Research1 indicates that 81% of the UK’s wealthiest individuals feel ’stressed‘ about their finances, underscoring that financial wellbeing is about more than just how well off you may be. Almost everyone has concerns about their financial future.
Planning for the future
The main concerns for individuals revolve around retirement and planning for the future. Key worries include maintaining a comparable lifestyle in later life (51%), the value of investments (39%), providing for future generations (25%), tax burdens (24%), and the risk of fraud (22%). Interestingly, nearly three in five wealthy individuals (59%) in the UK are contemplating relocating overseas for an improved standard of living (36%), lower property costs (28%), and a more favourable tax regime (21%).
The importance of financial wellbeing
Financial wellbeing transcends having large sums of money. It is about feeling secure and in control of your finances, both now and in the future. The Global Financial Wellbeing Report 20242 reveals that the primary goal across surveyed countries is to ’feel secure‘ (94%). Those who feel financially confident are ’two times more likely to have goals, ambitions, and dreams for their life.‘
Your purpose
While money alone cannot buy happiness, it can provide security and freedom. Achieving this requires a plan with a starting point identifying what is most important to you and what you want to achieve. Wealth can create a powerful purpose in our lives if we unlock its true value by understanding our ’why.’ Once established, you can devise your individual plan to work toward your goals with purpose.
Unlock the real value of wealth
We can help you develop a clear understanding of your financial goals and provide the support and expert advice needed to create a financial strategy. Instead of worrying about your financial future, take valuable steps now to gain control and face the future with confidence.
1Arbuthnot Latham, 2024, 2nudge, 2024
It is important to take professional advice before making any decision relating to your personal finances. Information within this article is based on our current understanding and can be subject to change without notice and the accuracy and completeness of the information cannot be guaranteed. It does not provide individual tailored investment advice and is for guidance only. Some rules may vary in different parts of the UK.