Ever wondered what keeps people awake at night? Well, thanks to a survey by Zurich UK* we now can reveal the answers. More than 50% of people who describe themselves as not financially resilient are more likely to wake up worrying than those who are financially resilient. Here’s the run down on sleep-losers…
The most common worries facing UK adults:
- My health – 37%
- The health of my partner, family, friends – 32%
- My relationship with my partner, family and friends – 23%
- How to make my money last until the next time I get paid – 19%
- Debts – 17%
- The security of my job – 10%
- If my salary is enough to support me and my dependants in the long term – 9%
- How to afford a new home – 8%
So, finance figures high when it comes to worry. The other big scorer, unsurprisingly, is health. What can we do about it? Lack of control is often hailed as underpinning all worries and so it follows that by taking control, you reduce or eliminate the worry.
Health, wealth and what to do
If it’s health, we see a doctor. But when it comes to finance, why don’t many of us have a go-to person?
It’s probably because financial troubles often can’t be solved overnight and may need some hard yards put in early to create buffers and assets for the future. Think of it as the equivalent of wanting to get fit. It can’t be done overnight, you need a plan and you need to stick to it. Well, becoming financially fit – financially resilient is exactly the same. You need a plan to start.
Make a financial plan
Find a financial advisor, I would suggest. We spend our days helping people plan for a better future, we sit an untold number of exams and we have to keep up with all the relevant legislation. Our experience and qualifications give us the ability to provide solutions that are absolutely bespoke to each individual.
A good financial advisor shouldn’t initially talk about anything but you. By understanding what you want from your future, a plan can be built around it. Where do you want to live? How often do you take your family on holiday? How much does Christmas cost? What assets have you already got and what could you have in the future? If you are a little older, when will you retire and what will it look like? What are your plans and are they realistic? Perhaps you own a business, some property and wonder when you can retire?
Starting with a plan well in advance helps us ride the choppy waters of life and be more resilient, feel in control and able to weather storms. Don’t wait for a problem to find a solution. It’s a bit like waiting to become very unfit before you decide to do something about it. Take a preventative route, get a plan together and you’ll probably feel a lot better for it.
*Personal Finance Professional, Winter 2018
Categorised in: Financial planning
This post was written by Huw Johns