Is Financial Wellbeing Being Taken Seriously Enough?

In businesses across the UK, a huge emphasis is now being placed on employee wellbeing.

Businesses have implemented a range of techniques to assist this move towards prioritising mental health and wellbeing, such as counselling services, mindfulness training and having staff trained in Mental Health First Aid.

What has taken lesser priority, if it’s even noted at all, is financial wellbeing.

Even in terms of common sense, we know that talking and thinking about finances causes a significant amount of stress, no matter what age the individual is. 

Factor in all of the triggers that can exacerbate this stress such as unexpected changes in income, life milestones and lack of preparation, and it’s no surprise that people’s financial wellbeing is at an all-time low.

One of the key areas in which financial wellbeing suffers is planning and protection, particularly when it comes to retirement.

Though most people look forward to retirement and are likely to have an ‘ideal’ retirement in mind, there’s rarely a definitive plan in place or timeframe involved. In my opinion, it’s the lack of long-term clarity that causes so much undue stress.

Around a third of employees feel unprepared for retirement, with only 43% being confident that they would retire at the age they wanted to, and even out of those who have a pension in place, 24% never even review it.

It’s startling to look at statistics such as these and consider that 24% of employees expect to work in retirement, because all of these issues are avoidable.

It’s never too late or too early to start planning for retirement and later-life and giving yourself peace of mind in the present that, should the worst happen, you and your family are safe and secure.

There are a range of services I can offer expert advice in: protection, retirement, savings and investment and estate planning.

The key aspect to all of these bespoke services? Alleviating stress around the unknown and uncertainty.

What you’re looking for when it comes to finances will be dependent on your circumstances, objectives and priorities, but the focus remains the same – finding you the best possible plan and working with you throughout the process to make sure you get as much as possible from it.

You might find yourself fixating on a particular aspect of your finances that causes you the most uncertainty, or perhaps the entire process of planning seems daunting to you. 

That’s why receiving advice from a Financial Adviser is so important! To provide trusted advice that isn’t made more complex than it needs to be, so that you can take control of your finances in a way that’s best for you.

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If you are a business owner, director or team leader, why not enquire about my Financial Wellbeing Workshops. They are provided free to businesses to complement your existing benefits and wellbeing provisions. Get in touch to find out more.

Stuart Parker is a member of Sovereign Wealth LLP.

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