Looking forward to a new year
As a new decade dawned, we could not have foreseen what the year would hold in store for us. A year on, there is growing positivity for 2021, but we mustn’t forget what our experiences of the last 12 months have taught us. Surely one crucial lesson from 2020 is the need to prioritise financial wellbeing so that we can cope with life’s unexpected events?
What lessons have we learnt?
The pandemic has clearly laid bare our fragility and vulnerabilities, presenting us with huge challenges on many different levels. It has also reinforced a number of key financial lessons, from the importance of budgeting and building up an emergency savings pot, to investment diversification and holding appropriate protection policies.
In a nutshell, the pandemic has demonstrated the value of having sound financial planning strategies in place and the peace of mind such principles can give us. By getting into good financial habits, it is possible to ensure you are cushioned from the shock of any unforeseen event.
Financial and emotional wellbeing
Another key point to take from last year has been the close connection between financial and emotional wellbeing; while a lack of financial stability typically leads to stress and anxiety, stable finances can provide mental calm.
Expert financial advice has also been highlighted to play a critical part in improving emotional wellbeing by increasing your financial confidence and resilience. This is according to research by insurer Royal London, which also found that clients who have an ongoing relationship with their adviser were nearly twice as likely to feel in control of their finances as those who didn’t.
Help at hand
New Year is a time to take stock of our finances and consider how to build foundations for a better financial future. Seeking professional advice is a vital step in achieving those objectives. So, get in touch and we can help you to develop sound plans to ensure you hit your short and long-term financial goals and ultimately provide a boost to both your financial and emotional wellbeing.
The value of investments and income from them may go down. You may not get back the original amount invested.