Page 56 • The HERALD • 6th October 2022 v THE HERALD - Proud to be part of your communityv ASK A PROFESSIONAL Cost Of Living Crisis - Putting Life On Hold by Michael Osman, Oyster Financial Planning Rising living costs have been so signi cant in recent months that most UK households will have noticed a squeeze on their monthly budgets. is can have a knock-on e ect on their lifelong goals. PUTTING LIFE ON HOLD - Millions of people across the UK fear that the long-term impact of today’s rising living costs could see their life goals delayed or even missed altogether. Almost two-thirds (64%) are concerned about their nancial future. TACKLING RISING EXPENSES - Households are tackling rising expenses by turning o the heating (48%), lower grocery spend (37%) and driving their vehicles less (24%). However, over half of UK adults (56%) feel they have already done everything they can to save money. Nearly a third (30%) no longer have a ‘savings bu er’ to cover unexpected costs. More than nine million potential homeowners – 48% of all people planning to purchase a home – now estimate they will need to delay this goal. WEDDING DREAMS DELAYED - Dreams of getting married (7.2 million potential brides and grooms – 47%) and even parenthood (50% of those who plan to have a/another child – 6.8 million people) have also been delayed as a result. FUTURE FINANCIAL SUPPORT - Almost two in ve (39%) people who planned to set a lump sum aside for their children now think they will have to delay this. Almost a h (16%) do not see themselves ever being able to help out their children, while 39% of people who had planned to give their children a deposit on their home now say they will delay this. LONG-TERM GOALS - Longer term, 45% of people who had dreams for retirement anticipate that they will have to put them on hold. More than one in ten (12%) of people think they are never likely to retire. Only 7% (3.9 million people) have sought out professional nancial advice. PRESSURE ON FINANCES - One way to help ease the pressure on household budgets is to make sure that people are getting all the bene ts and tax credits they are entitled to. Make sure you are claiming everything you are entitled to by checking the government’s website. Another way to ease the pressure on your nances is to make sure you are getting the best deal on your essential bills. If you fear your plans have been put on hold and want to learn more please contact Michael at Oyster Financial Planning in Hythe village or call 02380 848410. (Source: Opinium Survey for Legal & General) Michael Osman, Oyster Financial Planning
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