According to the Standard & Poor’s Ratings Service Global Financial Literacy Survey conducted in 2014, only 33% of adults worldwide were found to be financially literate. Although this survey was carried out several years ago, and is global, rather than just here in the UK, I think many would agree that more financial education is needed.
The government has brought out a service to help with this which includes the following:
● MoneyHelper is an independent service, set up by the government to help people make the most of their money. They offer free and impartial guidance on managing your money and pensions.
● Pension Wise, derived from MoneyHelper, is a free, government-backed service offering clear, impartial and specialist guidance on your retirement options. If you’re aged 50 or over, this service is available to you.
We value these services because they introduce the subject and highlight issues before decisions are made and help people gain a basic understanding of what’s available to them. However, it’s important to distinguish between financial guidance and financial advice. Financial guidance does not provide personalised recommendations or tell you the best course of action for you as an individual.
Consulting a financial adviser is particularly important when experiencing changes in your financial circumstances, such as retirement, to gain a clear understanding of the options available to you on a personal level. Certain decisions may be irreversible once made, necessitating careful consideration. Prior to engaging an adviser, obtaining financial guidance can help you become informed about the choices at your disposal.
We do offer a free without obligation consultation so that if you have any impending financial changes or you are approaching retirement, why not pick up a phone today and book a free without obligation consultation.