The competing demands of work and family life can often push financial admin right to the back of the queue. But given that taxes are at a record high and we face working longer, there’s arguably more of an incentive than ever to make sure you build enough wealth to be financially comfortable.

A survey by the pensions firm Scottish Widows suggested that 20 million of us are planning to make a financial resolution in 2026. The most popular include starting to invest or increasing the amount they are saving (a goal set by 26 per cent of respondents) and increasing pension contributions (15 per cent).

Make this the year that you commit to sorting your finances and make yourself richer in 2026 with these expert tips.

Take the plunge — invest

You may already be putting money aside in a cash Isa or normal savings account. But if you’re not investing, you’re potentially missing out on important growth.

The Barclays Equity Gilt Study shows that stocks have historically and consistently outperformed cash over the long term.

According to the study, which looks at data since 1899, investing in US equities has delivered returns of 6.8 per cent a year on average over the past 50 years, while UK stocks have returned 5.4 per cent. Cash returned just 0.7 per cent.

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Malcolm Steel from the financial advice firm Mearns & Company said: “These figures highlight that while cash accounts may offer emotional safety — because your balance will never dip below the sum you have paid in — it carries the opportunity cost of missed long-term investment returns and the erosion of spending power due to inflation.

“Taking the plunge and getting invested offers an important chance to grow your wealth — and it’s achievable if you put your mind to it.”

Start by working out what you can afford to put away each month, then set up a direct debit for just after pay day. That way it’s automatic and removes the worry about remembering to invest each month — as well as the temptation to spend the money instead.

If you can stretch to £200 each month, in ten years you could have a pot worth £31,696. In 20 years this could be £86,626 and after 30 years it could reach £167,426, assuming growth of 5 per cent a year after fees.

But if you deposited that money in a savings account paying 2 per cent interest (the Bank of England’s target rate of inflation), you would only have £26,805 after ten years, £59,480 after 20, and £99,311 after 30. After three decades you could be £68,000 worse off.

Steel added: “Investing does come with risk, of course. But as long as you don’t need to access your money during a market wobble when the value of your investments could take a hit, you can ride this out in the hope of greater gains in the future. That’s the essence of long-term investing.”

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Prioritise pensions

While you might be enrolled in your company pension scheme, are you saving enough? Possibly not. The average pension savings for those aged 35-44 is £39,500, according to the Office for National Statistics. Guidance from Pensions UK, an industry body, suggests you need £43,900 a year after tax (or a combined £60,600 for a couple) to enjoy a comfortable retirement, assuming you don’t have rent or a mortgage to pay.

If you want to boost your pension coffers this year, it’s very straightforward. Many people don’t realise that it’s possible to save into a personal pension in addition to your workplace scheme.

You can set up a self-invested personal pension and pay into it regularly, enjoying the same tax perks — tax relief on contributions, tax-free investment growth, and the ability to take a portion of the pot tax-free in retirement. You won’t get contributions from your employer of course, so you should make sure you have contributed enough to your workplace scheme to get the maximum from them before you start saving into a personal pot.

Susan Hope from Scottish Widows said: “It’s really important to remember that financial resolutions don’t always have to mean finding ‘extra’ money to squirrel away. Often, the most impactful changes come from making the money we already have work harder. It might be exploring salary sacrifice, consolidating old pension pots, or investing your money for the first time. It’s these small shifts that can make big changes, especially when you are planning for the long term.”

Chris Rudden from the investment platform Moneyfarm said: “The difference between financial security and financial stress in retirement often comes down to decisions made decades earlier.”

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Invest for your children

Despite investment growth historically beating cash returns over the long term, many parents remain loyal to saving for children rather than investing. It can mean that they miss out a pot that could help their children to pay for university, to go travelling or to buy their first home.

Some 1.25 million Junior Isas were opened in the 2022-23 tax year, the latest figure available, with £1.5 billion invested in them. About 42 per cent of that was saved in cash rather than stocks and shares.

According to the investment platform AJ Bell, if you invested the full £9,000 Junior Isa allowance each year from birth your child could have more than £265,000 by the time they are 18, assuming annual investment growth of 5 per cent after fees.

You can set up a stocks and shares Junior Isa in a few minutes using an online investment platform such as AJ Bell, Interactive Investor, Fidelity or Hargreaves Lansdown. You’ll need to select investments — or opt for a ready-made portfolio that is offered by platforms according to the level of risk that you are prepared to take.

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Seek professional help

Looking after your own finances, from day-to-day budgeting to investment and tax affairs, is a lot to take on. You might have been wondering whether it’s worth getting professional help to relieve you of the burden.

While a financial adviser will cost you, it could be money well spent if it helps to maximise investment opportunities and tax breaks.

The financial adviser database Unbiased suggests advice fees can be anything from about £500 for investment advice to £5,000 or more for some forms of pension advice, and you may need to pay ongoing charges if you want advice long term.

Costs vary according to the help you need, how much time it will take and the size of the assets involved. You can use its online cost-of-advice tool to see how much you might pay for advice.

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Consider higher-risk investments

Wealthier, seasoned investors who have already maxed out their Isa and pension allowances for the year will be looking for other ways to save on taxes in 2026.

You can pay up to £20,000 into an Isa and most people can pay in up to £60,000 into pensions (or up to 100 per cent of your salary, whichever is lower) and get tax relief on the contributions. This limit falls to £10,000 a year once you have accessed taxable money from your pot.

By investing in start-ups via venture capital trusts (VCTs) you can bag income tax relief of 30p for every £1 invested — upfront. From April, however, this will change to 20p back for every £1, so you may wish to invest in the next three months so you get more tax relief.

You buy shares in a VCT fund that typically invests in a basket of 40-80 privately owned fast-growing UK companies. To qualify for the tax breaks you must hold the investment for at least five years. Analysis by the investment management firm Wealth Club shows that VCTs have lost an average of 2.4 per cent over three years but returned 14 per cent over five years and 47 per cent over 10 years. The figures include dividends reinvested. If you do seek help from a financial adviser, this may be an opportunity worth discussing.

Write a will

This won’t grow your wealth but it will help to preserve it when the time comes for your estate to be inherited.

According to research from the government-backed Money and Pensions Service, more than half of UK adults do not have a will. Putting it off could undo all your graft in earning money and making it work hard, only to let it go to the wrong people — or be depleted by hefty tax charges.

With blended families being more common and people cohabiting but not being married, it’s essential your money and assets are going where you want them to. It’s also important from a tax-saving point of view. Inheritance tax is charged at a rate of 40 per cent on estates worth more than £325,000 (also known as the nil-rate band).

There are steps you can take to reduce the amount of inheritance tax that could be due on your estate. The simplest way of doing so is to use the spouse or civil partner exemption. This applies to couples who are married or in a civil partnership. The exemption means that you can leave your entire estate to your spouse or civil partner and even if its value exceeds the nil-rate band of £325,000, there’ll be no tax to pay.

In addition a surviving spouse or civil partner can also “inherit” your unused nil-rate band, which could effectively double their own threshold, allowing them to leave an estate of up to £650,000 before inheritance tax becomes payable.

You could also think about setting up a trust, with the help of a specialist adviser. Discretionary trusts, which give power to trustees to decide how and when to give funds to beneficiaries, can be useful for estate planning. This typically needs to be set up correctly by a professional. The law societies of England and Wales, Scotland and Northern Ireland have databases to help you to search for a qualified solicitor.