The paradox facing many young adults in Britain today is that whilst they’re far less likely to suffer serious health complications due to Covid-19, they are disproportionately more likely to be economically impacted by the pandemic. Little wonder young adults are now reporting a major decline in their overall financial wellbeing. However, with tailored financial planning and investment advice from Acumen Financial Partnership, younger workers can still look forward to the bright financial future they deserve.
Covid’s economic impact on younger adults
The current picture for younger workers makes for bleak reading. According to a report by the London School of Economics, British workers aged below 25 are twice as likely to have lost their jobs during the pandemic compared to older generations. Getting back into work is now harder too, with fierce competition for fewer jobs, which could ultimately lead to poorer job prospects and lower wages for years to come.
The LSE’s research found that 63% of young people said the pandemic had affected their wellbeing and that 62% said it had affected their long-term plans. In separate research by Schroder’s Personal Wealth, 61% of 18-34-year-olds admitted they regularly or occasionally experienced stress over their financial situation. However, a mere 13% of under 35-year-olds would consider speaking to a financial adviser about their concerns.
Financial planning is for people of all ages
“Younger adults who would clearly benefit from the guidance of a financial adviser don’t feel they can access support as things stand,” said Angela Maher, Managing Director at Acumen Financial Partnership. “Perhaps they perceive those services as expensive, intimidating or excluding, when, in actual fact, nothing could be further from the truth. Financial planning is an important tool for people of all ages, regardless of where they are in their careers, and pays for itself with the savings it can bring.
“Tailored financial advice can not only help younger adults to save from a monetary perspective, but it can also ease a great deal of the financial worries that existed pre-pandemic but have been exacerbated by the crisis. Acumen Financial Partnership is fully inclusive and we relish the opportunity to work with younger adults at the beginning of their career trajectories to establish actionable financial strategies. We can provide the support they need to become confident in their finances and to secure a healthy financial future.”
Secure your financial future with Acumen
Acumen Financial Partnership offers a range of advisory services that can help you to secure your financial future. From setting up a private pension to savings and investment advice, Acumen’s financial planning experts are here to help you take control of your finances. Our complete independence, open-door policy, and plain English approach mean that you can rely on us to look after your best interests at heart. You might also be surprised at just how affordable our fees are – especially once you start to reap the benefits!