in Pension Funds Insider
There's been some talk lately of the need to pay more attention to our financial wellbeing, alongside physical and mental wellbeing. Research has shown we're in even worse shape, financially, than physically or mentally.
It can be difficult to find a financial adviser, though (especially one willing to advise on a Defined Benefit transfer). Trust in the profession is lacking. Even if you can access professional financial advice, it costs a lot of money.
That's why I've recently proposed the formation of a National Wealth Service.
The NHS was set up in 1948 to provide physical and mental healthcare free at the point of contact, for the majority who could not afford to 'go private'. A national network of financial advice centres by analogy could provide 'wealthcare' and massively improve our financial wellbeing.
The problem at the moment is that that while there is guidance around to tell us what we could do, we're more likely to want to know what we should do – meaning advice. A bewildering array of choices is no help if we don't understand what they mean. And making the wrong choice could be very costly.
Early reactions to my idea have mostly been along the lines of 'great idea, but never likely to happen'. Well, I've got news for the sceptics: it's already happening! For some years now there's been a network of debt advice centres, coordinated by the Money Advice Service, MAS (note that important word 'advice').
By definition though, debt advice is what you might need when you are already financially very ill. Common sense says . . .
23 July 2019 Read the full article