Inflation in 2021 is expected to hit 4%. Inflation means the cost of living will rise and, for mortgage holders, knock-on effects could mean the cost of a mortgage becomes higher. From grocery shopping to electronic goods, prices are rising. The Bank of England now expects UK inflation to rise above 4% by the end of the year, double its 2% target. There are numerous reasons for inflation rising, including shortages caused by temporary factory closures due to the pandemic. Fam

If Inheritance Tax (IHT) is a concern for you, taking out a life insurance policy could mean your estate passes to loved ones intact. With some careful planning, a life insurance payout can cover your IHT liability and ensure assets are passed on to your loved ones. Planning what will happen after your death isn’t easy, but being proactive is important and can help ensure your assets are passed on effectively. £2.7 billion paid in IHT between April and August 2021 According t

Thinking about passing away and leaving loved ones behind can be incredibly difficult. While it can be challenging, many Brits have thought about what their preferences would be, and millions want their loved ones to celebrate their life. According to a survey from Co-op Funeralcare, a third of Brits feel like funerals, in general, are too sombre and should be more uplifting. So, it’s not surprising that an estimated 35 million would prefer their funeral to be a celebration o

Accessing and paying for care have become big issues. As more people reach old age, more people will inevitably need some level of support as they get older. Now, the government has taken steps to fund social care and limit the cost to individuals. So, how does the new care cap work and who will benefit from it? Social care reform: A National Insurance hike and care cap In September 2021, the government announced some key changes to social care and how it’s funded. Among the

Hopefully, you head into retirement confident in your finances and your retirement income. While your financial commitments and dependents may be fewer in retirement, it’s still important to have a safety net to fall back on when you need it most. According to a report in Money Age, 49% of those aged over 65 describe themselves as in “excellent” or “good” financial shape. Yet just 21% think they have plenty of money set aside for emergencies, which could leave the remaining p

September will mark the first Income Protection Awareness Week. Income protection can provide financial security when you need it most, but it’s often something that’s overlooked. If you recognise these five scenarios, it may be worth looking at how income protection could fit into your wider plans. 1. Your employer doesn’t offer sick pay It’s worth looking at the benefits your employer offers when weighing up the pros and cons of income protection. You should check what your

New research from the Yorkshire Building Society has revealed that a huge number of Britons are alarmingly unprepared for financial trouble. Around 14 million Brits have less than £500 in savings, with more than 70% admitting to having less than £100 saved up. Perhaps more worryingly, the number of Britons with no savings at all has nearly doubled since 2019. Though it can be difficult to save, especially during the turbulent times of the pandemic, it has never been more impo

When you’re making financial decisions, one of the challenges is understanding the impact that it could have on your long-term finances. Not understanding the impact means you’re unsure what you should do, or when you do make a decision, you still won’t have full confidence in it. Financial planning can help you weigh up the short, and long-term implications. Cashflow modelling is just one of the tools that can help create a plan you can rely on when working with a financial

Financial planning is about much more than simply growing your wealth. Not only can it reduce financial worry, but it can help you achieve long-term goals, reduce stress levels, and increase your mental wellbeing. Perhaps you feel like you don’t have enough time to spend with those you love? Or maybe you’re striving for early retirement but you’re not sure how to get there? Financial planning exists to guide you through these issues with confidence. Pandemic burnout and the i

There are many excellent reasons to save into a pension. One of them is the tax relief you benefit from, but many pension savers are overlooking this valuable boost to retirement savings. According to a Royal London survey, just 15% of people fully understand how tax relief on pensions is paid. Importantly, once people had a better understanding of how pensions tax relief works, 25% were more likely to increase pension contributions. Tax relief can help boost your savings and