Are You Saving Enough Money?

Many people worry about their savings and start to wonder if they actually have enough. Some questions to ask yourself might be; How much money do you have in your savings account? How long would your head stay above water if you lost your main source of income?

Several new studies have revealed that many people have a worryingly small amount of money saved up. 

So where does that leave us?

A huge number of people are relying on minimal savings to cope with soaring inflation. Therefore, they do not have enough saved up to get by should they lose their job.

Perhaps unsurprisingly, this situation has led to many people turning to credit, but this too can have damaging effects.

According to Money and Pension Service, 79% of UK residents use credit. Of this number, more than two-fifths are feeling anxious about the amount they owe. Meanwhile, over a third admitted they feel distressed about how many different lending products they have.

Financial stress can be devastating for a person’s mental health. So it is vitally important that you take decisive action as soon as problems start to appear on the horizon.

The first step to take is to raise the alarm and seek professional financial help with your savings.

In addition, the Money and Pension Service survey revealed that more than eight in ten UK adults are still avoiding conversations about their finances. Many admitted this is because they are afraid of being judged, they feel ashamed or embarrassed, or are scared of burdening others.

However, an uncomfortable conversation about your own financial situation will only be measured in hours. Whereas the mental relief felt should bolster you up for months to come as you get help formulating a plan of action.

Contact our professional financial advisers who can take a detailed look at your finances and suggest ways to make your money work harder for you.

We will work with you to create a bespoke financial plan, based around your specific needs, circumstances and priorities. Therefore, you can get the confidence and peace of mind you need to move forwards.