Did you know that people who are in problem debt are three times as likely to experience suicidal thoughts?
Not only that, but over 100,000 adults in problem debt will attempt suicide every year.
These are worrying, yet unsurprising statistics linking financial difficulty to mental health. People in problem debt can worry about keeping up to date with bill payments, losing their home and providing for their family. Without addressing it, they can fall deeper and deeper into debt. It can lead to anxiety, depression and so often, suicidal thoughts. Even a call from a mortgage company or energy provider can trigger suicidal thoughts.
Here’s an experience of a married couple, Kelly and Tom, who racked up a lot of problem debt. It all started when Tom was made redundant.
How Financial Difficulty Can Lead To Suicidal Thoughts
Following Tom’s redundancy, he was having suicidal thoughts. Kelly didn’t know what to do. But, she did know that Tom’s thoughts and feelings were symptoms of their financial difficulties. In a last-ditch attempt to resolve things, Kelly approached Assured Wealth. She wanted help organising finances and gaining clarity on their financial future.
One of the reasons to choose a Financial Adviser is their ability to look at situations objectively and neutrally. And even better, they enjoy playing devil’s advocate, which is what we did with Kelly and Tom. We took a close look at their spending and provided ways which they could cut back before Tom found another job. We asked awkward questions that we knew would help them make all-important changes in their lives.
As a result, we stopped Kelly’s pension contributions for a period. We also changed their mortgage to include some debt consolidation, which would buy them more time. Plus, we put wills and powers of attorney in place, should the worst happen to either of them.
Tom and Kelly are now on a clear journey to living debt-free. Tom has multiple job interviews lined up. And when he lands his next job, it will mean the road to being debt-free will be an even shorter one!
How Can You Achieve A Debt-Free Life?
Do you want to get on the road to a debt-free life? Spark a conversation with Assured Wealth today by calling 01925 396 122 to book a FREE 1 hour review.
One in four of us lose sleep over our financial struggles.
And with three out of five of us in debt, is it any wonder?
It might be due to impulsive overspending, income anxiety or worry of having to take time out of work. Whatever the financial problem, it can impact your relationships, social life and mental wellbeing.
The world is changing. We live in a time where mental health is becoming more openly discussed, and so it should be. With that in mind, let’s take John’s experience as an example of the impact of finances on mental health.
The Effect Of Debt On Mental Health
John had been having sleepless nights for months. He was in debt and was struggling to pay the bills. For him, it seemed like a never-ending struggle. He saw no way out. And on a recommendation from a friend, he decided to speak with the Assured Wealth team to shine a light on his financial future.
The stats linking finances to mental health surprised John. There is clearly more work to be done to raise awareness. But, after a quick discussion about how common his situation was, he realised he was not alone. And we wanted to help him solve the underlying problem – his debt, rather than treat the symptoms.
How To Overcome Debt To Help Mental Health Challenges
Nowadays, Financial Advisers should pay closer attention to mental health problems. At Assured Wealth, we welcome the discussion and do so with complete openness, empathy and confidentiality.
We helped John restructure his credit card and loans through a new mortgage. This helps him lower his monthly outgoings. We also put in place income protection insurance for him so if he became ill, he would still be able to afford to live. John is now confident that he can afford his mortgage, pay the bills and is on a clear plan to become debt-free.
There is no doubt that there is work to be done when it comes to mental health awareness. And this is especially true for the link between finances and mental health. As with all mental health challenges, it starts with speaking up. And at Assured Wealth, we are able to offer financial solutions and recommend available support services if our client is in need.
Inspire Mental Health Conversations
We want to inspire more people facing financial difficulties to have conversations sooner. So if you, a friend or family member would like a FREE 1 hour confidential conversation about finances, then call Assured Wealth on 01925 396 122 today.
Not having a financial plan for the future can hold you back from living your life to the fullest.
Let me show you why it’s so important. Here’s a financial planning experience one of my clients, Janet.
Janet has been a primary school teacher for over thirty-seven years. And recently, she has been offered a redundancy package of £38,000 and access to her teachers’ pension. Since the news of the redundancy offer, Janet and her husband, Simon, were worried. They were mostly concerned that they wouldn’t be able to afford the lifestyle they have now. And with little knowledge of financial planning, they felt sure they were facing disaster. They knew they needed the help of an Independent Financial Advisor. That’s why they came to Assured Wealth. They wanted financial advice that would give them clarity of their financial future.
Over a few meetings, I did two important things for Janet and Simon.
Firstly, I reviewed their life goals. The things on their bucket list which they wanted to do together. This included things like taking big holidays and moving into their ‘forever home’.
And secondly, I reviewed whether they could continue to maintain the lifestyle they had now.
After expert cash flow planning, I had some good news for them. I was delighted to share that they could afford their lifestyle. Not only this, but they could also afford a more expensive ‘forever home’ that was on their bucket list. And the news got even better when I told them they could make the move five years sooner than they expected!
What happened next?
As a result, Janet took the redundancy package and they bought their new bungalow. By coming to Assured Wealth, Janet had unlocked opportunities she never knew existed. She had come to us with a simple question and left with a life-changing solution. We had surpassed her expectations.
Thanks to my help, Janet didn’t need to work again, but that won’t keep her away from her love of teaching. You’ll still find her in the classroom for two days a month!
