Finding financial freedom through future planning.
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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:
Focus on these three areas:
Financial wellbeing index
We’ve recently updated our flagship financial wellbeing index. With new insights into how financially well the UK is. Take a look at the digital flipbook to find out how you could improve your financial wellbeing.
Picture your best life
What do you want your best life to look like? Find out how you can create it here.
Find out more about investing for a sustainable future.
Juggling the monthly bills and spending can take a bit of practice, ultimately it's a balancing act of covering the costs of living and spending on things that make us happy here and now. About 3 in 10 of us have less than £50 left at the end of the month.
A great place to start is reviewing your monthly budget and asking yourself, are there better (cheaper) solutions for your needs?
Try the MoneyHelper Budget planner.
Read our Five apps that could save you time money and stress article.
Knowing your expenses could be covered in every eventuality is an important part of financial wellbeing. According to our survey, 27% of people could only live off their cash savings for less than a month if they lost their jobs.
If you can, start a rainy-day fund and aim to build up at least 3 months’ worth of easily accessible savings in case you lose your job. Income protection and critical illness can also act as useful hedges against any life events.
Visit MoneyHelper 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 around half (53%) of respondents are paying less than £100 a month into their pension.
We also found that 69% of today's 55-64-year-olds have saved less than £100,000 in their long-term savings. For most of them, this is very likely to be far too little to be able to live a moderate lifestyle in retirement.
Try imagining the future lifestyle you want and how much it’ll likely cost to cover. Consider your future livings costs, your future goals and things that will make you happy in the future. You can use income calculators and goal setting tools to set a target.
Read our Simple steps to hit your pension savings goals article.
Watch our Why starting early pays video.
Try the MoneyHelper Pensions calculator.
According to our survey, around half of us have debt. This can be managed and repaid with some long-term planning. But 22% of those with debt said they owe too much.
Arrange to keep debts at a comfortable level by setting up automatic payments on pay day and prioritising problem debt.
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. Buying a property can be hard and expensive, but it can offer some future stability. Our research shows that less than 1 in 5 who are still paying off their mortgage in retirement have more than £250 at the end of the month. Whereas half of retirees who have paid off their mortgage have more than £250 left.
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 MoneyHelper Mortgage Calculator
Check your credit score with Experian credit report
Take a look at the MoneyHelper Insurance and protection hub
It’s all about balance. We found that only 1 in 5 people are very aware of what makes their life enjoyable.
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 asking yourself when you’ve felt joy and when you’ve felt purpose. From that, you can begin to put a plan in place to experience equal amounts of joy and purpose everyday.
Read Happiness by design by Paul Dolan.
Try out our Finding joy interactive tool.
Listen to the Institute of Financial Wellbeing podcast.
Find out more about investing for a sustainable future.
Figuring out where we’d like to be in the future is an important part of financial wellbeing. Around 1 in 3 of us has a concrete picture of the things and experiences our future self might want.
Asking what ‘future you’ would thank you for doing today. Whether the answer is getting on the property ladder or retiring early, answering this question can help you make better financial decisions.
You might even begin considering what future world you want to be a part of. Our survey showed that 72% of people are concerned about environmental issues. By aligning the way we live now with our values, we can start to act with more intension and purpose – linking our money, investment and retirement goals along the way.
Why not find out which financial wellbeing persona you are and how you can become an 'all-rounder'.
Why not also try to picture your best life to see what your future will look like?
Watch our My pension options at retirement video
Approaching retirement? Speak with Aegon assist team
Read our Gender gap in pension savings article
Find out more about investing for a sustainable future
We all know planning is important. Individuals who write out their financial plan have been found to save more regularly and do better financially. Yet only 18% of us have a plan to achieve our long-term money goals.
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. But our financial wellbeing can be impacted when we compare ourselves upward.
Our research showed that despite being part of the 25% wealthiest people in their area – one in five of this demographic still compared their financial situation upwards.
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, 1 in 5 of those asked feel nervous when markets and their investments fall in value.
Getting to know the basics of your pension and the investments you have is a great place to start. It should help you avoid the ‘bad news panic’ and making decisions you may regret later.
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.