Britain’s economy is forecast to grow at the fastest rate since the second world war this year. Businesses have learned how to adapt to coronavirus restrictions and consumer spending seems set to boom as lockdown measures are relaxed.
The EY ITEM club is an independent economic forecasting group producing quarterly economic UK forecasts. Their latest points to a stronger start to the year than expected with the vaccine programme and Brexit worries replaced by new international trade opportunities – and predicts the strongest growth since the 1940s.
At Continuum we are looking at what this might mean for your own financial plans.
Financial planning; its personal
We all need pensions, mortgages, insurance protection and investments, but we need each of them tailored to our own circumstances and personal financial goals.
Our approach to financial planning is about understanding what is important to you and finding out about your lifetime financial objectives and goals, rather than finding a gap and recommending a product to fill it. We work to understand your goals and the best strategy to help you to reach them.
At Continuum we always sit down with clients, to know their life goals, and prepare a financial plan but the plans can never be set in stone. The Covid-19 crisis changed the financial landscape. Now the recovery could be set to change it even further.
What has changed?
The world may be set for recovery, but it is probably not a matter of going back to the way things were. The crisis and the lockdown may have accelerated the development of several sectors – online retailing is an obvious example – and brought down others. At the same time, working from home has become the new normal. Many people are looking at their lifestyle and realising that they may want to spend more time with the family, and less time commuting.
A change of priorities and changes to the investment landscape can mean it is time to look again at your pension, at investments and even at where you live, with fresh eyes. It means that taking a fresh look at all your financial plans is now essential.
What should you do now?
The epidemic may have been a temporary setback for your financial plans, but the recovery may provide some exciting new opportunities. If you have investments, it could be time to look again at your portfolio to ensure that it has some exposure to the stocks of businesses set to boom, and perhaps to divest those of sectors which may have had their day.
You may want to review your pension, to see that it is still on track to provide the retirement income you need.
You may need to find new ways to use your savings. It may be time to take a fresh look at your insurance cover and ensure that your loved ones have the protection they deserve.
Continuum financial planning means having a financial expert to call on to help you make the most of your money and your life. You can see more about our services in our downloadable brochure.
Whatever your new financial objectives, at Continuum we can help. Our company mission is to bring clients a lifetime of financial planning. We can help you find new financial answers now, and work with you in the years to come as new challenges and new opportunities appear.
Right now we believe that financial plans need to be reviewed to take advantage of the recovery. To get your finances back on track, please call us on 0345 643 0770, email us at [email protected] or contact us.
The information contained in this article is based on the opinion of Continuum and does not constitute financial advice or a recommendation to suitable investment strategy, you should seek independent financial advice before embarking on any course of action.
The value of investments can fall as well as rise and you may get back less than you invested.
A pension is a long term investment. The fund value may fluctuate and can go down, which would have an impact on the level of pension benefits available. Pension income could also be affected by interest rates at the time benefits are taken.
Your home may be repossessed if you do not keep up repayments on your mortgage.
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