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5 To Thrive

5 to Thrive - the 5 key building blocks for financial resilience

Important - The value of investments can fall as well as rise, so you could get back less than you invest, especially over the short term. The information shown is not personal advice.

When it comes to our finances, we might know what our end goals are. The big question is how we get from here to there. And given the fact that life can be unpredictable, can we still get there if there are any financial bumps in the road?

That's where being financially resilient comes into play.

Even though we can't always control what happens in life, we can prepare ahead to improve our financial security over the long term.

The articles in this series aren't personal advice, but more of a guide to how you and your family can start building a more financially resilient future. If you're not sure what to do on any of the topics we discuss, please ask for financial advice.

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What are the 5 key building blocks for financial resilience?

We want to provide you with the tools you need to prepare for the unexpected and the long term. Our experts have provided 5 key building blocks for you to consider and to help you secure your financial future.

The five key building blocks are listed in order of priority. If you've already jumped in with some of the later building blocks, your priority will be to fill in the blanks as soon as you can. And to work out what best suits your own circumstances.

  1. Control your debt – debt isn't in itself a bad thing, but ensuring you can use it for your benefit rather than being controlled by it is crucial. If it isn't managed properly, it can spiral out of control, becoming a real threat to your financial security. We've taken a look at the steps you could take to keeping it manageable.
  2. Protect you and your family – protecting your income and any loved ones is paramount when it comes to building financial resilience. If you were to pass away, become ill or suffer an injury it can have rippling effects. That's why protection insurance is so essential. So even if the worst happens, you or your loved ones have some protection.
  3. Save a penny for a rainy day – it's impossible to predict when things could go wrong, so it's important to get ahead of the game by building a cash buffer for unexpected emergencies. That's your rainy-day savings pot.
  4. Plan for later life – once you've built up your short-term financial resilience, you'll need to start thinking about the long-term. That's where pension planning comes in. Building a large enough pension pot will help you to retire on your terms.
  5. Invest to make more of your money – investing gives you the chance to make your money work harder. Although this step might be the most exciting part, it's the last part of building your financial resilience. Once you've got the other steps sorted, that's when focusing on how investing could improve your future financial security comes in.

How the 5 to Thrive can help you

Let's face it, creating a financially secure life can feel like a daunting task.

We live in an age where there's vast amounts of information available to us at our fingertips. On one hand, we've never been in a better place to get to grips with our financial planning. On the other, our daily lives have never been busier and sometimes an overload of information can be overwhelming.

But building financial resilience doesn't need to be complicated.

This article series will take you through the process step by step, so you can tackle it in manageable chunks and fit it around your life.

See how different households compare

Try our savings and resilience comparison tool.

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5 To Thrive articles

1) Control your debt

It's key we stay in control of our debts. Here's why it's our top priority.

Read Control your debt articleRead article

Child smiling infront of a number 2 graphic

2) Protect you and your family

The role protection insurance plays in securing your financial safety net.

Read Protect your family articleRead article

Man smiling infront of a number 3 graphical background

3) Save a penny for a rainy day

The importance of building up a cash buffer for unexpected emergencies.

Read Save a penny for a rainy day articleRead article

Mother and daughter hugging infront of a number 4 graphic

4) Plan for later life

The role pensions play in securing long-term financial resilience.

Read Plan for later lifeRead article

Man on bike infront of a number 5 graphic

5) Invest to make more of your money

We look at why investing is one of the five key building blocks towards a financially secure future.

Read Invest to make more of your money articleRead article