How to open up to friends and family about your money concerns

In a bid to explore what our spending habits reveal about us, BBC Radio 1 DJ and TV presenter Matt Edmondson has launched new podcast Spent!, in which he and his special guests share their experiences with money and reframe the way they talk about spending.

Edmondson admits that in his own life, he has ‘always been a saver.’

“I don’t care that much about physical things and I’m not into owning stuff,” he says. “I’m pretty happy with what I’ve got. I have never been driven by things and I’ve always had in the back of my head that I’ve got to save for a rainy day.

“I am also a person whose relationship to spending is probably on the more cautious side,” Edmondson adds. “I was really intrigued when the opportunities to do the Spent podcast came up because it is an interesting insight into the spending habits of my guests. It also tells you a lot about people.”

Why are these conversations important to have?

“I think financial education is quite bad,” Edmondson admits. “At least it was for me as a kid. I don’t really remember being told anything. It was a surprise when I had to pay a tax bill because no one had mentioned it to me this whole time I was in school. I think that general financial literacy is really good and something that you need to know.”

Edmondson admits he is ‘slightly chaotic’ due to having ADHD and finds spreadsheets and finances really hard. “I have to have meetings a couple of times a year with an accountant and I dread them because I just don’t really understand what’s going on.

“From the spending side of things, I think it’s always just good to be able to talk about money,” he adds. “I think it’s a little taboo and people don’t really do it. There is a discomfort around it but what I found through conversations is that, it makes you get to know someone really quickly and any discomfort only lasts about five seconds and then actually you find that you’re just fascinated by how people behave.”

How can people begin to feel more confident around these topics?

“This doesn’t only apply to money, but I believe vulnerability is really powerful. I think if you are worried about what people are going to think of you, that’s you thinking about yourself,” Edmondson says. “The people around you love and support you, and would want to help.

“There is no shame in not knowing something. I quite like being the least knowledgeable person about a thing in any given room. Because not only can I absorb stuff from other people, but I can ask the questions that will help me then understand what’s going on. Don’t let your brain trick you into believing there’s any shame around it.”

Edmondson adds that he has become used to talking to a large language model like an AI assistant, such as ChatGPT. “If ever I’m sent anything that’s a contract or that’s financial but I’m worried about it, and I just want a sounding board, those tools are really good at deciphering financial speak into plain English so I can understand it. Having a little expert that you can message is handy.”

Overall, Edmondson says that in the future he would advise people to not stick their head in the sand when it comes to finances. “There’s loads of accessible information and you can get pretty solid advice and guidance. I would say to just have the conversation if you have any questions about money rather than just ignoring it, go and ask someone.”

The Spent podcast in association with Nationwide is available to stream now on all podcast platforms.