To prevent reaching that crisis stage, MoneyHelper, a free organisation, have released their guides on getting the conversation started. To read these guides, please follow this link.
For those who assist others, it can be difficult to have conversations about money; asking about a person’s finances may feel intrusive. Nonetheless, it is important that we feel equipped to handle difficult conversations, and the Money and Pensions service (MaPS) have created a free Money Guiders programme to help. Money Guiders is a government-backed programme which helps organisations and individuals confidently talk about money and give safe and effective guidance.
According to statistics by Legal & General, 64% of couples have a shared bank account and 42% of couples divide expenses their equally. Given that our financial lives and our personal lives are so intertwined, it is important that we feel prepared to discuss these things. The Good Men Project has created a list of tips and tricks to start the conversation around finances. To read the article, please follow this link.
Planning for the Future: Pensions and Wills
Planning for the future means more than just thinking about holidays or home improvements. It means taking serious steps to secure your long-term financial wellbeing. Two of the most critical aspects of this are pensions and wills.
A pension is one of the most effective ways to save for retirement. If you are employed, you are likely enrolled in a workplace pension scheme where your employer contributes alongside your own payments. If you are self-employed or work on contracts, you may need to arrange a private pension. Either way, the earlier you start contributing, the better your financial position will be when you retire.
It is important to understand what your pension offers and how much it will provide. Many people underestimate the income they will need in retirement. Take time to review your pension statements and consider speaking to a financial adviser if you are unsure whether you are on the right track.
The rate of participation may be increasing but the DWP’s report ‘Workplace pension participation and savings trends: 2009 to 2024’, published in July 2025, showed that 1 in 10 (9.9%) of new savers opted out of their contributions. Schemes such as the Living Pension have aimed to shed light on the level of savings needed to remain financially secure in the future; for more information please visit their website.
Pensions are a vital way to ensure financial security in later life, and to ensure you’re making the most of them it is important to keep track of any pensions you have. MoneyHelper have developed a range of resources and tools to help build your retirement pot. For more information, please visit their website.
Just as important is having a will in place. A will ensures that your wishes are followed and that your assets are distributed as you intend after your death. It also protects your loved ones from unnecessary stress and legal complications.
Each March and October, the Electrical Industries Charity supports the national Free Wills Month campaign. This initiative allows individuals aged 55 and over to have a simple will written or updated free of charge by a qualified solicitor. The EIC goes one step further and offers this to all members of our industry, regardless of age! It is an excellent opportunity to take care of something that many people put off for far too long.
Whether you are starting your career or looking toward retirement, now is the time to take control of your future. Plan your pension contributions carefully and ensure your will is up to date. A little planning today can make a world of difference tomorrow.
Saving Smarter: Building Financial Resilience Through the Year
Saving money is a habit that pays off in many ways. Whether you are saving for a rainy day, a large purchase, or long-term financial goals, consistent saving is one of the most effective ways to build financial resilience.
January is a perfect time to start or review your savings goals. After the spending that often comes with the festive season, many people feel the pressure on their finances. That makes it an ideal time to reset your priorities and commit to better saving habits.
Start by setting clear and realistic goals. Are you saving for a deposit on a house, a new car, or an emergency fund? Having a purpose behind your savings can keep you motivated. Even small amounts add up over time. Automating your savings by setting up a standing order or direct debit into a separate savings account can help remove the temptation to spend.
Look for savings accounts that offer good interest rates or incentives. If you are saving for the long term, consider tax efficient options such as ISAs or investment accounts. The key is to match your savings strategy with your timeline and risk tolerance.
Another important tip is to plan for seasonal expenses. Whether it is back to school costs in September or holiday spending in December, budgeting for these events throughout the year can reduce financial stress when they arrive. Online budget planners, such as MoneyHelper, can help in creating a budget, and even give guidance on where money can be saved. If debt feels unmanageable, services like StepChange can assist with creating repayment plans.
Financial resilience is about more than just money. It is about knowing you are prepared for life’s ups and downs. Make saving a regular part of your financial routine, and you will feel more secure and in control as the year progresses.
Training – Financial Awareness
Empower Your Team with Financial Wellbeing and Awareness Training
In today’s fast-paced and often uncertain economic climate, financial wellbeing is more important than ever, not only for individuals but for the businesses they work within. Financial stress can have a serious impact on employee morale, productivity and overall wellbeing. That is why forward-thinking organisations are now taking proactive steps to support their staff through financial education.
If you are a business, why not go a step further and bring our Financial Wellbeing and Awareness Training to your team?
This practical and engaging training is designed to equip employees with the tools and confidence they need to take control of their personal finances. It covers everything from budgeting and managing debt to understanding pensions, savings and planning for the future.
When employees feel financially secure, the benefits are clear:
- Improved focus and productivity at work
- Reduced absenteeism and stress-related issues
- Greater staff engagement and loyalty
- A healthier, more resilient workforce overall
Our sessions are tailored to suit your workplace, whether delivered in-person or virtually. They are interactive, jargon-free and created specifically with the needs of people in the electrical and energy industries in mind.
By investing in your team’s financial wellbeing, you are doing more than ticking a box. You are creating a culture of support, empowerment and long-term resilience.
Contact us today to find out how our Financial Wellbeing and Awareness Training can make a lasting impact on your people and your business: training@electricalcharity.org
