During April, the UK recognises Stress Awareness Month. The campaign is designed to raise awareness, start conversations, and reduce the stigma around stress and mental health.
This year’s theme, Little by Little, aims to highlight the small changes that can make a difference in our lives and the lives of those we love.
As financial advisers, we at Globe IFA understand the issues that money worries can cause. Not only that, but we’re on hand to help you take the steps you need to build a secure financial future.
Keep reading to find out how working with us can reduce money stress and put you back in control.
Money is a cause of concern for 1 in 5 Brits but we’re also slow to seek help
Managing household finances can be a huge cause of stress. This, in turn, can lead to friction. An Aviva report released to coincide with Valentine’s Day 2023 found that more than a quarter (26%) of couples argue about money at least once a week. Around 5% admitted they argued about finances every day.
The continuing (if evolving) cost of living crisis has only exacerbated this issue, with tightened purse strings putting an increasing strain on family life.
Back in December 2023, Standard Life reported that 19% of UK adults lose sleep thinking about retirement. A further 15% confirmed that preparing for retirement has impacted their mental health.
More recently, in January 2024, FTAdviser confirmed that more than 20 million UK workers have identified mental health concerns that they blame on the cost of living crisis. In total, nearly two-thirds of Britain’s 32 million workers are suffering from some form of mental stress as a result of strained finances.
Worryingly, 62% of those who told Standard Life that they have suffered negative effects haven’t reached out for help.
If you are struggling with stress or mental health issues, try to use this Stress Awareness Month to open up to loved ones about your worries and to seek professional help. This might be from your GP or a registered charity like Mind.
Financial advice can provide peace of mind and confidence
FTAdviser recently reported that 66% of financial advisers see their main role as providing reassurance.
While the research quoted was predominantly concerned with the effects of the cost of living crisis, financial advice can provide support throughout your life, from pension accumulation and getting on the housing ladder to inheritance and estate planning.
At Globe, we understand that the advice we give can help to reduce stress and improve your financial wellbeing in three key areas:
1. Increased confidence
Through getting to know you and engaging in frank conversations about your spending and aspirations we can give you money confidence.
This might be in the form of an increased understanding of specific products or how your actions now can affect your future plans.
By explaining our recommendations in plain, jargon-free language, you’ll know that you have all the available information to make an informed choice that is right for you.
2. A sense of control
Even before we put a financial plan in place, we can help you gain a greater sense of control by asking you the right questions.
Taking the time to think about what you want your financial future to look like is the first step to making that dream a reality.
And once your long-term plan is in place, regular reviews will ensure you remain on track to your goals. If external circumstances or your own changing priorities mean that adjustments need to be made, we’ll be on hand to help you alter your plan accordingly.
3. Peace of mind
Your financial plan can provide peace of mind in several ways. We can:
- Help you to build a retirement fund that allows you to live your desired lifestyle in retirement
- Encourage you to build and maintain an emergency fund to cover the unexpected
- Put protection plans in place so that your loved ones will be covered should the worst happen to you
- Help you think about tax-efficient estate planning and how best to transfer your wealth
- Use our relationship with Penrose Wills to help you make your wishes on death known.
Get in touch
If you have any concerns about your long-term financial plans or you’d just like reassurance that your plans are on track, get in touch this Stress Awareness Month. Please email hello@globeifa.co.uk or call us on 020 8891 0711 to discuss how Globe IFA’s expert financial advisors can help you.
Please note
The value of your investments (and any income from them) can go down as well as up and you may not get back the full amount you invested. Past performance is not a reliable indicator of future performance. Investments should be considered over the longer term and should fit in with your overall attitude to risk and financial circumstances.
The Financial Conduct Authority does not regulate estate planning, tax planning or will writing.
