What actually is financial awareness? 

Financial awareness is knowing the state of your finances at any given time. It’s having a working understanding of your income and expenses, knowing how to budget, track expenses, save for emergencies, and invest for the future for both yourself and your loved ones.

As technology continues to make access to finances easier and more accessible how can you help protect yourself in an ever evolving world?

Rachael Waring, a solicitor within our Private Client Department says “The first thing to do is to embrace technology. Branches are closing at an alarming rate and financial institutions are becoming less accessible in a face to face scenario but this doesn’t have to mean that you are left behind; knowledge is power!

"On a day to day level you can contact your bank for example by telephone banking and ask what security measures they have in place to help you feel safe and ask them to provide you with information of common scams so that you can avoid becoming a victim. It is better to be cautiously optimistic than not getting on board with change as that can in fact, leave you more vulnerable, especially in emergency situations or as you need more help with your finances through older age or illness.”

At Waddington and Son we always advise our client’s to consider making a Lasting Power of Attorney (LPA) and Financial Awareness Day is a great time to give consideration to this yourself. Many people think that because they have a will, they do not need to take any further action but a will can only be used to deal with your affairs once you have passed away. An LPA allows for a trusted person, such as a spouse or adult child to deal with your financial affairs whilst you are alive and either choose to be assisted or, through lack of capacity, have to be assisted.

Making an LPA through a solicitor is another way to ensure this important legal document is drafted correctly and that your wishes as regards your finances are accommodated where possible. Waddington and Son Solicitors can guide you through the whole process and answer any questions you may have.

By actively ensuring you are aware of your financial position and those connected to you, you can make informed decisions and can be more aware of influences and risks upon your finances.

If you would like to speak to one of our specialist Solicitors, please get in touch.