Now that we’re finally starting to see a way out of lockdown and a route to ‘normality’, it’s a good time to reflect on 2020 and think about the things we can take away from the year that most can only describe as a nightmare.
Only 3 months in, the global pandemic threw the UK into a nationwide lockdown. And during this time, people weren’t just tackling financial difficulty; they were also combatting the fear and grief of losing vulnerable family members to the virus.
However, positivity came when people realised they needed to help each other out and formed great community spirit during tough times. For example, we saw people collecting medication for others, doing their shopping and donating to food banks.
Not only that, but many also believe the pandemic has made them realise the importance of a strong family network. Research by ChannelMum.com found that 4 in 5 parents believe that the pandemic has brought their family closer together.
So now that people value family more, shouldn’t something be done to protect them in case the worst happens?
It’s actually really simple. You need to agree and put in place a sturdy financial plan to protect yourself and your family against unforeseen circumstances. Although we’d hope none of us experience anything like this again in our lifetimes, you can’t say with 100% certainty that we won’t.
When we say ‘financial plan’, we don’t just mean getting cover for yourself and your assets. A financial plan goes beyond that, and puts a central focus on your life goals, making your money work around that throughout your lifetime. This includes savings, pensions, investments and care planning.
No matter what stage of life you’re at, it’s always important to have an effective financial plan should the unexpected happen.
There really is no better time to get advice. The pandemic has been a big reality check for all, and we are NOT immortal.
It may seem like a lot to try and keep up with your financial planning priorities throughout each life stage; but if you have a financial adviser, the pressure is reduced massively. An experienced professional will consider the different needs and priorities when necessary, so you don’t have to. And with regular reviews, you can rest assured that everything is up to date, giving you the best chance of achieving your goals and making your money work in a way best suited for you and your family.
If, like many others, you’ve realised the importance of family, could you confidently say you have a financial plan that will give enough support to those you love if you were no longer here?
If your answer is no, then what are you waiting for?