Life can take us in many different directions, it's finding the right path for the financial life we want to lead.
Financial Life Journeys
Our Risks in Life and the 6 Moments That Matter make up our Financial Life Journey.
Taken together they help us to think through the circumstances we are in and to be mindful of decisions that we take that will affect us now and in the future. This enables us to plan, empower and protect ourselves for life’s opportunities and uncertainties including the life events we may face. For example, a job opportunity, managing through a period of lower income or higher costs, a happy event such as moving in with a partner, or a difficult event such as bereavement.
An understanding of Financial Life Journeys also makes us more aware of financial gaps – for example, between men and women, and people of different ethnicity and cultural backgrounds. So, whether we are a person, practitioner or a policymaker, we can equip ourselves to create a fair and secure financial future for everyone.
Financial Life Journeys for Individuals
Click on the Financial Life Journeys to see how different people experience Risks in Life through the life course.
Althea’s Risks in Life & Moments That Matter
Click to see Althea’s Risks in Life & Moments That Matter on her Financial Life JourneyEnter
Financial Life Journeys across Society
By analysing Financial Life Journeys for different groups of people and focusing on a particular Risks in Life, the 6 Moments That Matter can help to identify positive changes to close financial gaps in society and improve financial futures. The associated PEOPLE Framework is designed to enable organisations to identify and embed inclusive and financially fair approaches according to their purpose and strategy, their organisational model and role in society.
Click on the interactive Financial Life Journey to see example actions that may be taken by people, employers, guidance bodies, financial services, regulators and policymakers to improve and level up financial futures in 6 Moments That Matter.
16% of females have had a career in technology suggested to them (33% of males).
There is a 13% attainment gap between BAME and White university students achieving a 1st or 2:1 degree.
65% of managers, directors and senior officials are men.
25% of 30-34 year olds cohabit - 46% of people do not realise the lack of financial rights on separation.
There is a 2% take up of Shared Parental Leave by eligible couples.
61% of mothers opt to work part-time earning 30% less per hour, causing the gender pay gap to double (to 15%).
3% of all women in the UK report they have a joint savings account, but their partner stops them from accessing it.
Half of people do not know to update their pension when a relationship breaks down.
Less than 40% of life insurance policyholders have a joint policy yet couples account for 66% of the customer base.
Married men’s average pension pots are five times married women’s – yet only 14% of divorces result in pension sharing orders.
89% of over-65s do not have plans to meet care costs. 51% of people see the State Pension as the most likely source of funding.
69% of pension annuities are single life and will not be available to dependent partners upon the annuitant’s death.