Reflecting Ireland - Financial Planning for Later Life
The latest issue of PTSB Reflecting Ireland focuses on financial planning for later life.
Present Bias:
In general, we have a tendency to think about our immediate needs and not too much about our future needs. This is known as present bias, and it can get in the way of planning for our future. Although it makes financial sense to plan and invest for the long term, it feels harder to put our money away today.
Good Intentions:
One in three of us intend to make a long-term financial plan, but struggle to get around to it. Women and those in middle age are the most likely to put it on the long finger, but also the most likely to benefit from having a plan in place.
Alleviating Anxiety:
Two thirds of us believe that having a financial plan for our future would help us feel less anxious and more relaxed. Putting a plan in place protects us and those closest to us from future financial stress.
We’re generally not that comfortable talking about personal finances in Ireland, but it pays dividends to talk about it, literally!
If you are one of the many that would like to plan for the long-term but haven’t got around to it yet, check our handy reminder of the key things to consider, summarised in the mnemonic P-A-T-H-W-A-Y-S:
Pension
Advice
Talk
Healthcare
Will
Accessibility
Your income needs
Savings & Investments
