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4 tips to tackle financial anxiety

In the face of high inflation and uncertainty, we offer four tips to help you feel in control of your finances.

Important notes

This article isn’t personal advice. If you’re not sure whether an investment is right for you please seek advice. If you choose to invest the value of your investment will rise and fall, so you could get back less than you put in.

We’ve faced our fair share of financial challenges over the past few years. On top of the market volatility and economic uncertainty brought about by the pandemic, we’re now having to deal with the cost-of-living crisis and inflation at a 30-year high.

We asked a number of HL clients what they think poses the biggest threat to investments this year, nearly 40% said market volatility due to the pandemic*. This figure could be even higher now as the more recent Ukraine crisis has added greater uncertainty and volatility to markets.

Feeling like you haven’t got your financial future secured can be stressful - that’s why you should focus on the things you can control. Here are four things to help you with that.

This article is here to help you make your own financial decisions, but it’s not personal advice. If you’re not sure what’s right for your circumstances, ask for financial advice.

1. Prioritise the important stuff

Start by coming up with a list of tasks you need to get done in order of priority. Things like having enough cash to cover your essential expenses, paying off debt and looking at your spending should come first. Then look at longer-term tasks like checking in with your pension and investments to see if you’re on track to achieve your goals.

5 to Thrive can help you work out what tasks you need to tackle to build a financially secure future. Simply focus on them in order, leaving out any that you’ve already got sorted. There’s plenty of guidance and resources to help you.

DISCOVER 5 TO THRIVE

2. Set time aside for financial jobs

If the thought of looking at your finances fills you with dread, set aside a specific time each week to focus on something manageable. Try to factor in when you’re likely to have the time and headspace for it.

An investing buddy is another great motivational tool. You can offer each other moral support as you both crack on with your own financial jobs. If it’s someone you trust, you might benefit from talking things through with them to get a second opinion. 

3. Review your portfolio

Watching the value of your investments go up and down is nerve wracking, but it’s important not to make any snap decisions without thinking things through.

A bumpy road is part of the nature of investing. However, history has shown that prices should eventually recover from any market crashes. Of course, past performance isn’t a guide to the future and there’s always the possibility you could get back less than you invest.

Rather than focusing on what markets are doing right now, we believe you should focus on why you hold investments and whether they are right for you in the long run.

TOP TIPS ON INVESTING IN UNCERTAIN TIMES

4. Get a financial adviser to shoulder the burden

If dealing with your finances yourself is causing you stress or worry, or if you want a clear and grounded view of where you stand, it’s worth considering getting a financial adviser to help you.

It can be hard to think clearly about your finances and make rational decisions when there’s so much at stake. But an adviser can give you an impartial, expert opinion and recommendations based on their knowledge and experience.

An adviser could:

  • Review your financial plans, especially if they’ve changed since the pandemic.
  • Crunch the numbers to see if you’ve got enough money to live off, both now and in the future.
  • Check your investments are right for your goals and risk tolerance.

Talk to us and see if we could help

To learn more about whether financial advice could help you, book a call back from our advisory helpdesk. They’ll talk you through the benefits of advice and the charges involved.

There’s absolutely no pressure to take advice. It’s a straightforward conversation to help you decide if advice is right for you, so no advice is given on the call. If you’re still interested in advice after the call, they’ll put you in touch with one of our advisers.

BOOK A CALLBACK

*HL survey December 2021 - 427 responses

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    Important notes

    This article isn’t personal advice. If you’re not sure whether an investment is right for you please seek advice. If you choose to invest the value of your investment will rise and fall, so you could get back less than you put in.

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