December 2019

Are you Ignoring your Personal Financial Plan?


Is financial planning something you think about but never get around to doing? Maybe you feel retirement is a long way off, so you keep consigning it to the backburner? But before you do that again, consider the implications of delay.

People don’t make financial plans

In my article, How much is enough to afford my retirement lifestyle, I discussed the importance of understanding how much you need in your pension bucket in order to retire and maintain the lifestyle you want.

This is an important thought exercise because I encourage people not to think about their retirement in numbers but rather in terms of lifestyle. Having money in the bank isn’t what you’re working for, it’s how soon you can stop working and still generate an income that lets you live the lifestyle you want.

Obvious though this sounds, there are still far too many people who aren’t asking themselves the right questions or doing anything to plan for their financial future.

What are the risks of not planning for your financial future?

Quite simply, not doing any financial planning is about putting the future you want for you and your family, at risk.

The sooner you start building up that pension pot, the more likely you are to achieve it by the time you retire. However, preparing for the future is more than just accumulating as much money as possible. There’s just as much danger involved in working hard to accumulate too much. How would you feel to find out you could have retired one, five or ten years earlier and still enjoy the same lifestyle?

Unless you have a plan, how are you going to know how much is enough? 

Reasons why people put off planning for retirement

Financial planning is a personal journey, so there are many reasons why people don’t get around to it:There’s not enough time in the day to think about financial planning

  • Retirement is too far away to think about yet
  • It’s difficult visualising the future
  • I don’t know where to start
  • I don’t know what a financial plan looks like
  • It’s too daunting to think about
  • I’m worried I’ve already left it too late
  • I’m afraid I won’t like my financial situation when it’s analysed
  • I don’t need to plan because I’ve already built a big enough pension pot

Get excited by your financial future! 

If the thought of risking your financial future makes you nervous, allowing yourself some dedicated time to think about your financial future helps you feel in control again. A few simple steps will get you started:

  • Have a conversation with your partner to make sure future goals and aspirations for you and your family are aligned
  • Visualise the future you want. You should get excited by the process and see it as an investment in your dreams, not just financial transactions
  • Find expert advice to make the most of your finances

About Holborn Financial

We are passionate about helping people avoid the risk of doing nothing about their financial planning. We encourage our clients to focus on what’s really important to their future and show them how to get there by providing financial planning, advice and support.

If you would like to learn more about how we can help you to secure the retirement lifestyle you aspire to, or you’d like expert advice on tax, investment and planning opportunities, please contact our specialist advisors or ring 0208946 8186.


This Briefing Note is provided for information purposes only and does not constitute any form of financial or investment advice. We believe the information to be correct at the time of going to press but we cannot accept any responsibility for any loss to any person as a result of action or refraining from action as a result of any item herein.  Tax treatment depends on individual circumstances. Both your circumstances and tax rules may be subject to change in the future. Not all areas of Estate Planning or tax planning are regulated by the Financial Conduct Authority.

Printed and published by ©Holborn Financial Limited authorised & regulated by the Financial Conduct Authority. December 2019