We continue to monitor the latest updates and information about the global COVID-19 outbreak. We have been taking additional measures to ensure we safeguard the health of our employees and preserve our ability to operate. READ MORE
We have a duty to teach future generations how to understand and manage their finances. We can all help to ensure that our children and grandchildren enjoy financial wellness. By encouraging them to develop a positive relationship with money they can enjoy a successful and healthy life.
While most people want to pass their hard-earned wealth onto their children and grandchildren, it’s not just about leaving them a financial legacy. It’s about giving them the tools to make sure that they can also grow and pass that legacy on to their children.
Money worries don’t just affect a persons’ financial health. Financial problems are one of the biggest causes of stress. Also, they can impact an individuals’ mental health and physical health if left un-addressed. Money Anxiety Disorder’ is an unofficial term used to describe those who worry about money all the time, even if they may be in a good financial position.
A staggering 36% of people do not feel they are in a position to handle an unexpected financial event because they do not have sufficient savings. Financial wellness is about creating good habits and routines around money. A regular ‘financial check-up’ with a financial adviser should be part of everyone’s routine just like they take care of their physical health by visiting the doctor or dentist.
Six pieces of advice to give future generations about money
Spend less than you earn
Get yourself into a habit of saving every month
Only borrow what you can afford to pay back
Grow your money with careful savings and investments
Boost your earning capacity – this could be through study or overtime
Protect your assets and wealth with protection policies such as life insurance
If you would like to speak to one of our Independent Financial Advisers about any aspect of financial planning then please contact us or call 01257 260011.