It’s becoming more expensive for young people to reach their long-term goals, whether it’s buying their first home, getting married, starting a family, going to university, or even planning for retirement.
Higher-than-expected inflation has contributed to these difficulties. However, while it’s harder for young adults, there are ways to alleviate the pressure, such as seeking expert financial advice.
We explore what a financial adviser does, what young people need to consider with their finances, and how an adviser can help.
Professional financial advice can help people reach their long-term objectives.
For young people, some of the most significant goals may include getting married, starting a family, buying a home, or optimising their pensions for a stable retirement.
Unbiased can quickly match you with a qualified financial adviser.
We’ll find a professional perfectly matched to your needs. Getting started is easy, fast and free.
Find a financial adviserWhat is a financial adviser?
A financial adviser is an expert in financial planning who can help individuals reach their long-term goals They can assist with:
Optimising and building pension savings
Investing and savings
Estate planning
Managing expat finances
Saving for their child’s education
Funding long-term care
Equity release
Finding the right insurance policies
Optimising and managing business finances
A financial adviser will take into account an individual’s unique circumstances and goals to recommend the best course of action, potentially helping to save money and reduce tax liabilities.
What are the priorities young people must consider?
It’s become tougher for young people to reach their long-term ambitions as prices have risen over the last few years, causing some to push back major life events.
Major life goals will vary from person to person, but common ones include getting married, starting a family, buying a first home, investing, starting your own business, or building your pension savings.
According to research by Novuna Personal Finance, over one in five 25-34 year-olds think that major life events, such as getting married, starting a family, or owning property are unattainable.
We’ll find a professional perfectly matched to your needs. Getting started is easy, fast and free.
Find a financial adviserHow can a financial adviser help?
While these long-term goals can appear daunting, expert financial advice can be useful as it can provide a clear plan for reaching these milestones.
While there are things young people can focus on solo, such as creating a budget, building a good credit score, and establishing an emergency fund worth three to six months’ worth of expenses, there are areas an adviser can add value.
An adviser can be particularly useful in ensuring you use any tax allowances or reliefs, which can be helpful if you’re starting your own business or building your pension pot.
If you’re planning to get married, buy a home, or start a family, a financial adviser can help find tax-efficient ways to save money and alleviate costs via government allowances and schemes.
They can also help you plan for the future, so you can have a comfortable retirement when the time comes, or with estate planning, so that you can pass on your assets to loved ones.
There are other areas where a financial adviser can offer support, such as finding the right insurance policy to help protect you and your loved ones if the unexpected happens.
Various insurance policies include:
Investing and retirement planning are other areas where a professional financial adviser can add value.
They can help you decide on a long-term strategy in line with your risk appetite and personalised goals, as well as help you reduce any fees or consolidate any pensions.
What to consider when seeking financial advice
Before you seek advice from a qualified financial adviser, it’s worth considering what you’re hoping to achieve.
For example:
Do you have a financial goal you want to achieve? Is there a desired timeframe in mind to achieve this goal?
Which area of your finances do you need help with? This could be short or long-term. You may need help consolidating your pensions, buying a house, or creating a long-term retirement plan.
Does investing in your pensions factor into your financial goals?
Do you have an idea of what your retirement will look like?
Are you keen to get on top of legacy and estate planning?
When you consult a financial adviser, your initial consultation is usually free, and they should be able to let you know any information about fees before you confirm if you want to proceed.
There are many benefits to seeking financial advice, as you’ll get personalised recommendations based on your unique circumstances and financial plans.
An adviser can help you navigate ever-changing financial policies and regulations, as well as save you time, money and stress.
Recent research from Unbiased has found that among those who received expert advice, some benefits included a clearer understanding of financial goals and creating a more diversified investment portfolio (36% for both) and lower stress (26%).
Get expert financial advice
Navigating your finances and reaching your long-term objectives can be tricky, regardless of your stage of life.
Unbiased can match you with a qualified financial adviser who can recommend the best course of action based on your unique circumstances.
We’ll find a professional perfectly matched to your needs. Getting started is easy, fast and free.