Financial education is key to understanding money matters

Enable’s Independent financial Advisors know that financial education is key at any age of life and the more the better for sensible saving, investing and spending decisions.  Good wealth management and financial planning go hand in hand with a thorough understanding of money and the institutions that manage it.

It can only be a good thing that since the Government published the new national curriculum details last autumn financial education has been included in the curriculums plans for maths as well as citizenship.

In citizenship student will be taught at Key Stage 3 (ages 11-14). The functions and uses of money, the importance and practice of budgeting, and managing risk. At Key Stage 4 (ages 14-16). Income and expenditure, credit and debt, insurance, savings and pensions, financial products and services, and how public money is raised and spent.  In Maths finance will be taught in maths at most key stages from September 2014. The exception, for Key Stage 4 maths, will come into force from September 2015 as it's still to be consulted on. In primary school maths, money will be taught as a unit of measurement and in problem-solving. Statistics is also introduced from lower Key Stage 2 (ages 7-10) for the first time, which gives an opportunity for teachers to introduce financial concepts to children.

Tracey Bleakley, chief executive of Pfeg, the UK's leading financial education charity says:
“Tax, public spending and how these relate to personal finances are all crucial areas that young people will now learn in addition to money management.”

Enable’s IFA’s could not agree more if you want any financial advice maybe talk to the kids before you talk to us.



Issued by: Enable Independent Financial Life Planners
25c North Street, Bishops Stortford, Herts CM23 2LD
Telephone: 01279 755950 - Fax: 01279 657339
Enable Independent Financial Life Planners is a trading style of Enable Independent Limited is authorised and regulated by the Financial Conduct Authority.
It is important always to seek independent financial advice before making any decision regarding your finances. If you would like any assistance, please contact us.
NOTHING CONTAINED IN THE ARTICLES SHOULD BE CONSIDERED AS GIVING INDIVIDUAL FINANCIAL ADVICE

Can an Annuity be used as part of my pension plan?

With all this news of Annuities this week, Enable Independent, IFA’s in Bishop’s Stortford have decided to give a bit more information about what it actually is, and how it can be accessed and what are the implications.

Basically an annuity is an insurance product which pays out an income, which can be used as part of a retirement strategy. If you are looking to access a steady stream of income in your retirement, then this could be used as part of your overall pension plan.

An annuity works by making an investment in the annuity, it then makes payments out on a future date or dates. How the annuity is eventually paid out depends on your individual needs, it can be paid monthly, quarterly, annually or as one lump sum payment.

Like any investment, the size of your payment into the policy, and the duration of payments effects how much you will receive. If you take out a guaranteed payout - fixed annuity or payout stream, is determined by the performance of the annuity’s underlying investments.

Investing in an annuity can be useful as part of an overall pension plan, but it is important to understand that with a annuity comes high expenses, so it would not be advisable to invest just in an annuity.

It would be a good idea to contact an IFA, like Enable Independent, before making any long-term investment choices, to discuss your own individual retirement needs. The individual and group pensions market is an ever changing world, with new legislation being brought out on a regular basis, it is difficult to keep track of what options are available with regard to your retirement planning. Hopefully within this section of our website we can explain many of these options in plain simple language and help you plan for your future. This information is purely intended as guidance and therefore if you require any specific advice please contact us directly for independent financial advice.