Lowes Magazine Issue 119

INSIDE TRACK

Financial security is priceless THREE IN FIVE ADULTS ADMIT TO FEELING MORE ANXIOUS ABOUT THEIR FINANCES NOW compared to before the pandemic, according to new research from Abrdn.

At the same time, almost half of adults worry about their current financial situation, while a third don’t like to think about their long-term financial future. Worries about money are understandable in the best of times, and certainly following the uncertainty of the Covid-19 pandemic. We find that at times of high stress in the markets, such as when the dotcom bubble burst and during the financial crisis, and as a result of the pandemic, it can be difficult to know what is the best course of action, which can lead to inaction, or potentially worse, a

knee jerk reaction to market changes. This is where Independent Financial Advice can help by providing a plan of action around investments and savings – as well as advice on tax issues – to provide peace of mind when others are stressing.

If you know someone who would benefit from advice on any of their investments, pensions and savings, please put them in touch with us for a free initial consultation.

Social media influenced investing

REPORTS IN THE MEDIA AROUND SO-CALLED ‘vigilante investors’, who look to push up the price of a stock in an attempt to hurt short-sellers (traders who are speculating on the decline of that company’s share price), show how hype and hyperbole can catch hold and result in stock frenzies. The danger is that those investing get caught up and don’t realise the potential downsides to their investments, particularly if they are inexperienced investors. The stocks can be high risk and volatile, more gambling than investing and could result in a large financial hit. In our view, this kind of social media- influenced speculative day trading should be avoided unless you have money you are prepared to lose. It is a pertinent reminder also of how the world has changed and how there are now far more streams of information in the market, some of which can be dangerous financially.

Checking State Benefits entitlement ARE YOU OVER THE STATE PENSION AGE AND need someone to help look after you at home due to a long-term illness or disability? If you are, you may be able to claim State Benefits for attendance allowance – currently at £60 or £89.60 per week, depending on your circumstances. Many people who could claim one or more State Benefits are not doing so because they are property owners and so they believe they are not entitled. If you know someone who you think may be entitled to claim but isn’t, it could be worth them checking their entitlement. The Money Advice Service is a good first port of call, or www.gov.uk.

2 LOWES Issue 115 · Published July 2020 The content of the articles featured in this publication is for your general information and use only and is not intended to address your particular requirements. Articles should not be relied upon in their entirety and shall not be deemed to be, or constitute, advice. Although endeavours have been made to provide accurate and timely information, there can be no guarantee that such information is accurate as of the date it is received or that it will continue to be accurate in the future. No individual or company should act upon such information without receiving appropriate professional advice after a thorough examination of their particular situation. We cannot accept responsibility for any loss as a result of acts or omissions taken in respect of any articles. Thresholds, percentage rates and tax legislation may change in subsequent Finance Acts. Levels and bases of, and reliefs from, taxation are subject to change and their value can go down as well as up and you may get back less than you invested. Past performance is not a reliable indicator of future results.

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