Why Financial Planning Isn’t Just for the Wealthy
Financial planning can help everyone, not just the rich. When people hear “financial planning,” they often think it’s only for those with lots of money. This isn’t true! Financial planning is for anyone looking to manage their money better, reduce stress, and feel secure about the future.
A study by the International Longevity Centre UK found that people who sought professional financial advice between 2001 and 2006 were, on average, £47,7061 better off by 2014–2016. The benefits of financial advice can be even greater for those who are just getting by, with a 24% boost to their pension wealth compared to 11% for wealthier individuals. Plus, having an ongoing relationship with a financial adviser can lead to much better financial results. Those who received advice at both beginning and later stages had nearly 50% more pension wealth than those who only sought help at the start.
At Roxburgh, we believe everyone deserves to feel in control of their finances. Whether you're starting a career, beginning a family, or planning for retirement, a solid financial plan is essential—it’s not just for those with big savings or complicated investments.
Financial planning acts like a roadmap. It helps you set goals, make smart decisions, and avoid costly mistakes. You don’t need to be a millionaire to benefit; you just need a goal and some guidance.
Many people avoid seeking financial advice because they think it’s too costly or complicated. In fact, doing nothing can cost you more in the long run. Without a plan, you might miss out on tax relief, underuse your ISAs, make poor investment choices, or not have enough protection for the unexpected. These small mistakes can add up over time.
Beyond the numbers, having a clear financial plan can greatly reduce stress. Money worries can affect everything from mental health to family life. Understanding your finances and knowing your priorities helps you feel in control and calm. This can lead to fewer sleepless nights and more confidence in your decisions.
So if you think, "financial planning isn’t for someone like me," it’s time to rethink that. It’s not just about how much you earn; it’s about how you want your future to look and what steps you can take today to shape it.
If you're ready to feel more confident about your finances, we’d love to help. Book a no-obligation chat with one of our friendly Advisers. There's no pressure—just honest support to help you move forward!
The value of an investment with St. James's Place will be directly linked to the performance of the funds you select and the value can therefore go down as well as up. You may get back less than you invested.The levels and bases of taxation, and reliefs from taxation, can change at any time and are generally dependent on individual circumstances.
1ILC, what it's worth-Revisiting the value of financial advice, November 2019, based on 2014/2016 calculations. Receiving professional financial advice between 2001 and 2006 resulted in a total boost to wealth (in pensions and financial assets) of £47,706 in 2014/2016.
Although the content of the article was correct at the time of writing, the accuracy of the information should not be relied upon, as it may have been subject to subsequent tax, legislative or event changes.
