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The long winter nights ahead could be the perfect time for members to set savings goals for the year and boost their financial positivity. Here are 5 tips to help them get started.
With the dark and cold days of winter in full swing, and persistent cost-of-living pressures continuing to challenge many across the UK, some members may find this time of year particularly difficult.
According to our latest Retirement Voice research, 45% of people say the cost of living has affected their mental health or made them more stressed. Meanwhile, only 28% say they’re living ‘comfortably’ and over two-thirds of people are worried about energy costs (69%) and inflation (66%).
Taking small, actionable steps to review and plan their finances could help members ease anxiety and set them on a path toward greater financial confidence. In fact, our Retirement Voice research reveals that those who do a great deal of financial planning are more than twice as likely to feel good about their money than those who do nothing (68% vs. 30%).
The long winter nights ahead could be the perfect time for members to plan their finances and set achievable savings goals for the year – whilst helping to banish those winter blues in the process.
Here are some tips to get help them get started.
1. Get support with debt
If members are worried about debt, your clients could consider signposting to resources like MoneyHelper, which can offer free and practical guidance. It can provide a great starting point to help members identify which debts to tackle first and explore repayment options.
2. Review the household budget
Creating a realistic budget could help members prioritise essential spending and spot any opportunities to save.
With relatively high interest rates and energy costs still impacting many households across the UK, it’s a good idea for members to regularly review their budget to check it’s still working for them. Budgeting tools, such as those provided by MoneyHelper, can help members break down and prioritise their spending.
Standard Life workplace pension scheme members can also use our Budget Planner, available through our Money Mindset* platform, to help them see where their money’s going, analyse their spending, and create budgets.
3. Set savings goals
Setting clear savings goals can help members feel more confident about their finances. They could start by building an emergency fund to cover unexpected costs like car repairs or a broken boiler.
If your clients are with Standard Life for their workplace pension scheme, members can use our Money Mindset* platform to create an emergency cash pot, where they can set aside money for a rainy day.
Once they’ve built up this buffer, they could consider creating longer-term financial goals, such as saving for a house deposit or a big holiday.
4. Locate lost pensions
With job changes becoming more common, it’s easy for people to lose track of their pensions.
Your clients can help their members locate lost pension pots by signposting them to resources such as the Government’s Pension Tracing Service. Standard Life workplace pension scheme members can also use our Pension Finder tool, available through Money Mindset. This scans their employment history on LinkedIn to automatically search the Pension Tracing Service, for a quick and easy way to find old pensions.
Once members have found everything, they might want to consider bringing all their pensions together into one pot. This could reduce admin and make it easier to manage. This won’t be right for everyone, though. Members could lose money by giving up any guarantees or benefits they might get from other pension plans, so it’s important that they check this first.
5. Harness online planning tools
Insights from our Retirement Voice 2024 research reveal that more than half (51%) of people are worried they’re not saving enough now for when they’re older.
Online tools and calculators can help members see if they’re on track for the retirement they want. For instance, pension calculators can estimate a member’s future savings based on their current contributions, giving them a clearer picture of what they might need to adjust.
Our Retirement Income Tool, available through our mobile app, can help members see how their retirement lifestyle is shaping up. This can give them a clearer picture and help them explore what actions they can take.
For more insights on financial wellbeing, including resources on how your clients can help support members, visit our Financial Wellbeing hub and read our articles.
*Money Mindset is provided in partnership with Moneyhub Financial Technology Limited
The information above is not intended as financial advice. If members are unsure they should speak to a financial adviser.
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