WELLBEING


Top tips to help improve your financial wellbeing


Daniela Attenborough, financial consultant atWesleyan Group, the specialist financial services mutual for teachers, explores some key areas to keep in mind as you give yourself a financial health check


T


he past year has brought so many stresses and challenges – from the anxiety and isolation of


living in lockdown, to Teacher Assessed Grades and the huge task of adapting to new ways of teaching. Reminding yourself to take breaks, go for long


walks and look out for your mental health has become more important than ever. But when considering our wellbeing we often


forget to take the time to think about our financial wellbeing – despite it being a critical component to a healthy self. Amid the pressures of the pandemic, it’s


understandable that all of the work that goes into building financial plans has fallen by the wayside. However, it’s important to take the time where


we can do to give ourselves a financial health check. For teachers looking to review their finances, here are four key areas to focus on – protection, pensions, savings and investments.


Protection When reviewing your financial wellbeing, thinking about where you are now and what you want to achieve is crucial. But to reach those long-term goals its essential


to have in place protection for what you already have. For example, consider what would happen if


you were unable to teach for a number of months or even years due to a long-term illness or injury. You may have some protection in place


through your workplace benefits, but these might not go as far as you would need if you were out of action for a longer period of time. Here, a solution like income protection could


be valuable. It can provide a regular income to help safeguard against the financial consequences of sickness or injury – even up to retirement if necessary. Similarly, a solution such as Critical Illness


Protection will pay out a lump sum on diagnosis of a pre-defined health condition. This could provide a lifeline for you and your family and help you meet ongoing financial obligations, such as mortgage payments, giving you valuable peace of mind. Before deciding any protection options, it’s


important to consider what you might already be entitled to through your school or pension scheme. Your financial consultant can help you assess your options and determine what is right for you.


Pensions For some, retirement can feel like a long way off, but it’s important to start planning for the day


28 www.education-today.co.uk


you step back from the classroom as early as possible. If you haven’t yet established a retirement


strategy, now is the perfect time to do so. It will be essential to make sure to consider


factors such as when you’d like to retire, and what you would like your retirement to look like. From here, you can determine how much


income you will need at different stages of your retirement and how you can grow your pension pot, as well as assessing what you can do to help you save for retirement. Again, professional advice can support with


this process – a financial consultant can help you develop your strategy, highlight the financial implications of choices such as taking a phased retirement or working past your retirement date, and understand when you can start to withdraw funds from your pension savings.


Savings Considering what you would like to do with your hard-earned cash is exciting, whether that’s buying a new home, deciding on the trip of a lifetime or just having something set aside so you know you are prepared for any eventuality. And lockdown might have given you the


opportunity to save more than usual. Our own research


May 2021


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