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Choweree House, 21 Boutport Street, Barnstaple, Devon, EX31 1RP | (Tel) 01271 344300 | info@miltonpj.net
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    Philip J Milton & Company Plc provides a well established and very competitively priced "direct instruction" share dealing service.

     

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    It is estimated that 65% of the UK population does not have a valid Will. For those, the law decides how your Estate is distributed under “Rules of Intestacy” meaning that your assets are unlikely to be distributed as you wish upon your death, not even recognising an unmarried partner, for example. Do not delay making a Will! (This service is not regulated by the FCA.)

     

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Weekly Column

Financial Resilience

24 September 2018

The number of people who are financially vulnerable is on the rise. According to the ‘Cost of Resilience’ report from Zurich UK, 34% of adults in the UK do not feel financially resilient and are at risk of failing to recover from a financial shock such as a large unexpected bill or loss of income. The report also found that 17% of adults say that they have no disposable income and almost a quarter (24%) have no savings at all.

Furthermore, the study also found that, despite half of adults experiencing unexpected leave from work, nine in ten working adults do not protect themselves and their family with a financial product such as Income Protection cover, a financial product that replaces a portion of your pay in the event of being unable to work due to illness or injury.

When asked to consider a recent time when unexpectedly out of work, nearly a quarter (23%) had to turn to family for support while one in twenty (5%) have had to take out a loan in order to make ends meet. During this time, two in five (40%) cut back on shopping for ‘nice to haves’ while one in five (22%) had to give up their social life. To mitigate the impact of a financial shock, people would struggle to make certain sacrifices. Giving up the family home, followed by their car and family holidays would be the most difficult.

There is little doubt that worrying about finances can have a negative effect on mental health and can cause sleepless nights. Three in five (60%) adults say a financial shock would negatively affect their mental wellbeing, and of these, almost a quarter (23%) say it would impact it greatly.

How can we help?

We have a team of highly qualified advisers who would be only too happy to discuss the process of putting precautions in place to ensure that you and your family are financially secure, with the initial meeting provided at our cost. Please do contact the office to arrange a mutually convenient appointment

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Philip Milton Comment

Wills

Following-on from my recent case noted ‘vulnerability’ an older friend called me recently. She didn’t know that we did Wills and wondered if a wait of seven weeks before receiving a draft of what was to be her very simple Will from one of the so-called leading local lawyers was acceptable or normal. I started by suggesting that any of us can be busy so that it shouldn’t happen but perhaps with holiday and so on it could be explained but then she noted she had called several times and not had messages returned (yes, the firm’s telephone went straight to a ‘we are busy do leave a message’ service) and she had been concerned and had to ask the simple question ‘what would happen if anything happened to me?’ Yes, she has been quite poorly.

 

 
Founded in 1985, Philip J Milton & Company are delighted and proud to offer a fully independent financial and investment planning service and we advise upon all aspects of clients’ financial affairs.

The Financial Conduct Authority does not regulate some areas mentioned on our web site including: Buy to Let Mortgages, Claims Management Activity, Taxation & Accountancy, Probate Administration and Will Writing.

Risk Warning - Stockmarket investments can offer income through the payment of dividends and interest and good opportunities for capital appreciation over the longer term. By this, generally we mean periods in excess of five years, preferably much longer. However, we can never promise you particular returns, especially in the short-term. At any point in time but especially in the short term, your capital could be worth less than the original amount invested as some of the selected holdings may fall in value, regardless of expectations at the time of acquisition. We may also invest in funds that hold overseas securities. The value of these investments may increase or decrease as a result of changes in currency exchange rates. Returns achieved in the past cannot be relied upon to be repeated.

Philip J Milton & Company Plc is authorised and regulated by the Financial Conduct Authority.
Philip J Milton & Company Plc is entered on the FCA register (http://www.fca.org.uk/register) under reference: 181768.
# Registered Office: Choweree House, 21 Boutport Street, Barnstaple, Devon, EX31 1RP
Registered and Incorporated in England number 3233275 | VAT number 682 2544 28
A list of the Directors is available from the registered office


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