From walking to the shops rather than driving, to doing our best to maintain a good work-life balance, we’re all familiar with the things we can do to keep fit and well, physically and mentally. And while we might find it difficult to talk about, our financial wellbeing is just as important.

It seems that in the UK, we’re not saving enough: before the coronavirus pandemic hit, there were 12.8 million households in the UK with less than £1,500 in savings – including some with no savings at all.1 And we can’t rely on the government to help. The proportion of the UK’s population that is 65 and older is growing faster than any other age group (it’s expected that by 2050, those older than 65 will account for one in four people2), making it more important than ever that individuals take greater responsibility for their own financial security during retirement. And with the global pandemic touching every aspect of our lives and putting a spotlight on financial priorities, there’s a lot to think about.

So in support of Talk Money Week, which runs from 9 to 13 November, we’ve compiled an essential reading list to help get you on track to achieving financial independence.

Just getting started? That’s okay

It’s never too late to get to grips with your finances, and understanding what you’ve got coming in and how to keep track of it isn’t as daunting as you might think. The first step is to get to know your payslip and understand how much is deducted from your pay – and what those deductions are for.

Once you’ve got a clear picture of what’s coming in, it’s time to get control of what’s going out – and for that, you’ll need to have a budget in place. A monthly budget is a relatively simple undertaking, and will help you identify unnecessary spending, leaving you with money left over at the end of the month.

Knowing what to do with that money is key to establishing financial resilience for the longer term. It’s essential to set some goals, and identify the best methods of saving to help you achieve them. Done the right way, you’ll not only be saving money, but growing it, thanks to the power of compounding.

Another way to grow your money is to invest it – but that comes with some risk. If you’re interested in investing but don’t know where to start, we’ve got everything you need to know.

Talking to your family about money is crucial

Looking after personal finances is just the beginning. It’s wise to consider your wider family, too – involving generations both above and below you. To help your children secure a solid financial future, it’s best to start talking to them about money early, as the sooner they get into good habits, the better their prospects will be.

There are also practical ways to help your children. One is by investing money for them – not only will you be giving them a helping hand, it’s also a good way to engage them in thinking about their longer-term saving plans. Another, more specific form of practical assistance is to help them cover the costs of going to university. Parents and grandparents often want to help in this way, so start talking those plans through as a family, in plenty of time.

Of course, some conversations about money are easier than others. For those who have elderly parents, it’s all too easy to put off discussions about what will happen to their finances when they’re no longer around, but legacy planning is essential to avoid uncertainty and disputes later on. And against the backdrop of a global pandemic, many of us are realising the importance of protecting ourselves and our family – so it’s important to ensure that you have the right life insurance in place.

It’s time to start saving for retirement

With so much to think about today, it can be easy to put off financial planning around your pensions and retirement savings. You might feel that the state pension will have you covered, but that’s not necessarily the case. So it’s best to get to grips with understanding pensions as soon as you can. There are very good reasons to start saving early, including giving yourself the best chance of achieving the retirement lifestyle you want.

Of course, what you need to do to establish financial security when you’ve stopped working depends on how close to retirement you are – so it’s a good idea to break it down by your age; steps you should take in your 20s will look very different from those required once you’ve reached your 50s. But don’t forget: work may stop, but life goes on. It’s therefore important not to underestimate how long you’ll need an income after you retire, and take into account the costs of any care you may need as you get older.

From walking to the shops rather than driving, to doing our best to maintain a good work-life balance, we’re all familiar with the things we can do to keep fit and well, physically and mentally. And while we might find it difficult to talk about, our financial wellbeing is just as important.

It seems that in the UK, we’re not saving enough: before the coronavirus pandemic hit, there were 12.8 million households in the UK with less than £1,500 in savings – including some with no savings at all.1 And we can’t rely on the government to help. The proportion of the UK’s population that is 65 and older is growing faster than any other age group (it’s expected that by 2050, those older than 65 will account for one in four people2), making it more important than ever that individuals take greater responsibility for their own financial security during retirement. And with the global pandemic touching every aspect of our lives and putting a spotlight on financial priorities, there’s a lot to think about.

So in support of Talk Money Week, which runs from 9 to 13 November, we’ve compiled an essential reading list to help get you on track to achieving financial independence.

Just getting started? That’s okay

It’s never too late to get to grips with your finances, and understanding what you’ve got coming in and how to keep track of it isn’t as daunting as you might think. The first step is to get to know your payslip and understand how much is deducted from your pay – and what those deductions are for.

Once you’ve got a clear picture of what’s coming in, it’s time to get control of what’s going out – and for that, you’ll need to have a budget in place. A monthly budget is a relatively simple undertaking, and will help you identify unnecessary spending, leaving you with money left over at the end of the month.

Knowing what to do with that money is key to establishing financial resilience for the longer term. It’s essential to set some goals, and identify the best methods of saving to help you achieve them. Done the right way, you’ll not only be saving money, but growing it, thanks to the power of compounding.

Another way to grow your money is to invest it – but that comes with some risk. If you’re interested in investing but don’t know where to start, we’ve got everything you need to know.

