How to create a personal financial plan in 8 steps. When thinking about your future financial wellbeing, it can be helpful to consider a plan. It is a good idea to have a clear sense of what you want from life and use this as a guide for making important decisions. A comprehensive financial plan helps you achieve your goals by analysing your current situation, planning for the future and providing continuous monitoring of progress towards those goals. A well-thought-out

When it comes to marriage and money, it’s good to talk. Millions of married couples have no idea about their spouse’s pensions and retirement plans, according to new research[1]. More than three-quarters (78%) of non-retired married[2] people do not know what their spouse’s pensions are worth. Nearly half (47%) of non-retired married people have not spoken to their spouse about their retirement plans and 85% of non-retired married people are not aware of the tax-efficiencies of planning retirement together. Retirement

Five questions to ask before inflation really takes off. ‘How can I protect my money from inflation?’ is a question that many people may be asking themselves right now. In the current economic climate, rising inflation is becoming a concern for people with savings and investments. The effect means you’re potentially earning less money due to your hard-earned cash becoming worth less as time goes by. The negative impact of inflation upon the real value of an investor’s portfolio will

Pensioners ‘deeply disappointed’, particularly women and self-employed. The earnings benchmark of the State Pension triple lock will be temporarily set aside for next year. The Department for Work and Pensions (DWP) confirmed on 7 September that the State Pension triple lock rule will not be applied for the 2022/23 financial year over concerns of the potential costs involved. It comes after the Office for Budget Responsibility (OBR) said in July that pensioners could see their payments rise by as much

Why parents should look to Christmas investment gifts instead of toys. With the festive season approaching, have you thought about gifting your children or grandchildren something different this year? Giving them a good start in life by making investments into their future can make all the difference in today’s more complex world. Lifetime gifting is not only a good way to set up children for adulthood but is also a way of mitigating any Inheritance Tax concerns. However, what’s clear

People thinking more about their spending and financial priorities. The coronavirus (COVID-19) pandemic has lead to more people re-thinking how they spend and manage their money, with more than half (51%) now prioritising saving for an unexpected event or loss of income, research published suggests[1]. A third (32%) are setting aside money. This reflects Bank of England[2] estimates that more than £200 billion of savings have been built up during lockdown, but only 10% of these are expected to be

Older homeowners receive £1.94 billion. Older homeowners received a £1.94 billion property wealth boost in the first half of 2021, data shows[1]. More than half of the proceeds of equity release (52%) were used to clear mortgages (45%) and manage unsecured debts (7%) while 23% was used to help family and friends – notably for help with house deposits as buyers rushed to beat the end of the Stamp Duty holiday. These ‘big ticket’ expenses saw an average of £74,894

£5.3 billion lost from over-50s’ retirement pots throughout the course of the pandemic. Over-50s workers in the UK could have a £5.3 billion hole in their collective pension pot due to cutbacks on retirement savings over the course of the pandemic, according to new research[1]. The new findings estimate that approximately 10% of pre-retired over-50s – 1.4 million people[2] – are continuing to save less every month when compared to before the pandemic. At present, those over 50 saving less

Attitudes and aspirations of this year’s retirees. The coronavirus (COVID-19) pandemic has impacted on every aspect of our lives, affecting individuals’ financial situation and for many, their plans for retirement. If you are approaching retirement in the next 12 months, your plans should be under continuous review. We take a look at new research which has highlighted the attitudes and aspirations of this year’s retirees[1]. Shifting attitudes The pandemic has shifted attitudes and priorities across almost all aspects of people’s

Plan for tomorrow, live for today. Change is the only constant in life. It inevitably involves twists and turns, with some that are expected while others may be entirely unplanned. When this happens, it’s important to feel secure with the knowledge that you have the right contingency plan in place. None of us can predict exactly what a life-changing event will be or when it will occur, and many of them will take you by surprise, whether good or bad.

Over time, pension schemes close, merge or become renamed. Changed job? Moved house? It’s not always easy to keep track of a pension, especially if you’ve been in more than one scheme or have changed employers throughout your career. Over time, pension schemes close, merge or become renamed. So even if you remember the name of your scheme, it could now be called something else. With more of us changing jobs regularly throughout our working lives, it has become harder

Protection should be a core part of your financial plan. If you are worried illness or injury could leave you without enough to pay bills, there are solutions to help protect your income. While some people could rely on state benefits as a safety net if they experienced a sudden loss of income, for many the drop in income would be too severe to maintain their standard of living. Being able to keep paying the bills In many situations, families