The Prosperous Pound

Do you find pension information confusing? You’re not alone; 50% of people in the UK describe the information they receive about their pension as “overwhelming”, according to a Standard Life study.

Fortunately, there are places where you can seek guidance or advice. The survey found 83% of people think financial advisers offer useful support.

If you’re not sure if your pension is on the right track, a financial planner could help put your mind at ease. Here are four reasons why.

1. A financial planner can cut through jargon

Pension information can be filled with jargon that makes it difficult to understand exactly what it is saying.

From “annuities” to the “Tapered Annual Allowance”, a financial planner could help you cut through confusing terms and take the time to explain what they mean and, more importantly, whether they’re relevant to you.

A survey from Nationwide suggests that many people aren’t being as diligent at guarding their personal information as they should be, despite the number of identity theft cases doubling between 2021 and 2022.

The poll found that 11% of women and 23% of men have had their identities stolen. Falling victim to identity fraud could cost you money, and affect your credit score and finance options, and it can go unnoticed for years.

Identity theft happens when criminals access enough of your personal information, such as your name, date of birth, and address, to impersonate you. With the details, they may borrow money in your name or take over your accounts.

Scammers could also use these details to trick you into believing you’re speaking to a trusted organisation, such as your bank, to encourage you to make payments or provide further information.

You have until 5 April 2023 to make the most of your ISA allowance for the current tax year. If you want to boost your savings or investments, adding more to your ISA could make sense.

For the 2022/23 tax year, you can add up to £20,000 to adult ISAs. The allowance is for each individual. So, if you’re planning with a partner, you should consider making use of both of your allowances.

ISAs are a popular way to save and invest. According to government statistics, around 12 million adult ISAs were subscribed to during the 2020/21 tax year. In total, the cash value of ISAs stood at around £687 billion.

If you’ve yet to make use of your ISA allowance for the 2022/23 tax year, here are four reasons you should review your deposits.

1. You could access a higher rate of interest with a Cash ISA

If you’re building up your savings, using a Cash ISA could mean you benefit from a higher interest rate when compared to regular savings accounts.

What do you want to achieve in 2023? From improving your fitness to learning a new skill to support your career goals, setting out what you want to achieve this year can help you lead the life you want.

While many people set a new year resolution, many are forgotten about and overlooked within a matter of weeks. So, what can you do to be successful this year? Here are six practical tips that could help.

1. Choose goals that will add value to your life

Rather than simply choosing a common goal, really spend some time thinking about how you’d like to change your life.

Focusing on the value that goals could add can provide the motivation you need to stick to your plan. It also means the steps you are taking could improve other areas of your life and boost your wellbeing.

The majority of Brits feel stressed about planning their retirement, a survey from Aviva finds. While later-life planning can seem complex, taking control of your goals and pension during your working life can mean you feel more confident.

The survey found that 61% of Brits feel stressed when they think about retirement planning. Unsurprisingly, given the current economic uncertainty, money is a big concern. The research found:

• 71% of people worry about whether they have enough money set aside for retirement to do all the things they want to do.
• 65% are concerned about how long their pension will last.
• 59% are unsure if they are paying enough into a pension.

If you’re worried about your retirement, here are five steps you can take.

1. Understand how your pension will grow during your working life

The research found that younger generations are the most concerned about retirement.