By Dave Kavanagh
Recent surveys by the Royal London Group, have clearly illustrated the advantages in seeking fi-nancial advice. In Ireland, it showed that of those that received advice, savings were 55% higher, the average pension pot was €128,933 compared to €62,600 with those who had not sought advice. The vast majority felt more in control of their finances and felt they were getting the best value with the financial products that they paid for. In these times, Covid-19 has made people more anxious about money. So what stops people from seeking advice in such a crucial area of their lives? Some answers were, “I think it would be too expensive”, “it’s probably not for me” (believing it’s only very wealthy people that need advice!), “my bank looks after all of that” (when the bank is likely tied to one company and cannot fairly compare options for them.) Or “too proud or embar-rassed to let someone go through our finances”. In some ways, this can be likened to some people choosing not to seek medical advice (until potentially too late!) believing that it’s trivial or they can deal with it themselves. The one constant I’ve seen in all my years of advising clients, is the peace of mind and feeling of control that they feel. Even if the exercise of examining and analysing their finances uncovers some mistakes or wrong choices, at least they can now take action to rectify their situation, and move forward with confidence. If, like many, you are considering making New Year changes to improve your life in some way, you could do far worse than include a review of that which is connected to almost every aspect of your life, your finances.
Dave Kavanagh QFA has been advising people financially for over 25 years. For quotes or information (with no cost or obligation) he can be contacted by emailing firstname.lastname@example.org or use the contact form on www.financialcompanion.ie or phone 087-6414570, or @Davekav_advice on Twitter and Instagram. Combined with his previous role of gym/nutrition adviser, he regularly gives talks and workshops at seminars and events for groups, companies and government departments on financial wellbeing, positivity and motivation. As heard on RTE 2FM and TV3.