Coronavirus Update

 

Whitechurch Blog: Your Financial and Emotional Wellbeing

18th June 2020

It goes without saying that the challenges of the past few months have had a significant impact on our lives and our overall wellbeing. Massive changes to the way we work, live and interact with others mean we are all taking stock of our current situations and future plans. Much has been written about this in the wider media, as we as individuals and society seek to support ourselves and to navigate these unprecedented times.

What can sometimes be overlooked in this conversation is the critical relationship between our finances and our overall wellbeing. Financial Wellbeing could be thought of as your financial behaviours, spending, borrowing and saving habits and how they make you feel. Even before the coronavirus, the relationship between our finances and our wellbeing (often tracked with stress responses) was well documented.

This has only been amplified by the events of the past few months. People from all walks of life are faced with challenges that may impact their short, medium and longer-term financial status and plans. Soon-to-be-retirees may be concerned about their immediate options; young singles and families are faced with reduced incomes and limited saving opportunities; whilst those who are retired may now be questioning the viability of their spending plans. Whatever the situation, I believe there is one common factor: our finances are not just about numbers and pie charts. We are emotionally tied to our finances, and there can be a very real impact on our overall wellbeing when our financial situation is unknown or under threat (perceived or otherwise).

During these difficult times, Whitechurch Financial Consultants have been staying in close contact with our clients; whether it’s as a listening ear for a check in, or to undertake a more active review of current plans and strategies. Have your circumstances changed? Have your goals or time horizons altered? If so, speaking with your adviser can help you to gain clarity over your current situation, and make such adjustments as may be necessary. Our advisers are able to provide some wider insight into the economy and the investment markets, bringing some clarity amongst some of the daily commentary in the media.   

If you are new to the concept of financial planning, now is a good time for an initial conversation to understand how you can take control of your finances and plan for your future. Our advisers can help you to focus on your goals and put a strategy in place that will bring clarity about what you are looking to achieve and how you are going to set about achieving it.

There are many unknowns at the moment, and these can combine to impact our overall wellbeing.  Having in place an up to date financial plan can promote feelings of security, removing some unknowns and providing structure and direction. By working with your financial adviser, you can build a better understanding of your finances, and take steps to securing a sense of positive financial wellbeing.

In short, having a financial plan may help you feel healthier and happier. If you would like more support, don’t hesitate to contact your adviser today.

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