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Your midlife can be an exciting time; you may have ticked off some goals or bucket list items and are looking forward to what the future holds. Yet, it might also present some new challenges. Arranging a financial midlife MOT could help you overcome obstacles and feel confident as you prepare for the next chapter.

While you might have a better understanding of what you want to get out of life than when you were younger, finances can often become more complex, making it difficult to understand what’s possible. A financial midlife MOT gives you a chance to examine your finances now and calculate if you’re on track to reach your aspirations.

Here are five common challenges a financial MOT could help you navigate.

1. Merging your finances with a partner

As you start to consider retirement and your future, you may opt to merge finances with your partner if you don’t already.

Bringing together your finances can be challenging at any time, but particularly when you’re older, as you may both already hold assets, such as pensions or property. Working with a financial planner could help you take stock of your assets and start to understand how they might form part of your financial plan as a couple.

As well as juggling two sets of assets, you might have different views on financial priorities and long-term goals.

As your financial plan places your aspirations at the centre, a midlife MOT could help you clarify your priorities and balance them with your partner’s.

2. Planning for your retirement

66% of people aged between 45 and 49 feel unprepared for retirement, according to research from LV published in June 2025.

Retirement might feel years away, but it’s a milestone that benefits from early preparation. The decisions you make now could affect your income in your later years, so weighing up your options is essential.

A financial midlife MOT can include reviewing your pensions and other assets you intend to use in retirement to calculate if you have “enough” to live the retirement lifestyle you’re looking forward to.

You could find you’re already on track and enjoy peace of mind as a result. If you discover there’s a potential shortfall, knowing this sooner puts you in a stronger position to bridge the gap, and a financial plan highlights the steps you might take.

3. Balancing care responsibilities

While you might no longer have young children to care for, you could find that you still have care responsibilities during your midlife.

In fact, according to December 2024 research from Legal & General, 1 in 6 middle-aged people support other adults financially, such as grown-up children or elderly parents.

If this isn’t something you’ve considered as part of your financial plan, it could make it harder to budget now and may affect your financial security in the future.

It’s not just your finances that care duties may affect. 1 in 7 midlifers said they provide unpaid care, with hours equivalent to a part-time job. Around half said they feel overwhelmed by their weekly commitments. This can take a toll on your overall wellbeing.

A financial plan that’s focused on what’s important to you could help you balance new responsibilities with your personal goals. For example, you might pay for a carer a few times a week so you’re still able to attend social clubs that you enjoy.

4. Improving your financial resilience

While you might have ticked off some financial commitments, such as paying your mortgage or children’s school fees, it’s still important to ensure you could withstand a financial shock. Your income stopping or facing an unexpected bill often has the potential to derail your plans.

A midlife review gives you the opportunity to evaluate your financial security and assess how you’d cope with an unexpected event.

You might check if you hold enough cash in your emergency fund or review your financial protection to see if you have an adequate safety net. While you hope never to need it, a financial safety net can provide reassurance and protection if the unexpected happens.

5. Setting out your legacy

It’s easy to think that you don’t need to consider how you’ll pass on assets to your loved ones yet. However, it’s impossible to know what’s around the corner, and there may be benefits to passing on wealth during your lifetime rather than waiting to leave an inheritance.

Putting together an estate plan can be difficult. Not only are you bringing together all your assets and considering how circumstances may change in the coming decades, it’s also an emotional topic. So, if it’s something you’ve been putting off, you’re not alone.

It may be daunting at first, but your estate plan allows you to take control of your legacy. As your financial planner, we can help you create an estate plan that gives you long-term security while supporting the people who are important to you.

Contact us to arrange a financial midlife MOT

Get the most out of your life by feeling confident about your finances. Please contact us to talk to one of our team members and arrange a financial review.

Please note: This blog is for general information only and does not constitute financial advice, which should be based on your individual circumstances. The information is aimed at retail clients only.

The value of your investments (and any income from them) can go down as well as up, and you may not get back the full amount you invested. Past performance is not a reliable indicator of future performance.