Get in touch with us Are you in a situation where you can’t see the longer-term financial impact of a life-changing moment? Or do you know someone who is? Then don’t feel confused for a second longer.
Speak to a Financial Planner today, by calling 01925 396 122 or Contact us
Did you know that the average British worker has six jobs during their lifetime? And this is increasing every year with a new generation more used to moving from job-to-job?
The more employers you have during your working life, the more pension pots you will have to organise. And as a result, the more complicated retirement planning can become. For the best outcome, always speak to a financial planning expert. They will explore the best retirement plans available to you and will save you time, as well as money.
Tim, aged 55, was coming to the end of his career and retirement was on the horizon. He had spent his entire working life saving for retirement. And to make the most of his family’s future, he wanted to make sure he had the best retirement planpossible.
Sadly, both Tim’s father and brother had passed away in their mid 60’s. And these close family losses made Tim want to take action earlier.
From numerous pension pots to ISA’s, Buy to Let portfolios to other income streams, Tim felt confused about his retirement savings. And it’s no wonder, considering the many factors affecting his retirement planning.
In total, Tim had £290K in different pension pots and had four questions about his retirement on his mind:
1. Could he afford to retire in five years time, at the age of 60?
2. Would the £290K he had provide him with enough income in five years time?
3. Was being too cautious or too adventurous with his pensions?
4. Should be contributing more to his pension?
Retirement Planning With Tim
I sat down with Tim, to discover what he wanted his life to look like after retirement. We spoke about his lifestyle, his family and what was on their bucket list. I then worked out how much he would need each month to cover the cost of living and tick off those bucket list items.
Tim came to Assured Wealth feeling confused about how and when he could take his pension. After we worked our magic, he left us delighted with a retirement plan in place. It was a plan that meant he could retire at 58 – two years sooner than he had originally hoped to!
What Does Your Retirement Plan Look Like?
Does Tim’s situation sound familiar? If you’re based in the UK and want to discover your best retirement plan, then speak to an advisor today. Call 01925 396 122 or get in touch today.
Meet Martin. He’s a 50-year-old married Engineer, who lives in Liverpool, North West, with his wife of over thirty years, Sally. Two years ago the worst happened, when an accident in the factory led to him being in a coma. Everyday, Sally would visit him in hope of some positive news. And in between hospital visits, she was receiving stressful calls regarding their missed mortgage repayments. She felt confused. After all, they had more than enough money in the account to cover it.
So what happened?
Not knowing the ins and outs of why the mortgage repayment hadn’t left the account, she spent days trying to manually set up a payment… with no luck. She’d been frozen out of their account. When she sought financial advice, the financial planner explained that Martin had become a ‘vulnerable person’ and was deemed to have lost the capacity to act. And by law, the Court of Protection had to freeze the accounts, including his joint account with Sally, regardless of the fact that they’ve been married for over thirty years… She thought that because of their relationship, she was automatically the Power of Attorney, she thought wrong.
Because of this, she spent even more time while Martin was unwell, meeting with her financial planner and going to the Court of Protection to apply for a Deputyship application, which would make her a Power of Attorney and therefore able to access their accounts and get their mortgage repayments back on track. This cost them £2,500 legal fees and additional fees over the never-ending 12-week period. As well as the financial cost, it also added to her stress and worry of Martin’s health.
What should they have done?
Setting up a Power of Attorney would’ve solved it all. Through meeting with a Financial Planner or an Independent Financial Adviser they could’ve planned ahead. Instead of the £2,500 (plus fees) cost, they could’ve spent £262 (including a Court Fee) and not missed a single mortgage repayment.
Have you set up a Power of Attorney? For as little as £262 you could make sure you won’t end up like Martin and Sally if the worst happens. Call Assured Wealth today or book a free meeting with one of our Financial Planners to get started. Call today: 01925 396122.
Meet 40-year-old Paul. He lives in Warrington, North West, with his wife and two children. He’s a real family man, and through careful financial planning he has ensured his family have a safe financial future. Before seeking financial advice, one of his biggest desires in life was to be mortgage free at 50. He’d done plenty of retirement planning, but hadn’t really considered the opportunities available to him before then.
After sitting with a Financial Planner at Assured Wealth, he discovered he has an even bigger dream though. It’s a dream that he had written off as an impossible challenge. To help us build a financial plan for Paul, we sat with him and asked him a direct, yet essential question:
“If you could see your financial future, what would your dream be?”
To which he answered:
“To create more unforgettable memories with the kids on a once-in-a-lifetime holiday, before they get too old.”
Perfect. Now we knew how to develop a financial plan to make Paul’s dreams come true, and here’s how we did it…
We wanted to make this happen for Paul without the need for additional lending or loans, just as we do for all of our clients. So we sat with him and worked out a simple, yet life-changing mortgage calculation. His two children were 12 and 13, and he knew that turning 16 would be when their heads are turned to further education and adulthood. Before then though, through some focus on financial planning, we wanted to help him to make as many unforgettable memories, as he put it, as possible. So he took our advice, and decided to push his mortgage back four years, which meant he had enough aside to have three years worth of once-in-a-lifetime holidays with his family!
Ask yourself: What would your dreams be?
With a 10-minute chat with an Assured Wealth Financial Planner, your dreams could become in touching distance. So call us today or arrange a free meeting to get started. Call us today: 01925 396122.