The pandemic has caused a change in the way many of us operate day to day, and how people deal with their finances certainly falls under these changes. Now, people are thinking more carefully about their spending and financial priorities – but what has changed?
This does not constitute advice and advice should be sought in all instances before acting on it.
Certainly, after a period where income was altered or even lost completely, people are rethinking how they manage and spend their money, with a marked increase in people prioritising saving for an unexpected event or loss of income.
Spending and financial priorities
It appears households are now spending less on a day-to-day basis, despite reports of increased income, as the pandemic has altered the way people think about their spending and financial priorities.
More people are building financial plans and seeking out ways to protect the wealth they already have with insurance policies and putting more into savings than they previously had.
Of course, the increase in savings has been offset by the cost of living increases and new, unexpected expenses. Sure, many people saved money on travel, entertainment, and other luxuries during lockdowns, but more time at home for many meant spending more on groceries and take-aways or entertainment they could enjoy from the comfort of their own homes.
Creating your own financial future
This tumultuous time has spurred many to seek professional financial advice and think more about the future, even the future beyond their lives, with more people creating wills and undertaking inheritance planning.
The last few years have highlighted the importance of our livelihoods and finances, with many people rightly concerned about their health and financial security. This has prompted many to take out various wealth protection policies such as income protection, critical illness cover, and life insurance. More and more people are flocking to financial advisers for professional advice, opting to trust the experts when it comes to the health of their bank accounts.
If you’re looking for help to find your path through life and establish a solid financial plan, consider working with a financial adviser.
The professionals at Dental & Medical Financial services are here to ensure you are financially ready for every stage from owning your first home to saving and investing toward a comfortable retirement. If you’re ready to ensure your plans are on track for the future you want, speak to us today.
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