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What is financial wellbeing ? As with most things it ’ s about finding a balance which is right for you , the individual and or business . I often find that people with financial stress have small problems that , if left unresolved or ignored , can grow into much more significant issues .
Poor mental health can make managing your assets and finances that much harder , earning money during these times can be harder still . This is a viscous circle that people can often get stuck in .
At what stage of life should people start thinking about their financial future ? Is it a case of the earlier you start , the better off you will be ? Investing is all about ‘ time in ’ the market , rather than ‘ timing ’ the market . You can make some serious dents into your retirement objectives by starting to make contributions earlier – the magic of compound growth .
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What are your thoughts on the subject in terms of education ? Is enough done in schools to educate people on financial planning ? I ’ d love to see some specific funding for our schools , from ages 4 to 18 , that teach and reinforce certain life skills regarding financial planning . Currently these skills are left to parents and individuals , and I think we , as a society , could do much more to support that . |
Are you seeing any trends in terms of either demographics of your individual clients , or the sort of products they are looking for ? I work with all ages , so get to cover a wide range of products and services for my clients . Junior ISAs , Pensions , Estate Planning , Investment Bonds and many more .
One pattern I see repeatedly is that some parents don ’ t want their children to know about any money invested for them – I obviously respect their decision but often wonder if that culture has a negative effect when the child reaches adulthood ? Probably a discussion for some intellectuals to have …
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Some pension plans seem to be worth less than the money put into them – is this true ? What advice would you give to anyone wanting to start planning now for their retirement ? When you invest over a long period of time ( generally 15 + years ), you want to give that investment the best opportunity to grow subject to the individuals attitude to risk . So a higher risk investor is more likely to see larger rises and falls in their investment values over a short period of time .
The best advice I can offer is to make regular investments into your pension , if it ’ s affordable for you . That way you will benefit over the long term and help reduce risk of market volatility .
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If I wanted to perform a financial wellbeing health check , where would I start ? I would recommend taking a look at the Citizens Advice website for further info or to use a search engine for your questions , taking extreme care when clicking on links . Alternatively , you may already have a financial adviser to speak to , ask your accountant or perhaps give me a call . |
What do individuals and businesses need to be aware of in the financial world over the coming year ? I think we all need to ensure that we can plan and think in the long term , news and social media are very much focused on ‘ today ’ and it is easy to react to things we see and hear , losing sight of our longer-term objectives . It is my role , in part , to ensure that my clients maintain direction when it comes to their financial planning .
jonathan . knee @ sjpp . co . uk 07811169286
Referenced link : www . citizensadvice . org . uk / debt-andmoney / getting-financial-advice /
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