How to achieve lifelong financial wellbeing

If you need help with financial planning, investing or pension advice, contact these Chichester experts. Capital at risk.

It has become a recognisable cliché over the last two years to talk about living in ‘unprecedented times’. It’s understandable for people to feel an element of despondency when looking at how best to plan for their own financial futures, that’s why at Close Brothers Asset Management we have provided simple tips for each life stage to help you achieve lifelong financial wellbeing.

Getting started

For younger people, there are probably two financial priorities that will preoccupy them as they start building their careers: paying off debt and buying a house.

For anyone who attended university in the last 15 years, emerging with student debt is a likely scenario. The temptation to reduce this debt might be strong, but it’s worth remembering that student loans function more like a graduate tax – you won’t be asked to repay them unless you’re earning over a certain threshold, and they are written off entirely after a certain period of time.

Expert tips: Follow these simple steps to financial wellbeing at every stage of your life. Capital at risk.

Home sweet home

Financial planning and management is vital to buy what is probably the most expensive purchase most people will make: a home.

There have been reams written about the increasing difficulty of buying a house in the UK. Saving for a suitably large deposit is no mean feat, and there are no easy solutions.

Luckily, there are some useful options. The Lifetime ISA adds up to a £1,000 a year of bonus to your deposit savings and another option includes purchasing a property using Shared Ownership.

Financial wellbeing is not just about your retirement post or adding zeros to a bank balance. It’s about making sure your finances allow you to live the life you want.

Making the most of your earning power

For those in their late 30s and 40s, you might be at or near the peak of your earnings. As you hit this peak, you should be keeping an eye on how you’re going to fund your retirement.

Most of us will now have been auto enrolled into a pension, but if you’re relatively progressed in your chosen career, it may be worth considering paying in more to your retirement to help you in the future.

Looking forward to retirement

For those approaching retirement, it is worth thinking about what kind of retirement you actually want. A significant consideration for most will be whether their savings can sustain the lifestyle they want. This isn’t easy when most of us have been looking forward to enjoying the freedom of retirement.

Remember, your wealth is a means to an end

It is important to remember what we mean when we talk about financial wellbeing. It is not simply about maximising your retirement pot, or adding a few extra zeros to your bank balance. It is about making sure that your finances are in the right place to allow you to live the life you want.

If you need help with your financial planning, investing, mortgage advice or pension, then get in touch with one of experts at our Chichester office:

Email: [email protected]

Telephone: 0203 995 5925

Capital is at risk. Your home may be repossessed if you do not keep up repayments on your mortgage. An individual’s tax treatment depends on their own circumstances and are subject to change which could reduce any benefits gained in the future.