The Prosperous Pound

When you first seek financial advice, your goal may be to grow your wealth or make the most of tax-efficient allowances. A financial planner can provide support in these areas, but the benefits could have a much larger effect on your life and wellbeing.

A survey conducted by Hymans Robertson asked people with more than £300,000 of investable assets about the benefits of professional financial advice. And some of the results may surprise you.

While the report found many people seek financial advice to grow their wealth – 50% said they wanted expertise about the most appropriate investment vehicle – there are plenty of other benefits too.

Here are just five of the ways working with a financial planner could boost your wellbeing.

1. Improve your peace of mind

You shouldn’t underestimate the value of feeling confident about your finances and future – it can have a positive effect on your overall wellbeing.

Over the last 18 months, interest rates have increased and the rate your savings could earn has slowly been rising. However, with some experts predicting they will begin to fall towards the end of the year, should you lock in an interest rate now?

Double-digit inflation figures have led to the Bank of England increasing interest rates

The Bank of England (BoE) has gradually increased its base interest rate since the end of 2021. In November 2021, the base rate was just 0.1%. This meant the cost of borrowing was low, but savers suffered.

After a series of increases, the base rate stood at 4.5% as of May 2023. For savers, this is good news as it provides an opportunity for their savings to work harder.

The steps taken by the BoE are in response to high levels of inflation.

The rate of Corporation Tax your business pays may have changed for the 2023/24 tax year. It could affect your profit margins and long-term plans, so it’s crucial you understand what the new rates could mean for your business.

After a series of announcements and U-turns in 2022, you may not be fully aware of the changes to Corporation Tax.

Last year, former chancellor Kwasi Kwarteng said he was reversing a planned Corporation Tax hike, and would, instead, be slashing the rate. Like many changes announced in the mini-Budget, this was quickly backtracked. With Rishi Sunak as prime minister, the previously announced rise in Corporation Tax went ahead at the start of the 2023/24 tax year.

So, what do the changes mean for businesses?

Corporation Tax rises to 25% for some businesses

While Corporation Tax has increased for the 2023/24 tax year, it isn’t something that will affect all businesses.

Between 12 and 16 June, Young Enterprise runs a national campaign across primary and secondary schools with the aim to give children the skills and knowledge necessary to understand finances to thrive in later life.

Taking place every year since 2009, My Money Week has already taught hundreds of thousands of young people how to budget, save wisely, and manage credit card debt.

My Money Week is the perfect time to teach your children about money and improve their financial literacy.

So, please continue reading to discover five helpful lessons that could improve your children’s financial independence and ensure they’re prepared for anything life throws their way.

1. How to manage their money online

These days, most banking is done digitally, so there’s a good chance that the current generation will primarily manage their finances online.