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Tracking Financial Resilience

When considering pension and investment savings, the best advice looks toward a mix of short-, medium-, and long-term investments. In that way, individuals can help to ensure that their savings are more likely to meet retirement and other long-term goals, whilst providing some readily available capital to cover short-term needs.

With a good level of financial resilience, individuals are better able to cover those ‘rainy day’ requirements without the worry which sudden demands on finances can bring. The latest financial resilience survey from Hargreaves Lansdown reveals some interesting trends. Whilst cash savings have grown since the previous review, the level of pension savings has declined. As a result, just 17.8% of those surveyed had adequate savings to provide a comfortable retirement.

Interestingly, the picture is very mixed across the UK. So whilst the Southeast and East Anglia have financial resilience scores in the mid-sixties, other areas of the country don’t fare as well. With an index score of 55.5 to 58.7, Devon is amongst the worst performing regions in the country for financial resilience, even being outperformed by Cornwall, Somerset, and Dorset.

If you are looking for advice on investments or if your situation has changed and you may therefore need to review your existing pensions or investments, contact Beckworth by using one of the links on our website.