Coping with the financial implications of life-changing events
If the last 12 months has taught us anything, it’s that you never know when a major event is going to come along and turn your life upside down. It could involve something in your personal life, such as becoming a parent, being diagnosed with a serious illness, losing your home or the death of a loved one. It might be linked to your professional life, for example, being made redundant or changing careers. Or it may be something completely out of your hands – like a major global pandemic.
Certainly the Covid-19 pandemic has had a huge effect on millions of people’s lives in the UK. Financial Conduct Authority (FCA) research found that between February and October 2020, the number of adults who had experienced a “negative life event” in the previous 12 months increased by 4.8 million. In addition, UK employees in 2020 were likely to be furloughed or have their working hours cut, while 71% of self-employed business owners saw reductions in revenues and 9% stopped trading altogether.
In fact, as a result of the pandemic, the FCA research found that 38% of UK adults had seen their financial situation deteriorate due to Covid-19. Who at the beginning of 2020 would have thought that so many lives would be completely disrupted within a few months?
The Financial Impact
When these major life-changing events emerge, they can have far-reaching financial consequences. Sometimes these may be obvious – for instance, if you have lost your job, then this has a direct effect on your personal income. At other times, they may not be so clear.
For example, the emotional impact of the death of a loved one or the diagnosis of a serious illness can leave you feeling anxious and distressed. You can find it difficult to think clearly or make important decisions in areas such as managing your money. You may also be more vulnerable to fraud or financial exploitation. Of course, this doesn’t just affect you as an individual. It can also have serious consequences for your family and loved ones.
Ask us for help
When you experience a major event in your life that may affect your judgement, it’s important not to rush into any decisions. You need to take stock and talk to someone you can genuinely rely on.
At Grosvenor Wealth Management, we won’t just take a thorough approach to your financial situation. We go out of our way to understand your personal situation and the emotional stress you’re going through as well. We’ll sit down with you to take a detailed look at your overall financial situation. Then we’ll tackle your immediate worries and assess any long-term implications. Then, as independent experts and confidantes, we’ll offer reliable, objective guidance to help solve your financial issues clearly and honestly.
In short, by understanding your individual circumstances and taking into account the impact on your family and loved ones, we’ll offer reassuring and reliable advice, tailored to your particular needs.
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