Surge in inflation makes it easier to get people to understand why you need to take more risk to get reward with your savings
Those use an adviser have savings and investments 60 per cent higher than those who do not, according to one surveyA financial planner can look at your finances – income, debt, assets, tax, spending and saving habits etc – and make a plan to support your financial ambitions. Photograph: iStock
Even shopping for a new vacuum cleaner can see us sitting in front of our laptop at 1am with five Google tabs open of reviews debating suction power, paralysed in a loop of questions, reversed decisions and anxiety about picking the wrong one. God help you if you make the wrong choice and are stuck with a vacuum cleaner you hate – or an ugly feature wall or five extra kilos or a child who grows up to resent you because they never got cello lessons.
The survey found that those who used an adviser had savings and investments that were 60 per cent higher than those who didn’t. “There isn’t anybody in Ireland who doesn’t need one; every single person is going to need advice at some point,” he says. “We all came out of the Irish education system knowing lots about geography but nothing about how we put our lives together financially.”
“We saw a lot of that during Covid… stories of people buying Porches out of their bitcoin wallets,” he says. In comparison to social media “money gurus”, a qualified financial planner or adviser dealing in regulated products won’t be issuing promises to double your money in 90 days. In fact, Hedderman says, if his clients get “too excited” by an investment “then we have an issue”.
That can involve investing in certain long-term products or putting savings into shorter fixed-term deposits. Sometimes they can help just by taking on the dirty work of going through all your statements to see where your money is really going. Right now, inflation and the cost of living crisis make it harder to get to the end of the month with any money left over. That could mean most of us placing financial planning way down our priority list as we try to find ways to cover our everyday expenses. But Hughes says with everything costing more and existing savings able to buy less, this is precisely the time for consumers to weigh up investment risk and look for ways to beat inflation.
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