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25% of Brits have less than £500 saved, here’s how to boost your emergency fund

Pink piggy bank on a wooden table

New research from the Yorkshire Building Society has revealed that a huge number of Britons are alarmingly unprepared for financial trouble. Around 14 million Brits have less than £500 in savings, with more than 70% admitting to having less than £100 saved up.

Perhaps more worryingly, the number of Britons with no savings at all has nearly doubled since 2019. Though it can be difficult to save, especially during the turbulent times of the pandemic, it has never been more important.

Read more: 25% of Brits have less than £500 saved, here’s how to boost your emergency fund

How financial planning can help you strike a better work-life balance

Financial planning is about much more than simply growing your wealth. Not only can it reduce financial worry, but it can help you achieve long-term goals, reduce stress levels, and increase your mental wellbeing.

Perhaps you feel like you don’t have enough time to spend with those you love? Or maybe you’re striving for early retirement but you’re not sure how to get there? Financial planning exists to guide you through these issues with confidence.

Read more: How financial planning can help you strike a better work-life balance

Cashflow modelling: How it can give you confidence in your choices

Close up of a woman sitting with their feet up on a balcony

When you’re making financial decisions, one of the challenges is understanding the impact that it could have on your long-term finances. Not understanding the impact means you’re unsure what you should do, or when you do make a decision, you still won’t have full confidence in it. Financial planning can help you weigh up the short, and long-term implications.

Cashflow modelling is just one of the tools that can help create a plan you can rely on when working with a financial planner. Even if you’ve used cashflow modelling before, you might not be aware of how it works or how it adds value to your plans. Read on to find out.

Read more: Cashflow modelling: How it can give you confidence in your choices

What is pension tax relief? How it can help you reach retirement goals

There are many excellent reasons to save into a pension. One of them is the tax relief you benefit from, but many pension savers are overlooking this valuable boost to retirement savings.

According to a Royal London survey, just 15% of people fully understand how tax relief on pensions is paid. Importantly, once people had a better understanding of how pensions tax relief works, 25% were more likely to increase pension contributions. Tax relief can help boost your savings and put you on a path to a more comfortable retirement.

Read more: What is pension tax relief? How it can help you reach retirement goals

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