Finding financial freedom through future planning.
Try our new financial wellbeing tool.
By answering ten questions, you’ll get an in depth look at the ten elements of financial wellbeing identified in our wellbeing index research. From financial literacy to rainy-day saving, we’ll provide a comprehensive package of articles, resources, videos, and podcasts that are tailored to you.
You can read our Financial Wellbeing index to find out more about our research and how you can take steps that could help you improve your financial wellbeing.
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1. Your income
2. Long-term saving
3. Emergency Fund
4. Property/other assets
5. Managing debt
6. Joy and purpose
7. Future self
8. Long-term plan
9. Social comparison
10. Financial literacy
You should focus on these three areas:
Financial wellbeing index
Take a look at our digital flipbook to find out how you could improve your financial wellbeing.
Juggling the monthly bills and spending can take a bit of practice. From mortgage payments to the occasional americano on the way to work, covering the cost of our needs and what makes us happy is a balancing act. In fact, about 4 in 10 of us have less than £100 left at the end of the month.
Reviewing your monthly budget is a great place to start.
Try the Money Advice Service Budget planner.
Knowing your expenses could be covered in every eventuality is an important part of financial wellbeing. According to our survey, around one third of us don’t have emergency savings.
Having three to six months of your annual salary saved could help you keep up with your bills, even during uncertain times. If you can, try putting a little away on pay day each month to get your rainy-day fund started.
Visit the Money Advice Service hub for Savings and investments.
Read our Why you might need protection article.
You might have the here and now spending sorted but having money saved for your future self is just as important. Our research showed that 52% of people are paying the minimum 5% into their pension, with the same amount often matched by their employers under auto-enrolment. Experts have estimated we should be putting away closer to 15% a month to meet our retirement needs.
Try working out how much you’re likely to need in retirement on top of what you’ve already saved through your State Pension, workplace pension and private savings.
Read our Simple steps to hit your pension savings goals article.
Watch our Why starting early pays video.
Most of us have debt, it’s how we manage it that counts. When our debt-to-income ratio is too high, it can be hard to reach our financial goals. Our research shows that, apart from mortgages, the biggest amount of debt is held in home improvement loans followed by car loans and credit cards.
Arranging for your repayments to made automatically by direct debit or standing order on pay day could help.
Read our talking about money article.
Try the Money Advice Service Credit card calculator
Contact the Money Talk Team if you’re worried about debt.
Owning our own home or paying off our mortgage before we retire is a goal for many of us. Saving enough for our first deposit or for additional payments can be tricky. Our research also found 1 in 4 people are still paying off their mortgage when retired and nearly 1 in 5 retired people are still renting.
First-time buyers could make regular contributions into a Lifetime ISA (LISA). This money receives a 25% top-up from the government each year (capped at £1,000) and can be used to buy your first home or for your retirement.
One way to look at paying off a mortgage is as ‘forced saving’ – pay off a debt today so at some point in the future, when you’re retired on a fixed income, your housing will cost you much less. You could consider it an investment in your future self.
Try out the Money Advice Service Mortgage Calculator
Check your credit score with Experian credit report
Take a look at the Money Advice service Insurance and protection hub
It’s all about balance. We found that only 4 in 10 people have considered what gives them joy and purpose in life.
Financial wellbeing is a blend of being able to do things that bring us joy now and saving for the future. Finding joy is about the moments here and now that make us happy, whilst finding our purpose is about identifying things that we feel give our lives meaning.
Try visualising what you might want long term and see how small savings can be put away for your long-term plans.
Read Happiness by design by Paul Dolan
Try out our Finding joy interactive tool
Listen to the Institute of Financial Wellbeing podcast
Figuring out where we’d like to be in the future is an important part of financial wellbeing. By visualising what we’re working towards, we can better identify how we’ll get there.
Whether you’re getting on the property ladder or have retiring early in mind, having a good idea of what you want could help you achieve your long-term goals.
Watch our My pension options at retirement video
Approaching retirement? Speak with Aegon assist team
Read our Gender gap in pension savings article
We all know planning is important. Our research shows that on average just under one-in-three (30%) have thought carefully about how their goals can be met financially.
Writing down our financial plans can really help us with both our short and long-term money management. If you aren’t sure were to start, you can always get financial advice.
Advisers will discuss all aspects of your plans including what your current and future goals are to help form a tailored plan suited to you.
Visit our Advice makes sense hub
Use Your Retirement Planner to find out more about your options for retirement
Try our financial planning template
We love to compare. It’s part of our nature to compare all elements of our lives from lifestyle to finance.
Our research showed that despite being part of the 25% wealthiest people in their area – one in five of this demographic (19%) still compared their financial situation upwards. Looking upward instead of comparing to someone like you could have an effect on our financial wellbeing.
When we have positive conversations about money with financially savvy peers and people in similar circumstances, we can begin to build a clearer picture of our financial goals.
Read our How to make financial comparisons work for you article
Watch our Pensions explained video
Take a look at our advice and guidance article
We tend to pay more attention to what’s happening now than the bigger picture. We can worry when investments fall in a day, forgetting that that we could see growth and recovery if we leave them for longer. According to our survey, 14% of those who held investments said that when they saw the stock market fall in value, they sold some or all of their investments.
Getting to know the basics of your pension and the investments you have is a great place to start. Having a rainy-day fund which is easily accessible could also help you avoid dipping into longer term investments.
Watch our Pension basics video
Read our Pension basics: what you need to know article
Find all your pension pots with the pension tracing service
Resources to support you
Financial advice is key to improving financial wellbeing, and supporting and helping you navigate uncertainty is core to what we do. Having partnered with the Initiative for Financial Wellbeing (IFW), we’re proud to introduce their series of over 50 wellbeing podcasts.
Advice Makes Sense
Find out more about how financial advice could help you.