Wealden Times | WT224 | Nov & Dec 2020 | Christmas supplement inside

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Planning
for your future
Financial clarity in an uncertain world
A 2020 report
There’s no better time to review
than now. While the effects of
COVID-19 on our lives and on
the global economy are outside
our control, it makes sense to focus on
what you can do to minimise uncertainty
and risk. The need to understand your
own financial position and plan for the
future you want has never been greater.
As personal tax, financial planning
and legal advisers, Kreston Reeves
surveyed 1,022 people across the UK
in September 2020 to better understand
attitudes towards their personal finances,
investments, priorities for retirement and
what threatens their financial security
the most. The research is published
in a report, Planning for your future:
financial clarity in an uncertain world,
and the findings are both encouraging
and worrying in equal measure.
The research shows that many of us,
whether working hard to accumulate
wealth for family and retirement,
or enjoying the fruits of our labours
in retirement, remain optimistic
about our finances. However, it
also shows that without effective
planning and preparation, that
optimism can be misplaced.
Misplaced confidence?
Although most respondents feel confident
that their financial affairs are in order,
only a third think they will have enough
funds in retirement to achieve their plans.
A worrying 26% of respondents
have never taken financial advice,
with 33% of those aged between
35 and 59 and 64% of those aged
over 60 planning to rely on the state
pension to fund their retirement.
One of the simplest steps any individual
can take to ensure that their assets are
distributed in a way which safeguards
their family is having an up-to-date
Will. Yet 42% of individuals aged
between 35-59 have no Will. Many
wrongly believe that ‘my affairs are
simple, so it is not required’ or that
they ‘just haven’t thought about it
yet’. Many, too, are parents.
68% of individuals aged over 60 do
not have a power of attorney in place
in case they are incapacitated.
Seek advice
The key to a successful financial future
is planning throughout your lifetime
– whether you are accumulating,
protecting or transferring your
wealth - for yourself, or for your
loved ones. The need for clear,
independent and professional
advice has never been stronger.
If you would like personal financial
planning support, our team of tax,
financial planning and legal experts
are here to support you in achieving
your personal finance goals.
Planning for your future report
To register your interest or download a
full copy of the report, visit
www.krestonreeves.com/
planningforyourfuture
The report is also supported by a
series of practical webinars with online
discussions open to anyone who would
like some advice about planning their
finances for their future. Register for your
complimentary place at
www.krestonreeves.com/events.