Many households are getting battered by the incoming financial storm. Jillian Thomas, managing director of Future Life Wealth Management, outlines some proactive steps all of us should take.
We’re facing a ‘perfect storm’ of financial problems, and it’s never been more important to take decisive action to safeguard your future.
In April, national insurance rates will soar and the energy price cap will also be increased to a level which is, frankly, eye-watering. Add in rocketing inflation in food, petrol and other goods and there’s every reason to suspect that many families across Yorkshire will feel increasingly stretched financially.
Speaking both personally and professionally, I’ve never known a time when so many elderly and vulnerable clients are routinely making contact with Future Life Wealth Management to find ways of leveraging more money from their investments. This situation has been mounting for several months and the amount of money being requested is also rising.
In short, it’s become clear to me that many members of this country’s older generation in particular are struggling. And – barring unforeseen circumstances – this ‘perfect storm’ is only likely to get worse in the short to medium term.
Yet the first weeks of 2022 were almost entirely dominated by ‘Partygate’.
To be clear, I’m not disputing that there’s a real need for this scandal surrounding the gathering of government staff at the height of lockdown restrictions to be covered both fully and fairly. But I do strongly suspect that the government is not as concerned about the extensive headlines being dedicated to Partygate as might initially be imagined. As long as this particular story is kept at the forefront of public consciousness then the gravity of the economic situation that’s unravelling will be largely overlooked.
So, what must savers and investors do at this point in time?
First, it remains imperative to take full control of both your finances and your investments without delay. If you’ve not already got a budget in place then please do consider implementing one at the earliest opportunity.
This clearly needs to consider the fact that mounting inflation and the removal of the energy price cap will increasingly impact our monthly expenditure.
Separately, deposit rates have been at historically low levels since the financial crisis of 2008. But this does not mean that investors should accept a real terms inflation-adjusted reduction in their value as the default position.
Financial planners have access to cash platforms which potentially provide higher rates of return than can be obtained from the well-known high street names.
In short, please do get in touch to see if we can help.
There has never been a more important time to ensure that your money is working as hard as possible for you, and this starts by thinking through your investments in order to maximise the returns you receive.
If you would like Jillian Thomas to plan your financial future, call (01246) 435996 or email jill@wealthmanagement.uk.com . Alternatively, visit wealthmanagement.uk.com
No individual investment advice is given, nor intended to be given in this article and liability will not be accepted in respect of any action you may take as a result of reading this article. If you are unsure you are urged to take independent investment advice.
