drivers who don’t wear seatbelts are not the only ones taking risks
Post on 14-Jun-2015
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DESCRIPTIONDrivers who dont wear seatbelts are not the only ones taking risks
- 1. Drivers who dont wear seatbeltsare not the only ones taking risks
2. Up to two million drivers in the UK risk driving their car without wearing a seat belt, warns a recentpoll by insurer LV.According to government figures, if you have a crash, you're twice as likely to die if you are notwearing a belt. So why do so many people take the risk?Graham Hope, a senior lecturer in psychology at the University of Sussex says that many of thesedrivers simply believe "it wont happen to me". He says that "there is a self-serving bias wherepeople think they are more likely to survive than other people, and less likely to ever be involved inan accident in the first place."Refusing to wear a seat belt is not the only way in which some people take unnecessary risks,because they think it will never happen to them.As Wealth Planners, we see people every day who take risks with their financial security. Forexample, parents who buy insurance for their mobile phones, but have no life cover or whocontribute to a pension, but have no idea how much they have invested or if it will provide themwith enough income in retirement. 3. There are people who rely on their working salary, but have no savings in place should they bemade redundant. They simply dont put on the safety buckle when it comes to their own wealth,because they dont realise the risks they are taking.The problem is that when it comes to money, there is no prompt for people to review their financialsituation. No one will pull you over to give you a telling off because you never bought life coverafter having a baby. Nor will you be taken aside to talk about inheritance tax planning or when yougo to pick up your pension. If you need financial advice, you have to go out and ask for it.For many people, simply appointing a financial planner can seem like a daunting step. Yetadvisers are simply highly skilled people who can help you through the process of reaching andunderstanding your financial goals. This means knowing when you will need to use your money,what you will be using it for and then laying out a plan of action to achieve those goals, andimportantly to minimise risks of not reaching them. 4. What a good financial planner will do foryou? These are some of the things that we willwork with you to establish; What , if anything, you need to dodifferently How much you need to save What types of retirement accounts wouldbest suit your needs What type of mortgage you should have How much, and what type of life andhealth insurances you need to protect youand your familys financial security. How much to keep in an emergencyfund Whether there are any changes that mayimprove your tax situation What rate of return you will need to earnto achieve your goals over a given timeframe, and suggest appropriateinvestments according to your attitudetowards taking risk Whether you need to take any stepstowards inheritance tax planning; and thevarious options you should consider whenthat time arises. 5. Speak to your Financial Planner aboutreviewing your current plans; if you dont havean appointed adviser email@example.com.This article is for information purposes and should not betreated as advice. Individual circumstances should alwaysbe considered prior to purchasing any financial products.For further information please contact your WealthPlanner.Sanlam is a trading name of Sanlam Wealth Planning UKLtd (Reg. in England 3879955) and English Mutual Ltd(Reg. in England 6685913). English Mutual Ltd is anappointed representative of Sanlam Wealth Planning UKLtd which is authorised and regulated by the FinancialConduct Authority.