Financial resilience measures our ability to withstand money pressures, such as divorce, illness, and more recently, rising inflation. It’s a long-term, pragmatic view designed to keep your savings secure - no matter how unpredictable life is.
New research has revealed more of us are looking for ways to budget and plan for rising prices. While the cost-of-living crisis is an understandable concern, setting up some saving goals can help you feel more confident with your money situation – and become financially resilient.
This year's results from the FCA's Financial Lives Cost of Living Survey highlights the real struggles consumers continue to face when managing financial resilience. Three in four (77%) are spending less or working more to make ends meet. With nearly half (44%) stopping or reducing saving or investing to make ends meet. One in four (23%) using their savings or investments to cover day-to-day expenses.
The better news is that only 3% stopped contributing to a pension or reduce their contributions to make ends meets. This was flat year-on-year, but less than the 17% that said they had already, or planned to, stop contributing to a workplace pension in the next year when the survey was completed in the 2023.
Why is financial planning important?
We all have different circumstances, plans and dreams, but the foundations needed to build a secure financial future are essentially the same for all of us. Some planning – particularly early on – can go a long way to help you not only achieve your life goals in terms of finances and experiences but also give you the confidence to be ready for the unexpected.
There is a lot of general information available, but it is hard to move from Google to planning. We live in a world where there is a wealth of information and data and, while this is in many ways positive, it can also be overwhelming and potentially hazardous.
More people are becoming engaged with their finances and learning how to make their money work harder or smarter, yet with so many online platforms, bloggers, and social media channels to navigate, it can be difficult to know which way to turn. There are also financial scammers to beware of.
A good Financial Planner will aim to connect with you in a deeply human way. It’s about helping people and their loved ones to make great decisions about their finances – while also understanding what is most important to them, in line with their personal values. The role of the financial professional is to provide insight into how each client can live their best life, based on the assets and the income that they have.
The benefits of a financial plan
If you’re considering getting a financial plan with one of our money experts, this is what you can expect during the process:
- For a fixed one-off fee, we will take you through our defined process and gain access to online tools, interactive guides, and time with one of our financial professionals to review your own personal circumstances.
- You’ll have a series of online meetings with a qualified financial professional, to discuss your goals, challenges, and potential options.
- At the end of the process, you will leave with a personalised plan, covering each of the five areas, looking at what is in place and what needs to be done, giving you a clear action plan.
Should you have any further questions or want to explore options with our wider products and services, your dedicated planner will be available to provide you with the support you need.
Charles Stanley Direct Financial Plans
Nothing on this website should be construed as personal advice based on your circumstances. No news or research item is a personal recommendation to deal.
