Discover ways to improve your financial wellbeing according to Schroders Personal Wealth. Learn about financial wellness, planning for the future, and the value of professional financial advice to help achieve your goals in 2025 and beyond.
When most people answer this question, they tend to think about their physical health. But there's an increasing focus on our mental health too.
Often, regardless of how we’re truly feeling, we’ll respond with ‘I’m fine’. Whether this is out of politeness, embarrassment, or habit, it’s not always the case.
In addition to physical and mental health, another crucial factor that significantly influences our well-being is financial wellness. Many people are worried about their finances, which can impact their overall well-being.
At Schroders Personal Wealth (SPW), we believe financial wellbeing isn’t about having the most money; it’s about having enough to enjoy the things in life that make you happy. It’s also about having financial freedom and prioritising what’s important to you.
The Money and Pensions Service defines it as follows:
Financial wellbeing is about feeling secure and in control. It’s about making the most of your money from day to day, dealing with the unexpected, and being on track for a healthy financial future. In short: financially resilient, confident and empowered.
The Money and Pensions Service
Improving financial wellbeing can start with a positive change in behaviour. Here are some steps we believe will help you enhance your financial wellbeing in 2025 and beyond:
Many people don’t know where to start when it comes to getting a financial plan. This isn’t surprising. As a nation, we don’t always like talking about money. Our finances are often seen as complex, personal, and something that shouldn’t be shared, especially when we’re facing financial hardship.
Money is often viewed as one of the last taboos, but we can all play a part in normalising conversations about our finances. Whether you have money that you’d like to invest, or you want reassurance that you’re saving enough to retire comfortably, a financial adviser could support you throughout your financial journey.
A plan can help reduce the stress of managing finances and offer valuable peace of mind. The first step of a financial plan is to detail expenses and savings. If you're worried about your savings and investments but unsure what to do, a plan could be a great start on your journey to achieving these goals in 2025.
Financial advice can provide peace of mind that you are addressing the needs of you and your family. Good financial planning is not just about solving problems; it’s about working together with your adviser to identify your objectives and life goals and then creating a plan to help you achieve them.
It may come as a surprise that sorting out finances isn’t a top priority for many people. But a financial adviser could help you make the most of your savings and investments.
Finances can often be complicated, and there’s a lot to consider when it comes to achieving your long-term goals. Markets can be turbulent, and it can be overwhelming to consider the risks versus the rewards of investments. A good financial adviser can help steer you in the right direction and could be an investment that pays back many times over, although as with all investing, this isn’t guaranteed.
Financial advice isn’t just for the wealthy. At SPW, we offer a free initial consultation, which involves identifying your financial needs and understanding where you need help.
Our advisers prepare and present a financial plan before you’re required to make a financial commitment. There are no hidden fees or charges, and you’ll only pay if you choose to go ahead with the recommendations in your personalised financial plan.
Financial wellness cannot be looked at in isolation. Having a good level of financial wellbeing and feeling confident about your finances underpins all other elements; they go hand in hand.
We believe understanding what’s important to you and your current situation are the foundations for creating a financial plan. Identifying the things that will bring you happiness and putting a plan in place to help you achieve them should be the end goal.
We firmly believe in the value of getting professional financial advice. A financial adviser can help you build your future by pinpointing areas that might need improvement and setting an actionable plan to get you there.
Having your finances organised and being in a comfortable position can help you feel more in control of your money, giving you one less thing to worry about. In turbulent times, advisers can guide you through life’s financial changes and challenges, whether they be external factors such as a pandemic, stock market volatility, or inflation, or personal factors such as job changes or the cost of having children.
By identifying and keeping in mind what makes you happy, you could be on the path to achieving better long-term financial wellbeing.
For our existing clients, as we move forward into 2025, it's important to reflect on the lessons learned from the past year and apply them to our financial planning. We are committed to supporting you in achieving your financial goals and aiming to achieve a prosperous future. By following the checklist provided and working closely with your Personal Wealth Adviser, we can ensure that your plan remains aligned to your unique needs.
Let's make 2025 a year of financial success and stability together.
This article is for information purposes only. It is not intended as advice.
Any views expressed are our in-house views as at the time of publishing.
This content may not be used, copied, quoted, circulated or otherwise disclosed (in whole or in part) without our prior written consent.
In preparing this article we may have used third party sources which we believe to be true and accurate as at the date of writing. However, we can give no assurances or warranty regarding the accuracy, currency or applicability of any of the content in relation to specific situations and particular circumstances
The value of investments and the income from them can fall as well as rise and is not guaranteed and you may get back less than you invest.
