For many of us, money can be a topic we’d rather avoid.
But there are times when we need to shake off our discomfort and seek advice.
And it seems that big milestone moments are often a trigger for people to get financial guidance.
According to St. James’s Place (SJP) research, the most common prompts are:
- reaching a certain age – 17%
- buying a property – 15%
- receiving an inheritance – 12%
- retirement – 10%
- getting married – 10%
But it’s not just landmark occasions that are encouraging people to ask for financial advice.
For many, unexpected changes and challenges are the catalyst for seeking help, such as:
- a change in job status, such as promotion or redundancy – 12%
- divorce – 6%
- having to care for a loved one – 6%
- serious illness – 5%
- becoming a single parent – 5%
Others, meanwhile, have been prompted to seek advice by wider national and political factors, including:
- the cost of living crisis – 18%
- changes in the economic environment – 13%
- high mortgage rates – 10%
- policy changes – 7%
- the change in government – 5%
People are being reactive, not proactive
If there’s one common thread among these people, it’s that they’re often reacting to events, rather than getting ahead of them.
And that’s understandable, as big life events and milestones often make people take stock and look at their lives.
But it’s always a good idea to be proactive, so you know you’re in a strong position to cope with any challenges as and when they arise and move through life with certainty and confidence.
As Alexandra Loydon of SJP says: “The key to navigating those moments is putting a strong financial plan in place ahead of time.
“Seeking the support to do so not only boosts mental and emotional wellbeing, but provides the confidence to reach life’s goals and milestones in the first place.”
Younger generation face different financial challenges
Young adults are navigating a very different financial environment to their parents and grandparents – and that’s reflected in their reasons for seeking guidance.
People aged 55 or above were largely prompted to get financial advice because they’d reached retirement, their savings were at a certain level or they’d hit a particular age.
But 18 to 34-year-olds are largely being driven to seek help by other factors, such as:
- worries about the cost of living – 24% (8% among over-55s)
- getting on the housing ladder – 17% (10% among over-55s)
- worries about high mortgage rates – 16% (3% among over-55s)
- supporting a loved one with care costs – 12% (1% among over-55s)
The findings are a stark reminder of why trying to establish firm financial foundations as early as possible is so important.
With the right information at your disposal, you’ll be in a much stronger position to cope with challenges, work towards your goals and make the most of those precious milestone moments when they arrive.
Written by James Glynn
Senior Financial Content Writer
