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DIY approach to money matters 'costs savers in the long run'

Whether you're looking to manage your investments, save for a comfortable retirement or set aside enough to pass on to your children and grandchildren, planning your financial future means making the right spending, saving and investment decisions to meet your goals.

Expert financial advice can guide you through the maze of different options to help maximise your savings and minimise your tax liabilities. But new research from Aegon shows that many people don't seek professional advice because they overestimate their own financial capability.

In fact, faith in their own money management skills is the biggest reason people give for not consulting a financial adviser.

The survey of 2,000 consumers also revealed that while half of respondents are confident in choosing savings and general insurance products, the figure drops to about one in 10 when it comes to making more complex decisions about pensions and investments.

Avoiding professional advice can also result in a poorer relationship with money, Aegon found. Three quarters of people with an adviser said they have a good or very good relationship with money, but this fell to 58% of people who have never received financial advice.

And when thinking about when to retire and other important financial decisions, those people who had a financial adviser were far more confident about making a decision (54%) compared to those who didn't seek advice (29%).

"Managing your own finances can be rewarding, but there's a lot to consider and it's worth remembering that the financial decisions you make can have lasting implications for the rest of your life," said Steven Cameron, pensions director at Aegon. "That's why working with a financial adviser often makes huge sense."

Cameron noted that decisions on spending, saving and investing can be complex, especially with the pension freedoms introduced in 2015.

He added: "Financial planning isn't a one-size-fits-all approach. It's designed around the individual to meet their personal needs and circumstances and can be invaluable in providing peace of mind, helping individuals make the right choices for their future wealth. There's a real danger that poor decisions can mean plans unravel, putting people's financial futures in jeopardy. Having a professional by your side helps make sense of your options, many of which you might not know you even have."

Get in touch with Fidelius and we'll get to know your life and finances so that we can provide informed and tailored advice to help you achieve your goals and secure your future. Contact us today to learn more!

Posted on January 6th 2020

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