Finance

Navigating the Financial Aspects of Divorce

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We understand the complexities of divorce and finances and are here to help you make informed decisions. If you’d like more information on Pensions and divorce, please download our free guide:

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Millions may have to rethink their retirement plans

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More than one in ten have mortgage debt in the final decade before they retire

Two-thirds (67%) of Britons admit to having debt that is weighing them down, according to a recent study*. Additionally, nearly one in ten (9%) adults in the UK are unsure about the amount they owe in outstanding debts, rising to more than one in six (16%) among those aged 45 and over.

Credit or store card debt is the most common form of debt, accounting for 32% of respondents, followed by personal loans (16%), overdrafts (15%) and unpaid household or utility bills (10%). Surprisingly, more than one in ten (11%) individuals aged 55 and above have mortgage debt in the final decade before retirement.

Impacting retirement plans and financial security

Having debt can significantly impact retirement plans and financial security, leading to increased stress and reduced income in retirement. Taking proactive measures to reduce debt before entering retirement is essential. These actions include consolidating debt, paying off high-interest loans, reducing unnecessary expenses and working with financial advisers to create a comprehensive retirement plan.

Funds to cover unforeseen expenses

Comparing results from 2021 to 2023, the survey found that debt has increased among 52% of 45-54-year-olds. However, respondents have also tried to address their debt situation, with 38% cutting back on non- essential spending, 21% working overtime or getting a second job, and 13% seeking advice from debt services or helplines.

Furthermore, unexpected bills have posed challenges for many individuals, with 31% of Britons paying an unexpected necessary bill of £850 or more in the past 12 months. While 57% of UK adults claim to have emergency savings, only 24% used these funds to cover unforeseen expenses.

Importance of managing debt effectively

Instead, 19% relied on credit cards, 11% sought help from family or friends, and 8% took out loans or used their overdraft. Additionally, 5% resorted to payday loans, and another 5% cashed in their pensions to manage unexpected costs. These findings highlight the importance of managing debt effectively and planning ahead to ensure a secure financial future.

Looking for a financial advice tailored to your needs and goals?

Navigating the world of finance can be daunting, with numerous options and decisions to make. That’s where we come in. We offer personalised financial planning and advice tailored to your needs and goals. To learn more about how we can help you, please don t hesitate to contact us.

*Source data: The research was conducted by Censuswide between 20–24 April 2023 of 2,009 general consumers, aged 18+, national representative sample. Censuswide abide by and employ members of the Market Research Society which is based on the ESOMAR principles.

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Meet the Financial Adviser: Dax Bayley

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Dax prides himself on building long term relationships with his clients by providing truly bespoke, holistic financial planning.

He takes a great deal of time and care in understanding your circumstances and financial position currently, and then how you would like your money to work harder for you and ultimately where you would like to be whether this is retirement, pension planning, inheritance, savings or investments.

If you’d like to know more about Dax and how he can help you achieve your financial goals, take a look at his Profile Here

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Debt and Retirement Planning

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Navigating the world of finance can be daunting, with numerous options and decisions to make. That’s where we come in.

Get in contact to discuss your retirement planning needs:

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Understanding Employee Benefits

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The benefits of offering your employees access to financial planning are well documented – reduced stress and better health being the most important, with improved financial education leading to better control over their finances and gaining confidence in their future.

As well as supporting you as the business owner or Director with expert financial advice, we are here to help you create a dynamic package of employee benefits and to give your employees access to ongoing financial education and resources.

Financial planning as an employee benefit can also help employees with their number one source of anxiety in life: money. Personal finances regularly claim the number one spot on the list of causes of stress and anxiety.

To find out more about Financial Advice for Business and how it can benefit you, download our free guide:

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Salary Exchange

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Pension salary exchange –more than ever before, the perfect ‘win-win’ for both employees and employers.

According to Personnel Today, almost 40% of businesses in the UK do not offer salary exchange schemes to their employees. Alongside anticipated pressure on inflation-busting wage increase requests, and the ever-present candidate shortage, UK businesses are looking for opportunities to help employees combat the real household income squeeze, and encouraging a higher uptake of salary exchange arrangements with employees is one such ‘win-win’ solution.

To find out more about how Salary Exchange could benefit you and your employees, download our free guide.

Download your free guide here:
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Retirement Cash Flow Modelling

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Assessing your current and projected wealth, income and expenses 

Retirement planning is of utmost importance, regardless of your income or wealth. It ensures a steady income stream after retirement and provides financial security for you and your loved ones. 

Retirement cash flow modelling can provide numerous benefits to individuals seeking financial security and planning for the future. By assessing your current and projected wealth, income and expenses, retirement cash flow modelling can help you understand your current and potential future finances. 

Here are some of the key reasons why retirement cash flow modelling is crucial: 

Avoid running out of money: Planning helps you calculate the savings rate required to support your desired lifestyle during retirement, ensuring you don’t run out of money. 

Setting retirement income goals: This involves determining your retirement income goals and identifying the necessary steps to achieve them. This allows you to plan for various financial sources and secure a comfortable retirement. 

