House of Killik Soho is a seven-day series of inspiring conversations and workshops. From discussions about modern business and the challenges of ever-evolving marketplaces with founders and business leaders, to urban gardening workshops and wellness sessions. A week-long event to inspire you to identify the life you want to lead.
Breaking the taboo
On Wednesday morning at House of Killik Soho we were joined by Holly Mackay founder of Boring Money, Lucy Mangan, writer for Stylist and The Guardian, and Behavioural Psychologist, Paul Davies. Together they discussed the taboos around money and why in this day and age we are still so reluctant to talk about it.
“It’s not like stopping drinking for dry-January” says Paul “it’s a ‘blurred line’ when it comes to money. If you want to save it isn’t as simple as just not spending; it’s’ how much, and for how long, and what to do with it?”
“People don’t know where to begin” agrees Holly “but it really doesn’t matter what it is, just take the first step – if it’s £10, £25 or £50, just start.”
“In the media we are very good at showing people how to spend it, but not save it”
“In the media we are very good at showing people how to spend it, but not save it” says Lucy “bad news sells, which unfortunately is so counterproductive to savings and people’s attitudes towards it”
“We have a herd mentality, so when we hear something like ‘the majority of people haven’t got enough saved in their pensions’ instead of saving more, we just go ‘Phew! I’m not alone’ which is totally wrong” says Paul. “There was a study that showed people found saving money for retirement just as painful as giving it away to a stranger.”
“My personal view is that people are scared of it.” says Lucy “It can so often make us feel inadequate when comparing with our friends or work colleagues”
There is no denying that our attitudes towards money need to change. Education is clearly important, and we should be doing more, especially at primary schools, but as all of panellists agreed, something as simple as talking to your friends about it is a great place to start.
As for technology, it is already making waves. The simplification and democratisation of financial services is making saving so accessible that if you’re able to, there really isn’t any excuse this day in age not to be starting.