FAMILIES are being urged to take control of their finances as a new financial year begins by tackling a simple 10-point to-do list that will bring clarity and openness to their futures.
With almost 70 per cent1 of people expecting to provide financial support to loved ones both before and after they pass away, financial planning has never been more crucial.
Yet, many families avoid talking about money, leading to confusion, missed opportunities, and last-minute financial decisions that could have been better managed with forward thinking.
Experts at Carlisle-based Rachael Bell Wealth Management say financial planning should not be a solo effort – but a family affair.
“Talking openly about money and involving the people closest to you can make all the difference in securing a stable financial future,” says Rachael Bell, Practice Principal.
“The earlier you start planning, the more control you’ll have over your financial legacy.”
To help families take charge of their financial future, the team at Rachael Bell Wealth Management has put together a simple financial to-do list for 2025 and they are urging families to tick them off one at a time by taking the following steps:
- Think about both your short- and long-term financial goals. Are you saving for a family holiday or school fees? Do you have plans to reduce your work hours in the future or provide for long-term care?
- Work out how much you’re worth. Gather details on pension pots from previous jobs, track down share certificates, and review your ISAs or savings accounts.
- Review your emergency fund – you should try to have a pot that covers at least six months of expenses.
- Protect your family, home, and lifestyle with the right insurance policies. They can be lifesavers in times of crisis.
- Encourage good money habits in children by teaching them about saving and budgeting.
- Start thinking about the legacy you want to leave. Small steps now can make a significant impact later.
- Make a will to ensure your wishes are clear, particularly if you have children or if your family circumstances change.
- Set up a Power of Attorney so that if needed someone you trust can manage your affairs.
- Identify what truly matters to you and your family, your personal values should guide your financial decisions.
- Talk to your family about your plans and involve them in the decision-making process.
Seeking professional advice can make financial planning smoother, ensuring money is in the right place at the right time.
St. James’s Place Real Life Advice report1 shows that 92% of people receiving ongoing financial advice report improved mental well-being, with nearly half saying it has helped them achieve significant life goals. Furthermore, one in four people with a financial adviser worry less about money as a result.
Families who take a proactive approach to financial planning are often in a much stronger position, both emotionally and financially. “A good financial adviser will help you navigate complex decisions and ensure your money is working for you and your loved ones in the best way possible,” says Rachael.
“Avoiding discussions about money can lead to unnecessary stress and financial setbacks. But having open and honest conversations – with expert guidance if necessary – can help families build a financial plan that ensures security, stability, and peace of mind for generations to come”.
ENDS
Editor’s notes
1 – SJP’s Real Life Advice Report chapter published Sept 2024. The Real Life Advice Report was commissioned by St. James’s Place. Opinium surveyed 12,000 UK adults between May and August 2024. Quotas and post-weighting were applied to the sample to make the dataset representative of the UK adult population. Quantitative data referenced is sourced from the first poll which had a total sample of 7,995 respondents. Survey included those aged 18-34 (1,940), aged 35-54 (2,654) & aged 55 and over (3,401).
