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New Year’s Resolutions for Financial Success

New Year is a great time to set out personal and professional goals.  It’s also a fantastic time to look at new personal finance habits that could really make a difference to your future financial planning and well-being.

Where to start?  These three key financial trends that could influence your approach to financial resolutions this year:

 

Trend #1 – Homeowner Wealth

The total property wealth of the over 55’s is set to double by 2035 according to new figures from the Age Partnership. This wealthy sector will have a considerable nest egg behind them with the majority of their value locked in their home. Housing wealth is therefore set to impact both financial planning and retirement funding in the future.

Action:

Look ahead to the role your home and other property investments will play in your future financial plans. Those not wanting to tap into property wealth to fund retirement may want to consider downsizing or equity release.

 

Trend #2 – Mature working women hits new record

The number of working women aged 50-64 has hit new records, with 64% of those in this age band in jobs – the highest number for 30 years. While it’s great that today’s workplace is harnessing the potential of older people working, experts also believe that despite a brightening economic outlook, the reality is that financial pressures facing families and planning for the long-term remains forcing people to work longer and, into what was traditionally the retirement years.

Action:

Pensions remain the key way to save for the long-term, so discuss your options with your financial adviser to ensure your product will give you the best return. With more and more families reliant on women’s incomes too, make sure you have the right income protection in place for both salary-earners in your household.

 

Trend #3 Pizza and millennials’ wealth

US life and business strategist Tony Robbins has identified eating pizza as key to retirement for millennials; by eating pizza once a week instead of at a restaurant, millennials could save £30 a week in savings. Robbins stressed the importance of wealth planning through compounded growth.

Action:

Financial education and guidance are critical to driving financially savvy behaviour. Ensure the young people in your home understand the benefits of saving plans and potential of investment and compounding. Saving a little bit here and investing it there could make all the difference in 40 years’ time. It’s a great gift to give.

Author: Simon Claxton | December 15th, 2015

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Simon Claxton
Get in touch:   Reading: 0118 916 5480   London: 020 7036 8767   info@macbeths.co.uk