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FINANCE

By Michael Middleton, director with Pro-Vision Lifestyles

The Financial Services sector has taken a battering both from the impact of the global pandemic (the United Kingdom was one of the hardest hit countries of any major European economy) but also   Brexit, the resulting exodus of many wealthy individuals from the UK and the rumours that many businesses will follow.

Michael Middleton, Director, Pro-Vision Lifestyles

These circumstances highlight the importance of giving people access to guidance throughout their working lives to help them make informed choices and be better prepared for retirement, both financially but also emotionally

Wellbeing is an area that the financial services sector has not traditionally prioritised and yet employers are among those “best able” to help employees improve their ‘retirement prospects’ in any industry. Realising that “retirement” is a gradual process not an abrupt “here today, gone tomorrow” is essential, and employers have a huge role to play. From the moment we join the workforce we are bombarded with messages urging us to save for retirement, but never to plan for what we want.  Company pension provision is often a huge source of this problem.

Saving just for the sake of it is of limited value. Ironically when we are clear on what we want out of life, it is easier to make smarter investment decisions.  Yet little if any advice is given by companies to help employees develop future plans.

This is a key area for businesses to help their employees address. Helping people think about and plan their whole life has the added benefits of not just improving their wellbeing, but also helping the business keep them employed in a useful role – breaking the “full time or nothing” mindset too many managers still have. 

Retirement is a 130-year-old concept that is long past its sell-by yet it remains something people strive for throughout their working lives, almost as a rite of passage. The reality of retirement rarely turns out to be what we expect, and something most people dread.

So how can the financial services sector start rethinking how they help their staff have a happy and not just a financially comfortable retirement:

Companies need to rethink how they see retirement and encourage their employees to see it as an opportunity to discover what they really want out of life and the sooner the better.

Michael Middleton is a director with Pro-Vision Lifestyles (www.pro-visionlifestyles.com) and a financial advisor with 30+ years’ experience. He has helped 100s of people to turn their “retirement” into the most the most fulfilling phase of their working lives!

 

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