With the new year having just started, you might be thinking about getting organised and planning for 2024.
If you’re keen to get your finances in order but unsure where to start, read on to get some inspiration from five major events scheduled to take place in the UK this year.
You might be surprised how many financial lessons you could learn from the Women’s FA Cup final and the Chelsea Flower Show…
1. London Marathon, 21 April 2024
Marathon runners often talk about “hitting the wall” during a race. This refers to a point when their body runs out of energy, and it feels almost impossible to carry on.
Experienced marathon runners develop the mental strength to overcome these physical challenges and keep going until they cross the finish line and achieve their goal.
As an investor, you may benefit from adopting a similar mental attitude.
If you get easily stressed by short-term fluctuations in the value of your investments you might feel tempted to react emotionally. This may cause you to make a knee-jerk reaction and, for example, sell shares or funds that start to underperform.
However, focusing on your long-term goals and sticking to your investment strategy could help you avoid the potentially damaging effects of a volatile market.
Just like a runner’s energy levels throughout a marathon race, markets will rise and fall over time.
It’s important to remind yourself a downturn is unlikely to last indefinitely. Keeping your long-term goals in mind and sticking to your financial plan could help you stay positive about your investments.
2. Women’s FA Cup final, 14 May 2024
The popularity of women’s football has risen dramatically in recent years.
According to SportsPro Media, the 2023 Women’s World Cup final was watched on television by an average of 13.3 million people, peaking at 14.8 million – a new record for women’s football viewing figures[1].
Yet, there remains a significant pay gap between professional female footballers and their male counterparts. According to inews the average salary for a Women’s Super League player in 2023 is £30,000, which is less than many male Premier League players earn in a week[2].
This highlights the disparity between men’s and women’s pay across all sectors. And a lower salary often means a smaller pension pot. In fact, according to the Guardian, women’s pensions are worth 35% less than men’s in Great Britain[3].
If you’re employed, there’s a good chance that you have been auto-enrolled in a workplace pension scheme. But if you’ve never checked your policy details, it might be worth contacting your pension provider to better understand your financial situation. If you don’t actively manage your pension fund, you may be signed up for the default options designed for the average policyholder, rather than for your individual needs.
Check your annual statements to assess whether your current scheme and contribution level are likely to provide the retirement lifestyle you want.
If your current pension doesn’t align with your retirement goals, a financial planner could help you explore alternative options.
Read more: Gender pension gap – 5 positive ways to help you narrow the difference
3. Chelsea Flower Show, 21 – 25 May 2024
The Chelsea Flower Show hosts the most accomplished gardeners in the UK. And, as experienced gardeners know, diversity is the key to creating a beautiful garden that flourishes all year round. Having a variety of plants promotes healthy soil and ensures that there is something new to enjoy each season.
Similarly, when planning your finances, relying on one strategy to achieve your short-, medium- and long-term goals might not be the most lucrative approach.
Holding a well-diversified portfolio helps you spread your wealth over different types of investments and asset classes. This avoids you from having a concentration of funds in one place – in short, preventing you from holding all your eggs in one basket.
In the event of significant market volatility, holding a diverse portfolio may reduce your chances of incurring major losses.
Diversification isn’t just about spreading your money between different stocks or placing half your funds into a different savings account – different asset classes should also be considered.
A financial planner can help ensure that your investment portfolio is well-balanced and regular reviews can help ensure that you retain the appropriate holdings based on your financial goals and appetite for risk.
4. Wimbledon, 1 – 14 July 2024
Wimbledon is the holy grail for top-ranking tennis players from all over the world. And none of them would dream of entering this grand slam tournament without an expert coach by their side.
A coach gives players the benefit of their knowledge and experience, emotional support, constructive feedback and strategic guidance. They help a player set goals, develop their skills and build confidence in their abilities.
In the same way, you could benefit from the support and guidance of a financial planner.
For example, if you’re keen to start investing but have never done so before, a financial planner could explain your options and support you to make informed decisions. Together, you could set realistic financial goals and create a plan to help you achieve them.
And regular financial advice doesn’t only offer practical support. In fact, according to a report from Royal London, it could improve your emotional wellbeing by enhancing your confidence in managing money[4].
Read more: How professional financial advice could help boost your emotional wellbeing
5. General election, no later than 28 January 2025
As yet, we don’t know when the general election will be held in 2024, or what the outcome will be.
This uncertainty may feel disconcerting, but you could prepare by keeping yourself informed of government policies and educating yourself about the different political party agendas. So, when the time comes to vote, you’ll already have some idea of where your priorities and affiliations lie.
Likewise, financial planning could help you and your loved ones prepare for the unexpected. For example, setting up a Lasting Power of Attorney could give people you trust the authority to make decisions on your behalf if you lose the capacity to do so yourself. And estate planning could ensure that your wealth is passed on according to your wishes.
Get in touch
If you’re interested in working with a financial planner in 2024 to help you achieve your financial goals, please get in touch.
Email info@aspirafp.co.uk or call us on 01454 632 495.
Please note
The information contained in this article is based on the opinion of Titan Wealth Planning and does not constitute financial advice or a recommendation for any investment or retirement strategy.
A pension is a long-term investment. The fund value may fluctuate and can go down, which would have an impact on the level of pension benefits available. Your pension income could also be affected by the interest rates at the time you take your benefits.
The value of your investment can go down as well as up and you may not get back the full amount you invested. Past performance is not a reliable indicator of future performance.
[1] https://www.sportspromedia.com/insights/analysis/womens-world-cup-2023-attendance-figures-viewership-social-media/
[2] https://inews.co.uk/news/how-much-do-the-lionesses-get-paid-what-women-footballers-earn-compared-to-mens-premier-league-players-1772094
[3] https://www.theguardian.com/business/2023/jun/05/womens-private-pensions-gap-worth-less-than-mens-great-britain
[4] https://adviser.royallondon.com/globalassets/docs/adviser/misc/brp8pd0008-feeling-the-benefit-of-financial-advice-adviser-report.pdf
