WELLBEING


provider Barnett Waddingham. And because it’s an ISA, you don’t pay tax on any returns. Your financial wellbeing is a central part of a


healthy you. Even once you’ve reviewed your finances, it’s important to keep going back and reviewing regularly to make sure that the plans you have in place still align with your goals and circumstances. At Wesleyan Financial Services, we understand


the unique financial needs of teachers. Our specialist financial consultants are available to help you with your finances – from saving to protection and retirement. For more information visit: www.wesleyan.co.uk/teachersavings *The fund was placed 1st out of 20 funds for


overall performance. Only 20 of 65 funds provided five year net return data for comparison.


Please note that past performance is not a reliable guide to future performance and the value of your investment can go down as well as up, so you could get back less than you invested.


found that, on average, individuals saved £276


a month during the coronavirus pandemic, compared with £240 before. Any saving habit should be accompanied by a


savings strategy – understanding what you need the money for, combined with your own personal circumstances will help you determine the best way to manage your money. Being able to save that little bit extra over the


past year might have meant that you’re now closer to any existing goals you had established, or in a better position to set-up new ones. As a very first step it will be important to review


your targets to ensure they align with your current circumstances. Before putting money towards any goals,


however, consider whether you need to start, or top-up, an emergency fund for a rainy day first. Setting aside three months’ worth of net


household income is a good starting buffer. With this in place, you can then think about committing money to other savings pots or thinking about investments.


Investments With interest rates currently lower than inflation, simply keeping your cash in the bank means that the value of your savings effectively falls over time. Putting some of your savings into investments


can provide a way to grow your wealth by helping to beat low interest rates, outperform inflation and build new income streams. And you don’t need huge sums to start investing – any amount of money can be put to work. The very first thing to consider is whether


investing is right for you. Investing isn’t a ‘quick win’ and generally takes place over longer periods of time – at least five years, but typically longer. If you know you might need your savings sooner, investing might not be the right option. You will also need to consider your appetite to


risk – the value of your investments can go down as well as up. Each asset you can invest in, whether it’s property, bonds, cash or stocks, comes with its own level of risk, as well as its own degree of reward. Diversifying your investment portfolio by spreading investments across asset classes can offer a degree of protection against a


May 2021 www.education-today.co.uk 29


single asset’s poor performance. An easy way to do this is to put your money in


an investment fund that covers many different types of assets, spreading the overall risk. Each fund has a risk rating that you can use to see if it’s a good fit for you. Please remember the value of investments can vary and you may get back less than you invest. Finally, it’s worth taking the time to explore how


you can make the most of any money you have invested – or saved – by maximising its tax efficiency. Here, putting your money in an Individual


Savings Account (ISA) could be a good option to consider. You can save up to £20,000 tax-free into an ISA


for the current 2021-2022 tax year, with no tax charged on any interest earned. There are a range of ISAs you can use. For


example, a ‘stocks & shares’ ISA – such as Wesleyan’s With Profits ISA – allows you to make investments with your money in assets like funds, bonds or individual stocks. Wesleyan’s With Profits Fund was recently


ranked best out of 20 funds* for its five-year net return of 7.31% by independent actuarial services


Advice is provided by Wesleyan Financial Services Ltd. ‘WESLEYAN’ is a trading name of the Wesleyan Group of companies. Wesleyan Financial Services Ltd (Registered in England and Wales No. 1651212) is authorised and regulated by the Financial Conduct Authority and is wholly owned by Wesleyan Assurance Society. Wesleyan Assurance Society is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. Incorporated in England and Wales by Private Act of Parliament (No. ZC145). Registered Office: Colmore Circus, Birmingham B4 6AR. Calls may be recorded to help us provide, monitor and improve our services to you.


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