Talking to your family about money is crucial

Looking after personal finances is just the beginning. It’s wise to consider your wider family, too – involving generations both above and below you. To help your children secure a solid financial future, it’s best to start talking to them about money early, as the sooner they get into good habits, the better their prospects will be.

There are also practical ways to help your children. One is by investing money for them – not only will you be giving them a helping hand, it’s also a good way to engage them in thinking about their longer-term saving plans. Another, more specific form of practical assistance is to help them cover the costs of going to university. Parents and grandparents often want to help in this way, so start talking those plans through as a family, in plenty of time.

Of course, some conversations about money are easier than others. For those who have elderly parents, it’s all too easy to put off discussions about what will happen to their finances when they’re no longer around, but legacy planning is essential to avoid uncertainty and disputes later on. And against the backdrop of a global pandemic, many of us are realising the importance of protecting ourselves and our family – so it’s important to ensure that you have the right life insurance in place.

It’s time to start saving for retirement

With so much to think about today, it can be easy to put off financial planning around your pensions and retirement savings. You might feel that the state pension will have you covered, but that’s not necessarily the case. So it’s best to get to grips with understanding pensions as soon as you can. There are very good reasons to start saving early, including giving yourself the best chance of achieving the retirement lifestyle you want.

Of course, what you need to do to establish financial security when you’ve stopped working depends on how close to retirement you are – so it’s a good idea to break it down by your age; steps you should take in your 20s will look very different from those required once you’ve reached your 50s. But don’t forget: work may stop, but life goes on. It’s therefore important not to underestimate how long you’ll need an income after you retire, and take into account the costs of any care you may need as you get older.

From walking to the shops rather than driving, to doing our best to maintain a good work-life balance, we’re all familiar with the things we can do to keep fit and well, physically and mentally. And while we might find it difficult to talk about, our financial wellbeing is just as important.

It seems that in the UK, we’re not saving enough: before the coronavirus pandemic hit, there were 12.8 million households in the UK with less than £1,500 in savings – including some with no savings at all.1 And we can’t rely on the government to help. The proportion of the UK’s population that is 65 and older is growing faster than any other age group (it’s expected that by 2050, those older than 65 will account for one in four people2), making it more important than ever that individuals take greater responsibility for their own financial security during retirement. And with the global pandemic touching every aspect of our lives and putting a spotlight on financial priorities, there’s a lot to think about.

So in support of Talk Money Week, which runs from 9 to 13 November, we’ve compiled an essential reading list to help get you on track to achieving financial independence.

Just getting started? That’s okay

It’s never too late to get to grips with your finances, and understanding what you’ve got coming in and how to keep track of it isn’t as daunting as you might think. The first step is to get to know your payslip and understand how much is deducted from your pay – and what those deductions are for.

Once you’ve got a clear picture of what’s coming in, it’s time to get control of what’s going out – and for that, you’ll need to have a budget in place. A monthly budget is a relatively simple undertaking, and will help you identify unnecessary spending, leaving you with money left over at the end of the month.

Knowing what to do with that money is key to establishing financial resilience for the longer term. It’s essential to set some goals, and identify the best methods of saving to help you achieve them. Done the right way, you’ll not only be saving money, but growing it, thanks to the power of compounding.

Another way to grow your money is to invest it – but that comes with some risk. If you’re interested in investing but don’t know where to start, we’ve got everything you need to know.

Talking to your family about money is crucial

Looking after personal finances is just the beginning. It’s wise to consider your wider family, too – involving generations both above and below you. To help your children secure a solid financial future, it’s best to start talking to them about money early, as the sooner they get into good habits, the better their prospects will be.

There are also practical ways to help your children. One is by investing money for them – not only will you be giving them a helping hand, it’s also a good way to engage them in thinking about their longer-term saving plans. Another, more specific form of practical assistance is to help them cover the costs of going to university. Parents and grandparents often want to help in this way, so start talking those plans through as a family, in plenty of time.

Of course, some conversations about money are easier than others. For those who have elderly parents, it’s all too easy to put off discussions about what will happen to their finances when they’re no longer around, but legacy planning is essential to avoid uncertainty and disputes later on. And against the backdrop of a global pandemic, many of us are realising the importance of protecting ourselves and our family – so it’s important to ensure that you have the right life insurance in place.

It’s time to start saving for retirement

With so much to think about today, it can be easy to put off financial planning around your pensions and retirement savings. You might feel that the state pension will have you covered, but that’s not necessarily the case. So it’s best to get to grips with understanding pensions as soon as you can. There are very good reasons to start saving early, including giving yourself the best chance of achieving the retirement lifestyle you want.

Of course, what you need to do to establish financial security when you’ve stopped working depends on how close to retirement you are – so it’s a good idea to break it down by your age; steps you should take in your 20s will look very different from those required once you’ve reached your 50s. But don’t forget: work may stop, but life goes on. It’s therefore important not to underestimate how long you’ll need an income after you retire, and take into account the costs of any care you may need as you get older.

References

1. The Money Charity, The Money Statistics, October 2020

2. ONS, Overview of the UK population, August 2019

References

1. The Money Charity, The Money Statistics, October 2020

2. ONS, Overview of the UK population, August 2019

References

1. The Money Charity, The Money Statistics, October 2020

2. ONS, Overview of the UK population, August 2019

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