Saving towards your retirement can be confusing, especially since pension rules and regulations are frequently updated or changed altogether. As a result, myths and misconceptions related to pensions could easily throw you off course and hinder your progress towards your long-term financial goals. Yet since your pension is likely to be one of your main sources of income in retirement, it’s important to understand how it works. Below, I’ve summarised some of the most common pension myths and explained the truth behind them so that you can confidently save towards your dream retirement. 1. “A pension locks money away for many years, so an easy access savings account would be more useful” While it’s true that you can’t typically access... Read More

In a decisive and historic victory, the Labour Party won the 2024 UK general election with a significant majority and Keir Starmer has become the UK prime minister after 14 years of Conservative government. The new chancellor, Rachel Reeves, has already pledged to “fix the foundations” of the British economy in a bid to drive growth. Read on to find out what a Labour government could mean for your finances. National Insurance, Value Added Tax (VAT), and Income Tax set to remain the same In their 2024 manifesto, Labour said they would not “increase taxes on working people, which is why we will not increase National Insurance, the basic, higher, or additional rates of Income Tax, or VAT”. Despite this,... Read More

Divorce can be an emotionally challenging experience, especially if you and your ex-spouse have children to consider. As well as the logistical elements that you need to take care of, the financial aspects of the separation can be complex. In the worst-case scenario, you could be left far worse-off financially after your divorce, especially if you don’t consider all the necessary assets. Sadly, research from Legal & General has found that women are significantly more likely to be worse-off financially following a divorce than men. This has been termed the “divorce gap”. Fortunately, there are steps you can take to address this. Read on to learn more about the divorce gap and how a financial planner can help you to... Read More

In March, chancellor Jeremy Hunt delivered his 2024 Spring Budget, outlining the government’s plans for this fiscal year and beyond. The Budget is an important event as it can have a significant effect on your finances. Now that the new tax year has commenced, many of the announcements that the chancellor made have come into effect. Below, I’ve summarised six key points that could affect you and your finances this tax year and possibly beyond. Read on to learn more. 1. The main rate of National Insurance has fallen by a further 2% On 6 April 2024, the main rate of Class 1 National Insurance contributions (NICs) fell to 8%. This extended the 2% reduction that the chancellor announced in... Read More

Consider the benefits of financial planning. If the first advantage that comes to mind is the opportunity to grow your wealth, you might be overlooking some of the intangible benefits that could improve your wellbeing. Last month, you read about the potential financial benefits of working with a financial planner and how it could help you reach your goals. Now, read on to learn more about some of the wellbeing benefits. While intangible benefits can be harder to quantify, they are just as important and might be something you value as much as growing your wealth. 1. Working with a professional could offer you peace of mind A report in Professional Adviser suggests that one of the key reasons many... Read More