To help people navigate the current financial uncertainty around this current pandemic, the team at Better Wealth Management is publishing a range of content helping people get to grips with what’s happening and what it means to their finances.
In addition to this we are busy producing guides on how to choose a financial adviser, what to look for and the role they play in helping people realise their financial dreams.
For this blog, we have searched online to find some useful, helpful content from reputable sources. The aim is to keep people informed, and to help reduce any anxiety they are going through around their savings, investment and pension
Savings advice and information during COVID-19
This section covers articles from the BBC, our own Better Wealth Management blog and MOney Saving Expert.
This article provides advice and tips on money saving ideas during the current coronavirus pandemic and in the future.
To summarise they suggest:
Using tech to shop around – in addition to price comparison sites for car insurance, gas and electric there are a range of money-saving sites covering most household purchases. Are you spending money needlessly?
Chase refunds for services you can’t use – are you a member of a gym temporarily closed during lockdown? Are you still paying for iit? There’s a saving there.
Where possible clear down your credits cards quicker to avoid paying interest. There are many high street banks now offering credit card payment holidays.
Review your savings – have you searched online to find a better rate?
In the following article, the team at Better Wealth Management have answered questions around:
- How safe your cash and savings are
- Wider advice around investing in falling markets
This article, by Money Saving Expert discusses how savings have been affected by the base rate cuts and why it may pay to move to an existing fixed rate savings account.
The article discusses the 10 banks allowing customers to access their fixed rate savings accounts without penalty. Here’s a quick quote from this part of the article:
“Normally if you’ve locked cash away in a fixed-rate savings account, you have to pay a penalty to get it out before the fixed term’s up. Yet 10 banks (Bank of Scotland, Barclays, First Direct, Halifax, HSBC, Lloyds, Nationwide, NatWest, RBS and Santander) have told us they’ll waive penalties for existing customers affected by the pandemic who now need their savings to cover living costs”
How is the coronavirus pandemic impacting pension funds and what you can do?
This section of the blog covers the impact the current pandemic is having on pension funds. There is also information on how to review and protect your pensions.
This expansive guide covers a range of topics around how the coronavirus pandemic is impacting investments and pensions.
As pensions are exposed to the stock market, it’s highly likely your current pension pot has reduced in value.
This current situation will have impacted people differently.
Younger investors will have time on their side for their pension to recover. Older investors are likely faced with the challenge of having to either wait longer to draw down on your pension or take a smaller annuity.
It’s worth noting though, lower risk pensions are often invested in bonds which carry less risk and a fixed rate of return.
Have you lost an old pension?
There is around £5,000,000,000 of lost pensions in the UK.
Now, these pensions aren’t lost forever and can be found. Pensions are often lost when people change jobs. They leave the old pension g=behind and often forget it’s there.
Through finding a lost pension, you are back in charge of your long term financial returns. Upon review, it may be entirely the wrong type of pension to meet your future needs.
You’ll never know until it’s found and reviewed.
The current impact on investments and global economy
This article by The Times is a fantastic starting point for those at the earlier stages of their investment journey.
The article covers:
- How markets are reacting
- What’s happening to dividends
- What the economic outlook looks like
- How to protect your investment portfolio
- Accepting the volatility, reviewing your goals, and diversification
One of the big questions at the moment concerns the long term impact of the current pandemic on the economy and our way of life.
RayDalio is an American billionaire hedge fund manager and philanthropist who has served as co-chief investment officer of Bridgewater Associates.
He’s a voice to be listened to and we’ve included this TedTalk for anyone looking for some fantastic insight into what the world is likely to look like.
In need of a review of your saving, pensions and investments?
If you’re looking to review your current savings and investments, or have had a change in circumstances due to the current pandemic, we’re here to help.