Bloom! Our Report on Later Life Financial Planning - It’s not just data, it is because money happiness matters!
As part of Saffron’s ongoing commitment to our members and communities, through an array of initiatives titled ‘It’s More Than Money’, the society have been looking at ways that their dedicated team can assist members with their financial wellbeing. In order to know what is affecting an individual’s financial wellbeing, in 2021 we began a new research programme with the public, the results of which are to be published twice a year under the name, Bloom!
Bloom will form a series of financial wellbeing reports, due to be released at key times of the year for members and our communities. The reports will be used to determine the services provided to members, our outward communications about essential financial wellbeing advice and will be available to download digitally, or hard copies can be picked up, free of charge, in branch.
Colin Field, CEO, comments on the report: “When we launched ‘It’s More Than Money’ it was always our aim to engage with our members in a variety of ways. We wanted to be able to help our members and the wider communities to plan for better financial wellbeing. During the lockdowns, we knew it would be vital to reach out an arm to those who may be suffering financial hardship, as furlough became more common, and the threats of redundancies loomed. Our dedicated teams launched free financial wellbeing calls, providing confidential support to those who needed it. We also engaged with partners to ensure we could provide extra support on topics discussed within these calls.
Following the launch of the financial wellbeing services, the team at the Society realised that themes existed when it came to protection, financial planning and opening up to loved ones about our financial situation. Key findings in the report found that 4 in 5 Brits had not discussed their future financial plans with those closest to them. Three-quarters of Brits had no savings goals and over 70% admitted they did not understand the benefit or how investing could benefit them when it came to investments.
Bloom covers a variety of topics related to financial wellbeing, as Colin Field explains: “Putting together Bloom to look at financial wellbeing in later life, we realised it encompasses a variety of subjects and so the report took on a life of its own. We cover topics from communicating your later life wishes – such as wills and lasting power of attorney, financial planning, and investments. The report provides an interesting snapshot into our lives and shows how, even when experiencing very tough times, it is important that we consider our future security – planning for a contingency fund can make a huge difference. If the pandemic has taught us anything, we don’t know what is around the corner. We must prepare. Even in what might be the toughest time imaginable, we may have to continue to cut back our minimal spending to ensure security for the future. Even a contingency fund can make a huge difference. In addition, Brits are generally more conservative when it comes to talking about money. But for the sake of a happier future, we really should at least be trusting in our loved ones and get advice from reliable sources.”