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Planning for a better financial future

Have you made sure your plans are still on track?

It’s been nearly two years since the first novel coronavirus (COVID-19) case was detected. The economic impact of the pandemic has not been equally distributed amongst all adults and, where inequalities existed before the pandemic, these may have been widened or closed.

The pandemic has caused a drop in household income for around a third of all UK adults according to a Financial Conduct Authority (FCA) survey[1].

But what lessons can be drawn about how attitudes towards our personal finances may need to change? You might want to start thinking about even the smallest changes you could make to put yourself in a better financial situation in the future.

Do I have an emergency fund I can access quickly?

While the pandemic is surely not an everyday occurrence, it could happen again and therefore it makes sense to have an emergency fund to cover essential spending for at least three to six months that can be accessed quickly.

If you have money set aside for emergencies, you’re far less likely to experience financial difficulties or have to borrow at a high interest rate if things go wrong or your circumstances change. The impact of COVID-19 surprised everyone, and it’s definitely been a very challenging time financially for many families.

If you already have an emergency fund in place and you’re able to still contribute, you might consider continuing to put money into it to give yourself a financial cushion in light of these uncertain times.

But if you don’t have an emergency fund to fall back on, now is the time to start building one. Knowing you’ve got some money tucked away might help you sleep better at night too.

Do I have life insurance cover alongside my death in service?

In the future, what if your employer releases you as part of the lay-offs forced by something like the COVID-19 pandemic? If you have death in service benefit from your employer, it’s understandable to question whether you really need a separate life insurance policy.

However, it’s generally a good idea to have life insurance cover alongside your death in service benefit. For example, even if you have a generous employer, the payout from the death in service cover may not be enough to pay off your mortgage in its entirety. And even if it does, it may leave your loved ones with only a small amount left over to cover the various other costs they will have to deal with after you have passed away, from your funeral to getting by without your regular income.

There’s also the fact that very few of us stay in the same job for our entire working lives. So while you may have a generous scheme in place currently, you could move to a new job with a better salary but which has smaller death in service protection, or even no cover at all.

Having a dedicated life insurance policy protects you against that variance, ensuring that your loved ones are financially protected in all eventualities should you pass away. Any death in service payout can then be viewed as a bonus.

Am I covered for loss of income if I’m unable to work?

Regardless of your age, health, level of financial independence or homeowner status, you are most likely to have some form of regular financial outgoings.

You might need income protection insurance if you are self-employed, are employed but your employer offers limited sickness benefits, have limited savings, have dependants or people relying on your income or you are single and responsible for all household expenses

Income protection insurance provides a monthly replacement income, tax-free, if you are forced to stop work for a specified medical reason. It can pay out for stress-related or mental health illnesses, as well as physical or sudden health conditions such as back pain, cancer or a stroke.

Income protection gives you the peace of mind that your bills will be paid if you are off work due to illness or injury. Typically you are covered until retirement or returning to work, depending on the policy taken out.

Most people in the UK are eligible for up to 28 weeks’ statutory sick pay, funded by the government, if they are too ill to work. But this is currently only £96.35 a week (tax year 2021/22), which is why some form of personal insurance could be needed.

Are your plans on track for the future you want?

You have meaningful goals. We can help you achieve them. No matter what you want to accomplish, our focus starts and ends with you. We’ll work with you to provide ongoing, comprehensive planning and advice to help you succeed. Speak to us today and make sure your plans are on track for the future you want.

Source data:

[1] https://www.fca.org.uk/insight/gender-personal-finances-and-covid-19#:~:text=The%20pandemic%20has%20caused%20a,changes%20in%20their%20financial%20situation.

Adam Reeves

Author: Adam Reeves

DipPFS Cert CII (MP&ER)
Independent Financial Planner, Wealth Manager, Director

Last updated on

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Adam and his team undertook in-depth research into our existing QROPS schemes and clearly set out both pros and cons of transferring the funds back to the UK. Having decided to go ahead with the transfer, Adam and his team worked extremely hard to facilitate the transfer. The QROPS pension trustees were not always the most professional or responsive organisation – however we were very grateful for the perseverance and commitment that Adam showed us as clients.

Jonathan – East Sussex

Adam offered a range of financial products , the one he suggested was affordable and proved to be a good choice.  Returns on investments have exceeded my expectations, based on Adam’s advice and guidance. Profits have enabled house improvements to take place.

David - Surrey

Adam arranged an appointment very timely, he explained his role and qualifications as an IFA giving me reassurance , we went through my retirement and investment goals. Adam discussed my options explaining in great detail, I felt relaxed during our discussions allowing me to fully understand my choices. I feel very confident in the financial advice allowing me to enjoy my retirement.

I was very happy with Adam’s recommendations and explanations of financial products which would suit my retirement goals, I feel this has helped me review and reduce my financial risk as I reach retirement, leaving me feeling confident that I can enjoy my retirement plans.

Ron – West Sussex

After initial meeting Adam put together a very detailed and thorough written plan. At our second meeting he went through the whole booklet and explained everything in layman’s terms which made it a lot easier to understand.

I am very happy with everything that was suggested and put in place especially with something as big and important as pensions. Adam and his team have taken a huge weight off my shoulders and I would highly recommend their services to anyone needing help with their financial planning and pension.  Adam couldn’t have been more helpful, and even came outside his normal area to meet me on a number of occasions.

Richard - Kent

Unfortunately I had to claim on my critical illness insurance due to my wife being ill and because of the sound advice Adam gave in acquiring this insurance we ended up being financially safe through a tough time.

Steve - Kent

Adam did a review of our financial situation, confirmed that Flexible Drawdown best suited our needs as a family, and then did all the research into the best product for us. He will continue to monitor it for me. He acted extremely promptly because we had a deadline for requiring the lump sum; went out of his way arranging meetings during non-office hours, was professional yet friendly and explained a difficult subject very well.

Clare – East Sussex

Adam did a thorough review of my pension policies, clearly explained how well they had performed, how flexible they were, how the market regulation has changed, and, crucially, what the tax implications would be if I were to leave them untouched. He accurately assessed my attitude to risk and recommended an up-to-date solution that will offer me the greatest flexibility at retirement.

Greg – East Sussex

Adam was quick to assess & understand my situation, and was able to discuss & communicate in a very concise and simple way the various options available to me, taking time for me to understand and clarify where necessary. My understanding & knowledge of taxation & pensions has increased significantly allowing me to feel much happier making financial decisions for the future.

Rob – West Sussex
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