Investments should be considered over the longer term and should fit in with your overall attitude to risk and financial circumstances.

A pension is a long-term investment not normally accessible until 55 (57 from April 2028). The fund value may fluctuate and can go down, which would have an impact on the level of pension benefits available. Past performance is not a reliable indicator of future performance.

The tax implications of pension withdrawals will be based on your individual circumstances. Thresholds, percentage rates, and tax legislation may change in subsequent Finance Acts. 

Note that life insurance and financial protection plans typically have no cash in value at any time, and cover will cease at the end of the term. If premiums stop, then cover will lapse.

Cover is subject to terms and conditions and may have exclusions. Definitions of illnesses vary from product provider and will be explained within the policy documentation.

The Financial Conduct Authority does not regulate estate planning.

It was just 50 years ago that the Sex Discrimination Act 1975 allowed women to open their own bank account or take out a mortgage alone. Progress has been made since then, yet the gender wealth gap remains.

Indeed, according to an April 2025 article from Legal & General, the gender pay gap was 13.1% in 2024. This has an immediate effect on short-term finances and larger implications when you calculate the impact it has on long-term wealth.

For example, at the age of 50, the average man has almost £85,000 in a pension. The average woman has less than half this at just under £40,000.

So, women could find themselves at a disadvantage when managing their finances when compared to their male counterparts. Read on to find out why working with a financial planner could help women close the gender wealth gap.

1. Improve your financial confidence

One of the reasons that some women experience a wealth gap is a lack of financial confidence, which leads to them taking a risk-averse approach to their finances.

A March 2024 survey carried out by HSBC found that 2 in 3 women don’t feel confident enough to invest, and 1 in 4 avoid investing because they feel like they don’t have the necessary knowledge.

If you want to increase your wealth, investing may provide a way to generate returns that are higher than the interest rate you’d receive from savings and inflation. However, investing does come with risks, and this puts off a significant portion of women, so they miss out on potential returns.

Working with a financial planner means you have someone you can turn to when you have questions about investing or another aspect of your financial plan. Knowing they’ll offer advice that considers your circumstances could give you the confidence to invest.

2. Make career breaks part of your financial plan

Another key reason for the gender wealth gap is that women are more likely to take a career break to look after young children.

During this time, you may pause pension contributions and other steps that build long-term wealth, such as making regular investments.

A financial plan can incorporate your career breaks and identify where there might be a shortfall as a result. For example, if your plan shows you may fall short at retirement, you may prioritise continuing contributions while you’re caring for children, increase contributions when you return to work, or delay your retirement.

By assessing the long-term effect of a career break, you can weigh up the implications and be aware of how you could close potential wealth gaps.

3. Offer support during a relationship breakdown

A relationship breaking down is often an emotionally difficult time. For many women, it’s also financially challenging.

According to an April 2025 survey from Legal & General, women’s incomes are cut in half following a divorce, and it leaves 24% of them in a financially vulnerable position. As well as losing the income of a partner, women are twice as likely as men to reduce working hours post-divorce to accommodate childcare responsibilities.

This reduced income not only places pressure on your immediate budget but also affects your ability to save for the future.

In addition, 28% of women waive their right to a partner’s pension as a part of a divorce settlement, which creates further retirement risks.

Seeking professional financial advice when you’re dealing with a break-up might be the last thing on your mind, but it could help you understand your new financial position and, if you’re divorcing, which assets you might be entitled to.

4. Create a plan that allows you to retire in confidence

As mentioned above, women often have less saved for their retirement, which could place pressure on their finances later in life. This is further compounded by women having longer life expectancy on average, meaning the savings they do have will need to stretch even further.

Working with a financial planner could help you see if you’re on track to have “enough” in your pension to provide the income you need, make additional contributions if necessary, and review how your money is invested to get the most out of it.

Creating a retirement plan that’s tailored to your financial circumstances and lifestyle goals could help you approach retirement with greater security and peace of mind.

Contact us to talk about your wealth

If you’d like to create a tailored financial plan that helps you get the most out of your wealth, please get in touch.

