Insights

In 2023, protection insurers paid a record £7.34bn in claims, including £1.2bn for critical illness. Income protection claims rose, with mental health issues representing the highest total claim value. Claims acceptance remains high at 98.3%, highlighting the importance of coverage. 

The Chancellor Rachel Reeves has cut the welfare budget further and boosted defence spending in a Spring Statement aimed at kick-starting the faltering economy. Meanwhile, the OBR - the government's financial watchdog - halved its growth forecast for this year to 1%.

Celebrating the 50th anniversary of the Sex Discrimination Act, which enabled women to secure mortgages independently. The number of primary female mortgage applicants has increased recently, however the gender pay gap still presents a home ownership barrier to women.

Many UK homes have unused bedrooms, limiting availability for first-time buyers. ‘Right-sizing’—moving to a more suitable property—could help address housing shortages by freeing up larger homes. However, emotional attachment and moving stress are key barriers to this.

With the Stamp Duty threshold changing soon, now could be a good time for first-time buyers however competition will be fierce. The right time to buy depends on personal circumstances, so seek advice to make an informed decision. 

IHT receipts continue to rise. Before the tax year's end, take advantage of gifting allowances to reduce your estate and minimise future IHT liabilities. Advice is essential to ensure gifts are made and evidenced in the right way.

The traditional "hard-stop" retirement is fading, with many working longer for financial, social, or personal reasons. This shift requires careful tax planning when combining work income with pension withdrawals to ensure a smooth, comfortable transition to retirement.

Rachel Reeves welcomed falling inflation, rising real wages, and GDP growth as “encouraging signs,” while Keir Starmer reaffirmed his commitment to “free and open trade” to safeguard national interests. However, UNCTAD warned that global economic growth could slow to 2.3% this year - below the 2.5% threshold often seen as signalling a potential global recession.

Although life insurance probably isn’t at the top of many people’s ‘to do’ list, it’s arguably one of the most important financial products anyone can take out, and one of the best ways of protecting your loved ones financially. This guide explains the different types of cover, how much cover you might need and lists the top tips about life insurance.

Retirement planning involves visualising your key goals for your retirement years and setting up a plan to help you achieve those goals through financial planning.

We all want our children to have the best possible start in life. But how best to achieve it? Investing offers the potential for strong returns, especially if you start early. This guide considers the options, highlighting the importance of assessing your objectives, making an investment plan and suggests the top tips for investing for maximum tax-efficiency.

Throughout life, many things can have a significant impact on your financial needs and plans for the future, including receiving a sudden windfall. As your life journey progresses, you will need to adapt to an endless list of variables such as: