30 December 2018

Royal London's new year money goals

When it comes to making a New Year’s resolution, focusing on money, or lack of it, is likely to be high on the list.

4 min read

 
Meera Khanna, Consumer PR Manager

Meera Khanna

Consumer PR Manager - Protection

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Research from Royal London shows two in five (41%) adults are anxious about money, which can often lead to nightmares and stress.

Making gradual changes to spending habits can help you achieve your financial objective, whether it be paying off a credit card, saving for a holiday or taking out insurance for the family.  Royal London’s New Year money goals can help you be money savvy and swap a penny for a pound all year round:

  • Keep a spending diary – it helps to review your expenditure so you can make a budget which should stop you from overspending. You can alter and prioritise what you are spending to enable you to stay within your means. Most banks offer a digital spending breakdown app and there are a lot of free budgeting planners available online.
  • Protect the family – half (50%) of consumers told Royal London they believe life insurance is essential for anyone with a mortgage or dependants. Insurance pay-outs can make a real difference to spouses, children and anyone in your family dependent on your income, so it is best to start preparing for the future. Money spent now to protect your family could bring important benefits in the future. 
  • Write a will – Royal London found three in five (59%) UK parents either do not have a will or have one that is out of date. It is especially important for parents to have an up to date will, so if the worst were to happen their children would be brought up by who they choose. A will also ensures your assets are passed on as you wish them to be, so it’s vital to have one and keep it up to date.

Mona Patel, consumer spokesperson for Royal London, said:

New Year is often the time when people take stock and  evaluate their finances for the year ahead. No-one likes to think about the difficult things in life but it could be time and money well-spent,  giving you peace of mind and improving your financial security.”

- ENDS –

For further information please contact:

Meera Khanna, Consumer PR Manager

About Royal London:

Royal London is the largest mutual life, pensions and investment company in the UK, with funds under management of £117 billion, 8.8 million policies in force and 3,745 employees. Figures quoted are as at 30 June 2018.