Please note: This blog is for general information only and does not constitute financial advice, which should be based on your individual circumstances. The information is aimed at retail clients only.

The value of your investments (and any income from them) can go down as well as up, and you may not get back the full amount you invested. Past performance is not a reliable indicator of future performance.

Investments should be considered over the longer term and should fit in with your overall attitude to risk and financial circumstances.

A pension is a long-term investment not normally accessible until 55 (57 from April 2028). The fund value may fluctuate and can go down, which would have an impact on the level of pension benefits available. Past performance is not a reliable indicator of future performance.

The tax implications of pension withdrawals will be based on your individual circumstances. Thresholds, percentage rates, and tax legislation may change in subsequent Finance Acts. 

Planning for the possibility of needing care can be daunting, but it also provides you with a sense of control and a chance to set out what your wishes would be.

Over the last few months, you’ve read about why preparing a care plan is important and the potential costs of funding care later in life. Now, read on to find out how you can make your wishes known.

1. Plan a meeting with your loved ones to discuss your care wishes

For many people, communicating your wishes will start with talking to your loved ones.

While this might seem simple, it can be a difficult and emotional conversation for both parties. Letting your loved ones know what you wish to talk about beforehand may allow them some time to prepare so you’re able to have a productive discussion.

Be clear about your wishes and communicate what you’d like to happen in different scenarios.

A meeting with loved ones is particularly important if you intend to rely on them to provide some level of care or name them in a Lasting Power of Attorney (LPA), which would give them the ability to make decisions on your behalf if you lose mental capacity.

2. Document your wishes in writing

Even after you’ve had a conversation with loved ones, documenting your wishes in writing is still useful.

Your family might refer back to it if they need to make decisions on your behalf. It may also resolve disputes if loved ones hold different opinions.

Make sure the document is regularly reviewed and updated if your wishes change, and is easy to access. You might also choose to provide a copy to a professional, such as your solicitor.

3. Name a Lasting Power of Attorney

As mentioned above, an LPA would give someone you trust the ability to make decisions on your behalf if you lose mental capacity. You can appoint more than one person.

There are two types of LPA.

When planning for care, it’s the health and welfare LPA that’s important. This would cover decisions about things like your daily routine, medical care, moving into a care home, and receiving life-sustaining treatment.

The second type of LPA covers property and financial affairs.

You can name the same person on both types of LPA if you choose.

Crucially, you must make an LPA while you have mental capacity. So, if you haven’t already completed the appropriate forms, you may want to make it a priority.

4. Make an advance decision for medical treatment

If you have strong views on medical treatment, you can make an advance decision to refuse treatment (ADRT). This would let your healthcare team know your wishes if you’re unable to communicate.

The treatments you’re deciding to refuse must all be named in the advance decision.

If you’d want to refuse treatment in some situations but not others, it’s important to be clear about the circumstances that you wouldn’t want treatment to go ahead.

An ADRT is legally binding so long as it complies with the Mental Capacity Act, is valid, and applies to the situation. You might choose to speak to your GP or other medical professional to understand the potential treatments and whether refusing them would be right for you.

5. Ensure your care fund is known and accessible

As part of your care plan, you might set aside cash or other assets to fund future care.

Make sure your attorneys or other decision makers know about this fund and can access it. For example, by naming them as your property and financial affairs LPA. Otherwise, there may be delays or uncertainty about affordability could prevent your wishes from being carried out.

Contact us to talk about your care plan

If you’d like to make potential care costs part of your long-term financial plan, please get in touch. It could offer you peace of mind that should you need care in the future, your wishes will be followed.

Please note: This blog is for general information only and does not constitute financial advice, which should be based on your individual circumstances. The information is aimed at retail clients only.

The Financial Conduct Authority does not regulate Lasting Powers of Attorney.

Financial planning can add real value to your life, helping you achieve your goals and enjoy the lifestyle you want.

When you think about financial planning, you might initially focus on the financial element.

Perhaps you’re interested in how planning can help you reduce your tax bill, invest to get the most out of your savings, or make sure you’re on track for retirement?

