Major life changes – can your finances keep up?

It’s been nearly two years since the start of the pandemic, and our lives look very different to how they did in lots of ways. Life isn’t forever, so we need to make it count. We’re putting our lives and happiness first.

Our advisers also say they’re having more and more conversations with clients about bringing forward their retirement plans, driven by a desire to regain a work-life balance.

The big questions are, can you afford to bring plans forward and what do these life changes mean for your financial future?

This article will help you learn about financial planning and where advice could fit in. But the information and tips given here aren't personal advice. If you are unsure whether a course of action is right for you, you should seek advice. Remember all investments can fall as well as rise in value so you could get back less than you invest.

Your lifestyle decisions will affect your finances

A recent study found that more than half of UK adults say the pandemic has impacted their retirement plans.

• Those nearing retirement feel more pressure.
• Nearly 40% said because of the pandemic, they want to achieve key life events more quickly.
• Two in five UK adults feel encouraged to build more long-term savings.
• 27% are less comfortable coping with unforeseen events than they were before.

While some are heading for the good life by taking retirement early, there are many others heading in the opposite direction.

Just over one in ten over-50s currently in employment, said they’ve had to delay retirement due to financial pressures caused by the COVID-19 pandemic. 

These increased worries around retirement could be calmed by having the support of an expert.

You might be unsure about whether your retirement pot can support you for the years ahead. And if not, what steps can you take to start moving towards the retirement you’ve always imagined?

These are some of the important conversations our advisers are having. Our attitudes towards life have changed, and you need to ensure your finances are fit to support your goals.

What if you’re not nearing retirement?

Since February 2020, UK household savings are reported to have risen by about £200bn. Household debts, excluding credit cards, decreased by about £10bn and house prices were on the up.

Some were able to pay lower stamp duty on a new home purchase, others were able to put more away in savings and investments. But not everyone’s finances were affected positively.

Whichever side of the fence you’re stood on, now is a good time to take stock of what you have.

Life has changed dramatically over the course of the past few years, and now isn’t the time for complacency. It’s time to take action and prepare for your future. You never know what’s around the corner.

How financial advice can support you through major life changes

While you might not feel you’ve benefited much over the pandemic, there can be a real win for those thinking about taking financial advice.

Getting access to financial advice has never been simpler. Instead of booking an appointment, waiting weeks until your meeting, only to decide that the adviser wasn’t a good match for you, there’s now another option. You can get advice on your terms.

With the switch to digital there’s more information readily available and you can engage with advisers over video calls from the comfort of your own home.

With all your documents about your finances and personal situation at your fingertips, you and your adviser will be able to get to the root of your financial needs quickly.

Does financial advice sound right for you?

If you think you’d benefit from financial advice, we’re here to help. Our team of experts will be there, at the end of the phone, on email or ready to meet online to support you through the process.

Support from an adviser starts with an initial call with our advisory helpdesk. They won’t provide advice on the initial call, but they’ll talk you through our advice service to see if you’d benefit, as well as discuss charges.

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