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Why planning matters
Most of us want our money to do more, but many aren’t sure where to start with financial planning.
Nearly a quarter of UK adults doubt their financial management skills*
£610 billion sits in cash savings, missing out on growth opportunities**
16%
Only 16% of people hold a stocks and shares ISA**
Investing does involve risk. The value of investments can go up and down, and you might get back less than you put in.
Sources:
* Figures based on a nationally representative survey of 2,000 UK adults, conducted by Opinium for Quilter in September 2025.
** Barclays: The UK Investment Gap – Empowering retail savers to engage with investing (September 2024) and Raisin UK: The Great British Savings Report.
Six ways a financial plan can benefit you
- Clarity on your purpose: Know what you want your money to achieve.
- Right mix of products: Helps make the most of tax allowances and beat inflation.
- Know your numbers: Eliminate guesswork for smarter decisions.
- Easier admin: Spend less time worrying about missed opportunities.
- Lower stress: Enjoy peace of mind with a step-by-step roadmap.
- Benefit from collaboration: Involve family or a professional adviser for potentially better outcomes.
How to start your financial plan
1. Define your purpose
Think about your short-term goals (like saving for a holiday) and your long-term goals (like planning for retirement).
Ask yourself:
- Do you have extra money to invest?
- How much risk are you willing to take?
- How long do you want to invest for?
2. Plan your savings and investments – some things to consider
- Maintain an emergency fund with three months’ living expenses.
- Use easy-access accounts for short-term savings.
- Consider investments for longer-term goals, but understand the risks.
3. Automate your savings
Set up regular ISA subscriptions or automatic transfers to keep your plan on track.
4. Get advice and review regularly
Professional advice can help you achieve your goals and adapt your plan as life changes.
Why it’s never too late to start
The sooner you start, the sooner your money can grow.
- Investing early means benefiting from compound interest.
- Inflation erodes the value of cash. What cost £7,176 in 2015 now costs £10,000.
- Even small, regular contributions can make a big difference over time.
Frequently asked questions
Begin by defining your purpose, both short-term and long-term. Build an emergency fund, plan your savings and investments, automate where possible, and review regularly. Professional advice can help you stay on track.
A plan gives you clarity, control, and confidence. It can help you make the most of tax allowances, beat inflation, and reduce stress by knowing your money is working towards your goals.
Tax treatment depends on individual circumstances and may change in future.
No. It’s never too late to make your money work harder. The sooner you start, the more you can potentially benefit from compound interest, but even small steps now can make a big difference.
You’re not alone. Many people experience what’s known as financial imposter syndrome—feeling they’re not capable of making financial decisions, even when they have the means and knowledge. The good news is confidence grows with knowledge and support. Start small: define your goals, automate savings, and consider speaking to a financial adviser for expert guidance. Read more about building financial confidence.
|
Myth |
Truth |
|
Cash is always safe |
Inflation erodes its value |
|
Stock markets fall more than they rise |
History shows they rise more and for longer |
|
Timing the market works |
Staying invested is more effective |
|
You need lots of money or knowledge |
Consistent investing matters more |
Investing does involve risk. The value of investments can go up and down, and you might get back less than you put in.
If you want tailored guidance, are planning for retirement, managing tax, or making big financial decisions, professional advice can help you achieve your goals and avoid costly mistakes.
Ready to get your money working?
Choose from one of the options below to complete the first step of your plan. If you already have a financial adviser, they can make sure your savings, pensions, and investments are all doing their bit as part of your plan.
Approver Quilter Financial Services Ltd, Quilter Financial Ltd, & Lighthouse Advisory Services Limited on 14 October 2025.