Creating a regular flow of income: A well-structured and regularly reviewed plan enables you to create a regular flow of income after retirement. This fixed income substitutes your pre-retirement salary, ensuring financial stability. 

Strategic investment decisions: Retirement planning involves making strategic investment decisions to achieve specific savings goals. This helps in maximising returns and growing your retirement fund over time. 

Financial security: By having a solid retirement plan, you can provide yourself and your loved ones with financial security. This is particularly important as more than social security benefits is needed to sustain your desired lifestyle. 

Enjoying a comfortable retirement: A comprehensive retirement plan has the potential to allow you to enjoy a comfortable retirement, free from financial worries. It provides the means to pursue your desired activities, travel and maintain a high standard of living. 

Reviewing existing pension arrangements: Regularly reviewing your existing pension arrangements and taking the required steps can significantly affect the amount of money you’ll accumulate for retirement. Seeking professional help can ease the process and ensure you make informed decisions. 

How retirement cash flow modelling can work for you 

Managing accumulated wealth: If you have accumulated wealth, retirement cash flow modelling can assist you in effectively managing your financial position and making informed decisions as you retire. Long-term planning: Cash flow planning is especially beneficial if you have long-term personal or business objectives. It lets you determine how much you need to save and the returns required to meet those goals. 

Care home fees planning: Cash flow modelling can also be used for planning care home fees, helping you understand the financial implications of such expenses and prepare accordingly. 

The retirement cash flow planning process involves: 

■ Assessing your current financial situation, including income, expenses, assets and liabilities. 

■ Understanding your future financial commitments and goals. 

■ Creating a lifetime cash flow modelling plan tailored to your needs. 

 ■ Providing a comprehensive analysis of your income, expenditure and potential future cash flow. 

■ Working towards achieving and maintaining financial independence. 

■ Adequately addressing the financial consequences of death or disability. 

■ Minimising tax liabilities through effective planning. 

■ Developing an investment strategy for your capital and surplus income. 

■ Identifying Inheritance Tax issues that may impact your beneficiaries. 

Answering critical questions 

Ultimately, retirement cash flow modelling helps answer critical questions such as whether your savings and assets are sufficient to support your aspirations, if you can retire early, if your investment risk is appropriate and if you will have enough money to sustain yourself throughout retirement.  

Are you looking to create your retirement cash flow plan? 

Contact us now for more information. We assist you in analysing your current financial situation and creating a customised plan to ensure your retirement meets your goals. If it turns out that your cash flow plan falls short, don’t worry we have various retirement planning strategies to help get you back on track. 

Get in touch to find out more:
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Understanding Pension Schemes

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Retirement forecasting can be tricky and that’s where the cash flow forecast software comes into its own, helping you visualise your expenditure, income and preferred lifestyle.

Cash flow forecasting is a way of planning and analysing your financial goals, projecting them forwards over time, to consider how changing circumstances will impact this plan and to see how likely it is these financial goals can be achieved and the actions needed to be taken along the way.

If you’d like to know more about cash flow forecasting, or would like to talk to us about retirement planning, please get in touch:

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The Retirement Cash Flow Planning Process

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Are you looking to create your retirement cash flow plan? 

Contact us now for more information. We assist you in analysing your current financial situation and creating a customised plan to ensure your retirement meets your goals. If it turns out that your cash flow plan falls short, don’t worry we have various retirement planning strategies to help get you back on track.

Get in touch to see how we can help:

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Financial Wellbeing Services

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Ellis Bates financial wellbeing presentations provide valuable information, tools, and strategies to help individuals improve their financial health and make better financial decisions.

What are the benefits?

Increased Employee Engagement and Productivity: employees who are less stressed about their financial situation are more likely to be engaged and productive at work. Financial wellbeing services contribute to a positive work environment and boost employee morale.

Reduced Absenteeism: financial stress can lead to absenteeism due to health issues or other related concerns. By offering financial wellbeing services, employers can help reduce absenteeism and increase overall attendance.

Enhanced Employee Retention: employees are more likely to stay with an employer that demonstrates care for their overall well-being, including financial wellbeing. Offering such services can enhance employee loyalty and retention.

Attractive Employee Benefit: financial wellbeing services are becoming increasingly sought-after by job seekers. Offering these services can give employers a competitive edge in attracting and retaining top talent.

Improved Workplace Culture: prioritizing employees’ financial wellbeing contributes to a positive workplace culture that values employees as individuals and fosters a sense of support and community.

Potential Cost Savings: by promoting financial wellness and reducing financial stress, employers may see potential cost savings in reduced healthcare costs and lower turnover rates.

Positive Employer Branding: companies prioritizing employee financial wellbeing are often seen as socially responsible and caring employers, enhancing their reputation and employer brand.

Overall, offering financial wellbeing services is a win-win situation for both employees and employers. It creates a healthier, more productive, and engaged workforce, leading to a positive impact on the company’s bottom line and overall success.

To find out more about Financial Wellbeing or any of our Corporate services, please download our free guides:

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