15th February 2021
It’s been an immensely challenging year for most people on so many levels, so taking steps to prioritise your wellbeing should be your prime consideration as we head into the long, dark winter months.
More time spent at home has knocked many people’s confidence; interestingly new research by Royal London (2020) has identified that people who receive financial advice feel more confident and financially resilient when compared to those who haven’t taken advice. Furthermore, the benefits felt are not just financial.
In addition to the expected financial benefits, professional advice was found to improve emotional wellbeing by helping people to feel better about themselves and their finances. The research found that there were emotional and psychological benefits from having access to trusted expertise, which makes people feel more confident about the future, in control of their financial plans and more likely to achieve greater peace of mind as a result.
In particular, protection products were found to benefit consumers way beyond the financial safety net they can provide, with advised customers who have protection cover feeling more prepared for life’s shocks. One in five (20%) people who received advice, including advice on their protection needs, were found to feel less worried about what will happen to their family after they die, compared to one in seven (15%) who were advised generally, without their protection needs addressed.
A role we take seriously We understand that by providing trusted financial advice to help protect your financial security, we can play a role in supporting your wellbeing as well.
The average UK household saved up to £171 per week during lockdown, as spending on commuting, eating out, holidays and other leisure pursuits plummeted. It looks like the trend is set to continue. With the government abandoning its back to work drive and State financial support continuing into 2021 in the form of the Job Support Scheme, Britons might not have to abandon their new savings habits just yet.
While for some people, financial hardship has meant they are unable to save, Bank of England data suggests that personal bank deposits have tripled in comparison to recent averages, while consumers paid down a record £7.4bn of consumer credit in April – double the repayment in March, which was itself a record month.
If you’re part of the lockdown saving army, then don’t let your windfall go to waste. You could use your extra cash to pay down debts, overpay on your mortgage or contribute more to your pension.
In these uncertain times, it’s essential to get professional advice to ensure you get the most out of your hard earned savings. That’s why we’re here – so please get in touch.
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