In March 2020 many of our lives went through an enforced change. We went from the daily commute, 9 – 5 office hours, dropping the kids off at school, and generally ensuring that our lives fitted around work. Then BOOM! Our kids were at home, we were at home, our office was at home and we all had to reassess our priorities to and reinvent our day to day routines.
This led to many of us having a bit more time and space to re-evaluate our lives and our priorities. Do I really need to be in the office every day, do I really need to work until I’m 67? What happens if I lose my job? Am I happy in my career? Should I have a Plan B?
The last year has been challenging in many ways and it has led so many of us to consider how our lives will be impacted moving forwards. Many clients have found that the thought of returning to work after having more flexibility is difficult. We have been approached by lots of clients who want to look at their current retirement provision and have asked us to map out a picture of their finances should they decide to retire earlier than they originally thought. Others have felt that they will now need to work longer. A study by Legal and General suggests that as many as 1.5 million people may need to retire later than they hoped.
A recent survey by You Gov collected data from 1000 working adults and examined how Covid has impacted perceptions and attitudes towards finances. They found that 60% of respondents have started to think more about their financial stability and 56% are more likely to put money into savings each month.
Many have felt the need to look at their financial protection to make sure they have a safety net should they find themselves out of work with 1 in 6 people more likely to consider Life Insurance as a result of the pandemic and 1 in 5 more inclined to buy Health Insurance if it would reduce strain on the NHS. In addition 15% more people are likely to purchase Income Protection and 16% more likely to purchase Critical Illness cover.
And of course making a will, setting up Lasting Powers of Attorney and generally getting our affairs in order have been hot topics for our clients when carrying out financial reviews.
Many people have taken the opportunity to make the most of the stamp duty break and have decided that now is a great time to move home. Saving on Stamp Duty has suddenly made that dream home much more affordable.
Its fair to say that Covid has had a transformative effect on many aspects of our life, with our finances becoming very much towards the forefront of our thinking. At Mosaac we can help you to enhance your financial security, giving you the peace of mind that you are well prepared for whatever changes life brings your way.
We listen to your worries, help with your concerns and plan for your dreams. So, whatever is on your mind right now regarding your financial situation do get in touch. One of our friendly advisers will offer you a no cost and no obligation full financial review to help you to get on track and really start to enjoy post lockdown life.