Taking control of our financial wellbeing
November 16, 2020
With the key focus since the first lockdown in March being firmly placed on the nation’s mental wellbeing, the ability to try to take control of our financial wellbeing can only serve to help this.
Inevitably, it goes without saying that any money worries already being faced, will have been exacerbated dramatically by the pandemic.
Many people still find talking about their finances difficult, even with those closest to them. However, research by the Money & Pensions Service shows that talking about money helps people reduce their stress and anxiety around the subject, build stronger relationships & encourage their children to develop good money habits.
There is no question these are worrying times, with statistics showing that 2.8 million people have fallen into arrears since the beginning of lockdown, and 3.8 million have used some form of borrowing, just to make ends meet.
But there are people and places we can turn to for help, beginning with having sometimes tricky conversations with those closest to us. As the saying goes, ‘A problem shared is a problem halved’, and is often the best place to begin. This useful guide from the Money Advice Service, provides some tips to get the conversation started.
If you are in a less precarious financial position, it can still be difficult to know where to start to get your ducks in a row, with studies showing 47% of UK adults admitting they lack confidence when it comes to making decisions about financial products and services.
The importance of the Financial Services industry in helping build financial confidence in clients, cannot be underestimated, beginning with providing an outlet for people to talk about their money openly and honestly.
With confidence comes more understanding, and the ability to make better financial decisions. This article from The Times, provides some hints and tips for managing your money more effectively, and look to plan for a comfortable future.
If you or your clients would benefit from our Cashflow Modelling service, which can plan for all situations, please click here to find out more.