| Financial wellbeing involves being in control of your finances and talking things through | Whatever age you are, thinking about your retirement is always a prudent move | By involving your family, you can clarify intentions and foster a sense of shared financial responsibility |
Nurture your financial wellbeing in 2026 – get your life plans in place with smart planning
It’s Global Money Week and this year’s focus is ‘Smart Money Talks’ – empowering families to openly discuss personal finances, share knowledge, build confidence in managing money and encourage financial wellbeing.
Financial wellbeing involves having a positive relationship with your money, feeling secure and in control of your finances, enabling you to make the most of your money while also being able to cope with the unexpected. Here are some essential steps to help secure your financial future, protect your loved ones and improve your wellbeing.
Cash buffer
Building short-term resilience, in the form of a savings buffer, is important as this can help you withstand unexpected financial shocks.
Thinking about tax
With the current tax year drawing to an end, now may be a good time to consider whether you are making full use of tax-efficient allowances before the new financial year begins on 6 April 2026. Think about your pension contributions, tax efficient investments and savings, including ISAs and JISAs, IHT, CGT and your Dividend Allowance.
How’s your pension planning coming along?
Whatever age you are, thinking about your retirement is always a prudent move. Thinking about your pension, the underlying assets, your risk tolerance and the level of contributions you make is a good starting point to set you on the right track to enjoy the retirement you deserve.
Planning ahead for IHT?
Tune into gifting rules and allowances. Consider gifting assets now to benefit from the seven-year IHT rule, where gifts made seven years before passing away are usually IHT-exempt. Gifting may reduce the value on your estate for IHT purposes, although rules can be complex and depend on your circumstances. With IHT changes kicking in from April 2027, now’s a good time to focus on planning in this area.
Are the family aware of your beneficiary wishes and estate planning?
Ensure your pension and other beneficiary forms are up to date, reflecting your latest wishes. Even though there is no IHT between spouses, including pension pots, keeping beneficiaries current will prevent complications and ensuring the beneficiaries are aware is equally important.
The simple move of placing your life insurance in trust keeps the payout outside of your estate, making it IHT-free for beneficiaries. It’s an easy way to maximise the benefit your loved ones receive.
Is the whole family engaged in financial planning?
With a great wall of wealth to pass between generations, discussing financial plans within the family helps ensure everyone understands the long-term strategy. By involving your family, you can clarify intentions, avoid misunderstandings and foster a sense of shared financial responsibility. We can help with intergenerational financial planning and conversations.
Thinking long term?
Avoid hasty decisions. Focus on a stable, long-term financial strategy and work with us to navigate complex issues like IHT. By following these steps, you can create a well-rounded financial plan, ensuring peace of mind for you and your family. We believe in the importance of taking control and talking things through. Keep the conversations going to help secure yours and your children’s financial futures.
Tax treatment depends on individual circumstances and may change. Pension investments carry risk. The value of your pension can go down as well as up.
The value of investments can go down as well as up and you may not get back the full amount you invested. The past is not a guide to future performance and past performance may not necessarily be repeated. The Financial Conduct Authority (FCA) does not regulate Will writing, tax and trust advice and certain forms of estate planning.
