Couple in conversation with Financial Adviser

Article

Preparing for your financial future

There is little doubt that the last 12 months have been uncertain times for investors and savers.

Making the right decisions to protect your financial future can be difficult in such challenging times.

But amid the uncertainty and financial hardship caused by the COVID-19 pandemic many savers are doing what they can to take control of their finances and ensure they have a financial cushion.

By taking steps to put yourself in the best financial position possible, you can help ease your financial worries and take back some control. 

Financial confidence

Whatever challenges they may have faced over the past 12 months, some people are seeing rays of light when it comes to their finances. In a recent NFU Mutual survey of our customers showed that 73% are confident in their financial futures.

Everyone’s individual position is unique. Some NFU Mutual customers feel more confident in investing, have more disposable income and feel more confident about their finances in general. Indeed, 25% of respondents with disposable income told us they’d made a one-off investment into an investment plan, stocks and shares ISAs or pension plan over the last three months.

Among those customers who have managed to save over the past three months, over 40% did so to provide a financial cushion for the future, whereas 34% were simply saving or investing while they had the opportunity.

Change of investment approach

Savvy investors have adapted to the moment. Some have shifted their investment focus in the quest for better returns. Others know that they can ride out the volatility by having a long-term plan, and by taking a disciplined and diversified approach to investing.

On the other hand, whilst some investors are still reluctant to invest. They tell us they are holding back until circumstances change, whether that’s an increase in their disposable income or waiting for lockdown to end.

The value of advice

Looking to the future, whilst 73% of the customers we surveyed are confident about their finances, circumstances vary hugely and one in five expect to have less disposable income and less savings in 2021.

Not everyone is in the same boat, so to help you take better control of your finances - and avoid costly, ill-informed decisions that aren’t right for you - it can be wise to speak to a Financial Adviser.

Through these difficult and unprecedented times, our NFU Mutual Financial Advisers are here and ready to support you.

By seeking professional advice, you can feel confident that you’ve done the best you can in your current financial situation.

To get in touch with your local NFU Mutual Financial Adviser, please complete the online form and we’ll get back to you. Alternatively, to book an appointment, please call 0800 622 323 and select option 3.