While financial planning can certainly help in these areas, it actually goes far beyond that. It’s all about helping you live the life you want, feel more confident about the future, and reach your goals.

When clients first approach a financial professional, it’s often because they need support with a specific question or concern, such as:

• Can I afford to invest more of my wealth?
• How much do I need to save to enjoy my lifestyle in retirement?
• What can I do to reduce Inheritance Tax for my loved ones after I’m gone?

While a planner can help you answer questions like those above, the process of financial planning is even more all-encompassing, designed to deliver greater value.

In this guide, you can find out why.

Download your copy here: “Revealed: The value of financial planning” to discover how financial planning could help you achieve your long-term aspirations.

If you have any questions or would like to discuss how we could work together to build a financial plan, please contact us.

Please note: This article is for general information only and does not constitute advice. The information is aimed at retail clients only.

Your relationship with money is related to far more than how much cash you have. In fact, psychological influences could be having more effect on your decisions and how you feel about wealth than you think.

Speaking to the Guardian in July 2025, financial psychotherapist Vicky Reynal stated she believes thoughts and feelings about money have “everything to do with our earliest experiences, deepest yearnings, and misgivings”.

Her unusual role sees Reynal work with clients to assess why they’re making certain financial decisions. She notes that while many clients understand what they need to do to improve their financial position at a rational level, they can’t bring themselves to do it.

For example, some people know they need to cut back to balance their budget, but still obsessively purchase non-essential items like shoes. Or, on the other end of the spectrum, one client has ample means to purchase nice things but will only buy the basics.

Taking a step back to understand why you make certain decisions could help improve your relationship with money and your chances of reaching long-term goals. Read on to discover some of the psychological influences that might affect you.

Recognising these psychological influences could improve your relationship with wealth

Previous experiences

Past experiences have a profound effect on how you view current situations, and lessons from your childhood can be particularly influential.

If your family had a mindset that money is meant to be spent, you might find it difficult to save or invest for the future, even though you know it would benefit you in the long run. Alternatively, if you were encouraged to save all your money as a child, you may be reluctant to spend money on luxuries even if they’re affordable for you.

A financial plan is centred on your goals and identifies the steps you need to take to turn them into a reality. So, by working with a professional, you could overcome the influence that past experiences might have.

Money beliefs

“Money beliefs” refers to deeply held and unconscious ideas you have about money. Again, these often start to form in childhood, and it can be difficult to spot when they’re influencing your decisions.

For example, Reynal notes that if you grew up in a culture that thought of wealth as “immoral”, it can lead to a dilemma around what it means for you to become wealthy. For some, this money belief could mean they sabotage their financial security or build up wealth they worry about using for fear of judgment.

Working with a financial planner could provide an opportunity to re-examine your money beliefs and why you’re making certain decisions.

Comparing what you have to others

As the common saying goes, comparison is the thief of joy.

Sometimes, looking at what other people have can negatively affect your relationship with money. Such behaviour could then affect both your small and large financial decisions.

You might feel envious when a family member shows off their latest gadget. But if you let emotions get the better of you, it could lead to you splurging on the item even though you didn’t want it before. Or you may be looking forward to your retirement at 65, but feel less enthusiastic once you discover a friend plans to give up work earlier.

While it can be difficult at times, try to focus on your financial plan and stop making comparisons. Everyone’s path is different, and usually, you only see a snapshot of someone else’s life.

Get in touch to talk about improving your relationship with money

Setting clear goals and having a financial plan that reflects your circumstances could have a positive effect on your relationship with money. Please get in touch to discuss how you might turn your goals into a reality and feel more confident about your financial future.

Please note: This blog is for general information only and does not constitute financial advice, which should be based on your individual circumstances. The information is aimed at retail clients only.

Understanding where your wealth is coming from and how you’re using it could help you make more informed decisions. However, as so many assets are intangible, having a clear picture of your wealth can be difficult. Finding ways to visualise all your assets is often useful, and something people have been doing for centuries.

