59% of people say the pandemic has made them question their priorities. Has it affected your plans?

23rd March 2022

It is two years to the day that our country went into lockdown as the Covid19 pandemic impacted our lives. The disruption in our lifestyles may have led you to question the plans you’ve previously set out.

According to a survey conducted by Aviva, almost 6 in 10 people agree that the pandemic has made them question what’s important in life. Half have said it changed their priorities, while 53% of adults in the UK have suspended or cancelled a planned a life event, such as buying a new home, getting married or starting a new business.

The pandemic gave us all time to think about what’s important. 4 in 10 feel like they have less control, however, the same proportion feel like they can take more control of their priorities. Planning for your priorities will allow you to reach your goals whilst protecting what’s important to you. If you feel like you have less control, putting a plan in place is crucial to moving forward.

When it comes to finances 41% say life during Covid has encouraged them to build more long-term savings and plan for unforeseen events and significant life stages such as retirement plans.

As we look back over the past two years, how has the pandemic affected your goals and what you want to achieve? Family, travel or business? Building something that’s close to your heart takes preparation and commitment – financial planning can improve your roadmap to achieving those goals important to you and support any bumps in the road.

5 tips for planning for unforeseen events

We all know the unexpected does happen. While you may not be able to prevent the unexpected, there are steps you can take to reduce their long-term effect.

#1 Decide on your priorities

Thinking about what is most important to you can help give your decisions some direction. It means you’re in a position to build a plan that puts these priorities right at the centre and that can protect your goals.

#2 Create a financial safety net

The unexpected can have a significant effect on your finances. An unexpected bill or being unable to work due to illness can place strain on your day-to-day finances. Building a financial safety net is a reassurance to give you freedom, especially when things are out of your control. It’s something our Financial Advisers are passionate about. Whatever life throws at you, knowing you have a financial safety net, that is backed by expert advice, can be reassuring even in the toughest of times.

#3 Create a financial plan with the unexpected built in

What would happen if your investment didn’t perform as well as expected? Or how would you cope financially if you needed to take some time off work due to illness? When it comes to making your financial plan, take time to consider different scenarios, including those that don’t go according to your plan. That way, you can limit the impact it will have on your goals

#4 Keeping on track

Always schedule to review. This will give you the opportunity to identify potential issues before they occur it can also keep you on track and give you confidence your plan is working for you.

#5 Succeed with a financial adviser

As financial advisers, it’s our responsibility to bring confidence to your goals and help you to put in place a financial plan that not only supports your goals but protects them when the unexpected occurs. We’ll help you to understand potential risk and what to do to mitigate their effects. On average, people who receive professional financial advice have an estimated £48.279 more in their pot compared to those in a similar income bracket who do not take advice.