Get Your Accounts in Shape: Looking at Financial Health in 2020

Posted on: 16-01-2020 in Financial Planning

Did you take part in the long-held tradition of making a New Year’s resolution this year?

New Year’s resolutions date back some 4,000 years, with the ancient Babylonians thought to be the first people to make them. The Babylonians would make promises to their gods to stay in favour with them. It’s this tradition that would form the New Year’s resolution we know today.

Fast forward to the modern-day and New Year’s resolutions have changed somewhat. Now, resolutions are more about self-improvement and bettering yourself from the previous year.

 

What resolutions are people making?   

A study by YouGov revealed that health and fitness are the top priorities when it comes to making a New Year’s resolution. Health-related resolutions took the top two spots, with financial health coming in third.  59% of people said they want to exercise more in the new year, while 54% wanted to focus on eating healthier. Saving more money came in a close third, with 51% focused on improving their finances.

Focusing on our health comes as no surprise. Overindulging during the Christmas period could be the reason why January accounts for 12% of all gym memberships throughout the year. More than 10 million people in the UK are members of a gym – that’s roughly 1 in 7 people. The total number of people exercising is much higher if you include those who prefer to take the alfresco approach to fitness and exercise outside.

When it comes to our finances, we as a nation seem to be more reserved. A report by the Financial Conduct Authority (FCA) found that 4.5 million people in the UK took financial advice from a professional – significantly less than the number of active gym memberships. 

With so much focus on our personal health, it can be easy to forget about our financial health. A secure financial future is equally as important as leading a healthy lifestyle.

To get your finances fighting fit for 2020, we have five tips to get you on the road to a healthier financial future. Follow our financial fitness plan and get your year off to the best possible start.

 

What to do next  

A bonus tip is to speak with a professional. Researching the best investment options, setting up savings strategies, or creating a budget can eat into your spare time. Juggling family, career, and general day-to-day life can result in you not having enough time to manage your finances. 

Think of an independent financial adviser (IFA) as a personal trainer but for your financial goals. An IFA is there to advise you on the best investment strategies, the right private pensions based on your needs, as well as a whole host of other areas. Ultimately, a financial adviser is there to help you reach your goals, leaving you with more time to focus on life and sticking to your New Year’s resolution. 

Just like any fitness regime, getting your finances in shape takes time and dedication. To find out how an adviser can help you reach your financial goals in 2020, contact us using the form below.