Nobody has escaped the impact of this pandemic; it has affected businesses, personal finances, and physical and mental health. As I write this, there is good progress for the vaccine roll out so fingers crossed we will have some sense of normality returning in the coming months and certainly at some point throughout this year.
Many have used the lockdown to assess their lifestyle, career, work-life balance, retirement, finances and later life financial planning and what is important.
Wills
Death has sadly been at the forefront of people’s minds throughout the last 12 months in particular. Tilly Bailey & Irvine, a law firm, stated that ‘March 2020 saw a 70% increase in demand for making a will.’
It seems the current coronavirus pandemic has focused the minds of many. Making a Will and thinking about your wishes on death is essential and should be decided in your lifetime whilst you still have the mental capacity and decision-making ability to do so.
Funeral Plans
Whilst the cost of direct cremation has fallen and become more popular, the research undertaken by Insurer SunLife states the cost of a basic funeral has gone up.
According to their new Cost of Dying report, the average funeral cost varies by more than £2,000 in different parts of the country. It is crucial to have funeral plans in place to avoid families having to face potential financial difficulties in the event of funding the funeral costs.
Scams
Being caught by a scam can significantly affect mental health and financial well-being, leaving many victims with trust issues. The Internet is undoubtedly changing the face of financial fraud; for example, new technology lets criminals establish fraudulent investment schemes at a really low cost. With many individuals staying at home since March 2020, unfortunately, many scammers see the pandemic as an opportunity to target vulnerable victims and profit. There are so many new scams around at the moment and this is in addition to what we were already dealing with pre-pandemic.
Why bother with Financial Planning?
Working with a Financial Planner has significant benefits. Sound Financial Planning will give you clarity on your financial affairs and control over your financial future; it will help you make informed financial decisions with confidence.
Building an ongoing relationship with a Financial Planner will ensure you stay on track to achieve your financial goals. It will help you manage any challenges in the way or life events that may occur when you need to re-evaluate where you are with your plan.
Having a Financial Planner doesn’t necessarily mean you will not be faced with ‘Scams’, but it does mean you have a professional-looking after your best interests.
Often when ‘scam opportunities’ are assessed, it will be the case that your Financial Planner will deter you from getting involved. Having this relationship will ensure you are keeping your later life financial planning needs addressed and it will give you the peace of mind that your affairs are in order according to your wishes.
If any of this resonates with you, I would welcome the opportunity to discuss your financial planning goals and find out if my services can help you.
Please click here to schedule a 30-minute discovery call using my online calendar; this call can be over the telephone or via Zoom, and is at my expense and without any obligation.
The information contained in this blog post does not constitute advice or recommendations. You should seek independent financial advice before acting on any information on this website.
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