Look at your finances during Talk Money Week

9 November 2020

Members are being encouraged to review their finances as part of Talk Money Week which starts today.

Hertfordshire Police Federation says there are positive steps members can take to improve their financial wellbeing.

“The pandemic has clearly had a massive, and devastating, impact on the nation’s economy,” says Geoff Bardell, Federation branch chair, “But it has also hit people’s personal finances. Police officers may not have been subjected to furlough or lost their job due to coronavirus but I sure that many officers’ household income has been hit as they will have husbands, wives or partners who have seen their wages reduced or completely lost.

“I would urge everyone to use this week to look at their personal finances. Perhaps you could get a better deal by switching energy supplier or maybe you are paying out for separate insurance cover that you already have through the Federation’s Group Insurance Scheme. Either way, look at your bank accounts, see what you are paying out and consider where savings could be made.

“But if you are in financial difficulty, and if you have perhaps been burying your head in the sand, maybe use this week as the prompt to face up to your money troubles and seek help. The Federation can put you in touch with companies that specialise in helping police officers manage their finances. Just take that first step and get in touch with us.”

Talk Money Week is a campaign by the Money and Pensions Service (MaPS) which aims to improve financial wellbeing by encouraging people to open up about their finances.

MaPS is sponsored by the Department for Work and Pensions and brings together three financial guidance bodies: the Money Advice Service, The Pensions Advisory Service and Pension Wise.

To mark Talk Money Week, Police Mutual has produced a free factsheet for members to help break the stigma of talking about money and debt issues.

The guide includes a financial fitness checker, a budget calculator and links to financial products that could save you money.

It also includes tips on budgeting for Christmas, advice on managing your money and mental wellbeing, and signposts for where to look for advice.