When you hear the term “Exchequer”, you might think of the government’s economic and finance ministry or the position of chancellor of the Exchequer, which in 2025 is held by Rachel Reeves. However, the term is much older than the position.

The government explains that it is derived from a chequered cloth that was used by accountants in the 11th century to aid auditing by providing a way to visually record where money was being spent and received at a national level. These Exchequer meetings were said to be confrontational, with powerful Barons often interrogating the accountants about the state of their affairs.

Indeed, in the first Exchequer Budget recorded in 1284, the method highlighted that the Crown was spending far more than it was bringing in, which led to the introduction of taxation.

The Exchequer’s function as a financial department of state formally ended in 1833, but the value of visualising wealth remains, including when managing your personal finances.

Today, understanding your wealth can be even more difficult as so many transactions and assets are digital. According to a December 2024 report from the BBC, only a fifth of transactions in 2023 involved physical money.

Why visualising your wealth could support your long-term plans

Being able to see a visual representation of your wealth could help you better understand your assets, get to grips with your budget, and support your long-term goals. In addition, it can be reassuring to see all your assets, including those that are intangible.

The good news is you don’t need to unroll an Exchequer cloth and gather counters when you want to visualise your wealth. Today, cashflow modelling could help you assess your financial position now and in the future. Read on to find out how cashflow modelling works.

4 steps to creating a cashflow model that helps you achieve your long-term goals

1. Set out your goals and priorities

A cashflow model is used as part of your wider financial plan. You can begin creating one by talking with your financial planner about what you want to achieve in the short and long term, whether that’s travelling the world more in the next five years or being able to retire at age 60.

2. Gather your financial information

To calculate if you’re on track for the future, you need to understand your current financial position.

So, you’ll need to gather information that can be added to your cashflow model. This might include how much you’ve saved in your pension, the value of your home, or the amount in your emergency fund.

Your financial planner will then make realistic assumptions about factors that could affect your wealth, such as investment returns or the rate of inflation.

3. Project how your wealth might change

You can then see how your wealth will change over the long term. One of the reasons cashflow modelling is powerful is that it allows you to see multiple possibilities to explore your options and stress test your financial plan.

So, you might see if increasing your pension contributions by 1% now could mean you’re able to retire earlier. Or if you could gift assets to loved ones and still have enough to reach your other long-term goals.

You might also want to model scenarios that you’re worried about, so you’re able to take steps to protect yourself should they happen. For instance, you might want to see how taking an extended period off work due to ill health could affect your long-term security. Understanding the potential effect might highlight how you’d benefit from increasing your emergency fund or taking out appropriate financial protection.

4. Regular reviews are important for reflecting changes

Life doesn’t always turn out how you expect. Sometimes unexpected events or simply changing your mind might mean your goals and financial circumstances are different. So, to get the most out of your cashflow model, it’s important to update it regularly.

As well as personal changes, other factors outside of your control could also affect your wealth and the decisions you make. For example, a period of high inflation might mean you need to take a greater income in retirement, or market volatility could mean investment returns are lower than expected. Working with your financial planner to incorporate these events into your cashflow model could help you understand what they mean for you.

Get in touch to understand your wealth

If you’d like to understand your assets and how they might change in the future, please get in touch. We could work with you to create a cashflow model and use the information to build a long-term financial plan that focuses on your aspirations.

Please note: This blog is for general information only and does not constitute financial advice, which should be based on your individual circumstances. The information is aimed at retail clients only.

The value of your investments (and any income from them) can go down as well as up, and you may not get back the full amount you invested. Past performance is not a reliable indicator of future performance.

Investments should be considered over the longer term and should fit in with your overall attitude to risk and financial circumstances.

A pension is a long-term investment not normally accessible until 55 (57 from April 2028). The fund value may fluctuate and can go down, which would have an impact on the level of pension benefits available.

The tax implications of pension withdrawals will be based on your individual circumstances. Thresholds, percentage rates, and tax legislation may change in subsequent Finance Acts. 

The Financial Conduct Authority does not regulate cashflow modelling.