Financial Planning Week

Tuesday, 9th September 2008 10:44 - by Resident IFA

The Institute of Financial Planning (IFP) has launched a campaign to promote financial planning, terming it as ‘Financial Planning Week’ and building a specific website to provide information about it - www.financialplanningweek.org.uk. Financial Planning Week runs through from Monday 8th to Sunday 14th September 2008. The gist of their campaign is to promote the availability and importance of financial planning, it possibly being seen as the sole preserve of the wealthiest echelons of UK society. In preparation for the week, the IFP undertook a survey in conjunction with YouGov and NS&I to ascertain people’s views on this topic. From this, they have published some cracking, for that read ‘shocking’, statistics on the site’s homepage. Gems appear such as “About 15% of 18 to 24 year-olds think an ISA is an iPod accessory, and one in ten reckon it’s an energy drink”...worrying, but actually quite understandable. As a Financial Professional, I can only condone such a positive attempt from an independent organisation to help and promote individuals taking control of their finances and making active decisions about their money and financial future. I always think it better to be pro-active in these matters as opposed to re-active, and active rather than passive. Events are planned in Somerset, Blackburn, and London – the London event entitled ‘When being prepared matters most’, helping to educate on the power of financial planning, protecting wealth on death or sickness, and creating a career plan. The London event is on Thursday the 11th – why not pop along? Allied to this, the site has an ‘Expert’s forum’ where you can ask questions, and a ‘Useful links’ section where you can get in touch with the Financial Services Authority (FSA), Age Concern, etc. I can’t help but think that it all comes back to the cheesy David Brent-like phrase ‘If you fail to plan, you plan to fail’. Even if personal finances are ‘not your thing’, a few minutes a week could reap huge dividends in the longer-term. Sitting down with an Independent Financial Adviser (IFA) every 12-18 months is also a hugely positive step. For example, have you thought how much income you want to have when you retire? Do you currently contribute towards this goal? Do you know the benefits of contributing to a pension (tax-relief among others)? Do you know if you are on-track to achieve your retirement income goal? If not, how are you addressing this? It is unlikely, in this day and age, that others will come running to your rescue, so we are all clearly responsible for our own financial destinies. Being an IFA, I am lucky that I have a head-start, but I meet quite a few financially-aware individuals. They share the common trait of liking to make their own decisions and exercise control over their financial affairs. More power to their collective elbows! It is not beyond any of us to be like them and plan a sound financial future. Until next time...