Investing in your financial wellbeing: Key takeaways from our Financial Wellbeing Event
Following an all-female financial wellbeing event at The Farm Club in Cheshire, Wealth Planner, Rachel Wyatt shares the key takeaways from the event.
Arbuthnot Latham recently hosted an all-female financial wellbeing event at The Farm Club, a premier lifestyle hub set within 300 acres of stunning Cheshire countryside.
The event blended physical relaxation with insightful financial planning discussions, offering participants a comprehensive approach to improving their overall wellbeing.
Guests were invited to not only focus on their physical wellbeing with yoga and a sound bath but also to reflect on their financial wellbeing.
Here is a summary of the key discussion points from the event.
Financial wellbeing: A key to overall health
Our wealth planner, Rachel Wyatt, drew a powerful connection between financial wellbeing and overall health, referencing Benjamin Franklin’s famous words, “Early to bed, early to rise, makes one Healthy, Wealthy, and Wise.” She explained how financial anxiety can negatively impact both mental and physical wellbeing, underscoring the importance of taking control of one’s financial situation.
Arbuthnot Latham’s recent Healthy, Wealthy and Wise report, revealed that 4 out of 5 people regularly worry about their finances. This worry is not limited to those with lower levels of wealth, indicating that financial wellbeing is more than just having money in the bank.
Healthy, wealthy, and wise
Exploring our attitude to money
Financial security does not necessarily equate to financial wellbeing and our study aims to lift the lid on people’s main financial concerns.
Key questions to assess your financial wellbeing
Rachel encouraged participants to take a closer look at their financial wellbeing by reflecting on these key questions:
- Do you have enough readily available cash for unexpected expenses?
- How quickly would financial stress arise if you had to access those funds?
- Are you confident in how to access your funds, and do your loved ones know what to do if you are not there to manage your family’s finances?
She also reminded participants that over half of those surveyed for the Healthy, Wealthy and Wise report were unsure about whether they would seek advice from a financial adviser, pointing out the importance of having a trusted team of professionals to guide you through significant life events.
Planning for retirement and legacy
Retirement planning was another important focus of the event, as Rachel asked the group whether they felt confident about their ability to maintain their lifestyle in later life. With nearly a third of survey respondents unsure of how much was in their pension, regular reviews with professional advisers are recommended to ensure you are on track to meet your retirement goals.
Legacy planning – how your wealth will be passed on to the next generation – was also a key discussion point. Many families find this topic emotionally challenging, but Rachel stressed the importance of having these conversations early to avoid tension and conflict.
The five pillars of financial wellbeing
Rachel provided a framework for assessing financial wellbeing through five key areas:
- Financial knowledge: Understanding the basics of money management.
- Awareness: Knowing your current financial situation.
- Confidence: Feeling in control of your finances.
- Resilience: Having the means to handle unexpected financial challenges.
- Support: Accessing professional advice when needed.
By reflecting on these areas, participants were encouraged to identify where they might need improvement and seek guidance accordingly.
Final thoughts: Taking control of your financial future
In closing, Rachel reminded everyone of the importance of taking charge of their financial health, just as they would their physical and mental wellbeing.
By gaining knowledge, making a plan, and working with trusted professionals, financial stress can be reduced, and peace of mind restored.
Next steps: Interested in enhancing your financial wellbeing?
Contact us today and take the first step toward securing your financial future.
Further reading
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Author -
Rachel Wyatt
Wealth Planner
Rachel Wyatt is a Chartered Financial Planner with over 20 years’ experience in the financial services sector. She helps clients prioritise their wants, needs, and goals and then provides wealth planning solutions to make effective use of the assets and resources available to achieve these objectives.
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