Session 2: wealth: where are you going next?

1 What’s next for you?

You’ve taken a good, clear look at your financial situation. You’ve understood where all your money goes. Perhaps you’ve made some cost-cutting choices that’ll help you save for the future.

Now we’re going to do some forward planning and see how you’d like that future to look. We’ll focus in particular on your savings and investments. And we’ll help you think through the financial challenges that come with difficult events, like redundancy, divorce or bereavement.

We’ll look on the bright side too. With good planning, your midlife years can be a great time for your finances. It’s likely that your income will peak. You’ll probably also finally pay off your mortgage and other debts. It’s an excellent time to make sure you and your family’s finances get into good shape.

Watch the video where Legal & General’s Nimol Rajkumar talks about what’s in this session and how it can help you take charge of your financial future.

Download this video clip.Video player: Video 1: Session 2 introduction

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Transcript: Video 1: Session 2 introduction

Nimol Rajkumar

In the last wealth checkup session, we looked at your current financial position. Now we’ll focus on the future. Ultimately, your finances are a means to help you and your family enjoy a good standard of living. So what are your plans and ambitions? Are there any particular events you need to save for? Perhaps you’ll be moving to a new home or doing up your current one, there could be a new car to pay for, or maybe just that wonderful holiday you’ve always dreamed of.

If you’re a parent, you might want to help your children through higher education or get a foot on the housing ladder. Whatever you can see coming down the line, we’ll help you get ready for it by building up your savings and investments. From midlife, you should be focusing on these things as well as adding to your pension pot to support you when you retire. And in addition to what you can see coming down the line, there are also uncertainties.

You might have some unpleasant surprises to deal with, long-term ill health, redundancy, or divorce can be financially tough. Changes in the economy could have an impact too as we’ve all seen with COVID-19. So we’ll help you plan for unexpected events beyond your control. On a more positive note, you might have a pleasant financial surprise or two in your future. So we’ll also cover options to make best use of a financial windfall.

There’ll be activities that explain what you’re learning and the quiz at the end too. They’ll help you plan for the good times and build financial resilience to cope with the challenging ones in the coming years.

End transcript: Video 1: Session 2 introduction

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Video _unit3.1.1 Video 1: Session 2 introduction