Are your financial circumstances “too simple” to need advice? Think again

A new study, published by Professional Adviser, found that more than 24 million Brits have never accessed financial advice.

Of these, one-third say their situation is “too simple” to require advice, and nearly 1 in 10 were unaware of the benefits. On the other hand, 75% of those who had received ongoing financial advice had seen an improvement in their quality of life.

With this in mind, keep reading to learn why no scenario is “too simple” to benefit from financial planning.

At every life stage, financial planning can add significant value

In line with the belief that some situations are just too simple to need advice, 20% of unadvised adults – 14% of 18 to 34-year-olds and 6% of over-55s – believe it is too early or late for advice.

But at every stage of your life, working with a Financial Planner could be transformative.

18 to 34

Just starting out in life, your children or grandchildren have a huge number of choices ahead of them. They may have questions on their mind such as:

• Will I go to university?
• Can I afford to travel the world?
• Should I rent a home or live with relatives until I can buy?
• When is the right time to start saving and investing?

Although they may not have a substantial amount of wealth on their hands just yet, the financial decisions that a person makes at a young age could make a huge difference to their future.

35 to 55

These crucial 20 years are busy and beautiful, as well as trying or challenging at times. You might:

• Become a homeowner
• Progress in your chosen career
• Start a family
• Receive an inheritance
• Need to care for an elderly loved one
• Divorce and potentially remarry
• Send your children off into the big, wide world.

We often call this the “wealth accumulation” stage, but it’s so much more than that. These years are about living life to the fullest and preparing for the future – with the help of a Financial Planner, you could do so with confidence.

Over 55

Heading into your final career years and considering the appropriate time to retire, if you’re over 55, you likely have a lot on your plate.

Making your retirement savings and investments last a lifetime, whilst making the right decisions for your health and wellbeing, are all paramount at this stage. With bespoke financial planning, you may gain the insights you need to set up a stable, peaceful retired life.

If something goes wrong: Preparing and planning for the unexpected

The lifelong benefits of financial planning are clear – but you might still be thinking: “My life is going pretty smoothly right now. I don’t need specialist advice.”

One aspect you may have failed to consider, though, is how to fully protect your family’s wealth from an unexpected death, illness, or injury.

In today’s ageing population:

• There are around 982,000 people living with dementia, and this figure is expected to rise to 1.4 million by 2040, Alzheimer’s Society reports
• The NHS says that 1 in 2 people will develop cancer in their lifetime
• Around 1.4 million people in the UK are heart attack survivors, the British Heart Foundation reports
• Stroke Association reveals that someone in the UK has a stroke every five minutes.

Whilst we can’t always control what happens with our health, you can take steps to prevent significant financial losses in the event of an emergency.

With the support of a Financial Planner, you can:

• Access a package of protection suited specifically to your and your family’s needs
• Gain qualified advice in the event of an emergency
• Set up a new or amended financial plan in the wake of a life-changing illness or bereavement
• Build up a solid emergency fund that helps to keep financial worry at bay if the worst happened.

So, no matter how “simple” your financial circumstances may be, it’s never too early to begin protecting yourself against the unexpected. A Financial Planner can help to cut through the jargon and provided honest, fuss-free guidance that helps you sleep better at night.

Your emotional wellbeing: The link between financial planning and peace of mind

Although money can’t buy happiness, knowing your ducks are in a row could give you the ultimate peace of mind as you progress through life.

Indeed, the survey found that of those who received financial advice from a qualified individual or firm, 92% agreed it had benefited their emotional wellbeing. Plus, 24% of those surveyed said they felt “less vulnerable” with a Financial Planner by their side.

If you want to find out how working with PenLife could add value to your life – no matter who you are, or how “basic” your circumstances – get in touch with us today.

We offer complimentary financial planning consultations so you can ensure we’re the right fit before agreeing to receive advice from us.

Email us at enquiries@pen-life.co.uk, or call 01904 661140.

Please note

This article is for general information only and does not constitute advice. The information is aimed at retail clients only. All information is correct at the time of writing and is subject to change in the future.

Note that life insurance plans typically have no cash in value at any time and cover will cease at the end of the term. If premiums stop, then cover will lapse.

Cover is subject to terms and conditions and may have exclusions. Definitions of illnesses vary from product provider and will be explained within the policy documentation.

The Financial Conduct Authority does not regulate estate planning.

The value of your investments (and any income from them) can go down as well as up and you may not get back the full amount you invested. Past performance is not a reliable indicator of future performance.

Investments should be considered over the longer term and should fit in with your overall attitude to risk and financial circumstances.