Insights

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:

Financial procrastination—delaying financial tasks—can harm your finances and health. Common signs include overwhelm, fear of mistakes, and unclear goals. Combat it with expert advice, clear planning, and proactive steps to take control and achieve financial stability.

Many wealthy individuals avoid discussing finances, fearing family conflict, leading to inheritance misunderstandings. Generational differences and financial pressures, especially in regions like London, contribute to tensions. Open, honest conversations about money can reduce stress and prevent future disappointments.

Social media investment advice is popular but risky, with many failing to verify sources. Unregulated financial influencers – or "finfluencers" - can promote scams or misinformation. Always ensure guidance comes from FCA-authorised professionals to protect your financial decisions.

A recent study has identified several distinct pension personality types, each with its own strengths and challenges. Procrastination Pete and Paula are the most common type, often overwhelmed by the complexities of pensions. This group is likely to make poor decisions, such as hastily withdrawing a 25% tax-free lump sum without a clear plan – potentially costing them thousands in future income. No matter your pension personality, strategic planning and professional advice are crucial for securing long-term financial security in retirement. 

Opening a JISA is a great financial priority to support long-term savings goals for the children in your family. Research has highlighted that women have led the way on opening JISAs every year since 2019. The number of JISAs women have opened in the last five years is up 128%, compared with an uptick of 101% by men. Scottish Friendly’s Jill Mackay, said “starting as soon as possible and just putting a little away into a stocks and shares JISA could build to be a substantial amount over time.”