SOLLA News and Views

09 November 2020

Views: Talking about Money Doesn’t Have to Be Difficult – and It’s Crucial

The Society of Later Life Advisers (SOLLA) was set up in 2008 to help consumers find specialist later life financial advice. Our aim is to ensure that with the right advice at the right time you can make the best use of your finances.

Our Accredited Advisers are widely regarded as the gold standard in later life financial advice. They help older and vulnerable clients make the best use of their finances and optimise the choices available to them in retirement

In the UK, talking about money is often seen as a bit of a taboo subject, which means we don’t do it nearly enough. As Founder and Joint Chair of SOLLA, I know the importance of having these conversations about finances and beginning to build financial resilience for the years ahead.

This becomes even more crucial as we get older.

Talking about money helps us to start planning so we can enjoy the retirement we want, as well as avoiding unexpected costs and stressful situations further down the line. It also gets us thinking about important questions, like:

  • What does our vision of retirement look like?
  • Will our current pension cover the cost of living?
  • Could our savings be working harder for us?
  • Should we need care, would we want to stay at home or move into residential care? And how would we afford these choices?

Tips for Talking About Money

Money needn’t be a difficult subject and talking about it with family and close friends can help you feel more in control of your finances and future wishes

At SOLLA, we work closely with actress Amanda Waring, a renowned campaigner for the rights of older people and an expert in communicating with compassion. She’s a specialist in getting difficult conversations started, so if you want to talk about money but find the right words aren’t coming to you, here are a few tips from Amanda:

  • Use relevant things around you to spark conversation, this might be a bill, some coins or even something you’re watching on TV
  • Or get the ball rolling with a written or recorded message. This takes the pressure off you and gives the other person the chance to digest your words in their own time
  • Take small steps when it comes to talking about money. Instead of wading in with care costs or retirement planning, perhaps keep the conversation on more general ground at first
  • It’s also important to remember that it’s a conversation, so be prepared for the other person to have a different point of view – and allow them to have their say too

It’s Never Too Late

The earlier you talk about financial matters, the more options that are available. But it’s important to remember it’s never too late to start. This week is Talk Money Week, which aims to get people talking about money. We’re fully behind the campaign and as part of it, we’re inviting you to send us your questions about money in later life.

If you’re not sure about something, want a few pointers from an independent expert, or don’t know where to start, this is your chance to ask:

And if you’d like to find out more about how a SOLLA Adviser could help you, or locate a SOLLA Member in your area, please click here.