Teach Secondary Issue 14.8

“You don’t need lots of money to get financial advice” What’s the biggest misconception teachers have about their financial needs? That you can’t go to a financial adviser until you’ve got large sums of money, which is simply not true. Sometimes it’s our job to help you start to create, build and manage your money, to make sure it’s working in the right way for you. We’ll often start from ground zero and take someone through their plans, making changes along the way as their life changes. Another misconception is income protection. Teachers usually get six months’ full pay, then six months at half pay, so we’re often asked, ‘ Why would I need to pay for something I may never use? ’ But that’s putting it in the same category as your car or house insurance – and you may never claim on those policies, either. How can teachers make their savings work harder, and how often should they review them? If you put your money into a low rate savings account with the bank, and it gets maybe 2% or 3% interest, there may be better options for it – especially since low rates of interest may struggle to keep pace with inflation. If you want your money to work harder, it may be worth ABOUT OONAGH: Oonagh Morrison is Regional Manager at Wesleyan Financial Services Contact: 0345 351 2352 wesleyan.co.uk/ teachers What’s the difference? + Our specialist financial advisers are experts in advising teachers and those working in the education sector +We can offer a range of services tailored to you, including comprehensive financial planning +We help educators reach their financial goals through our partnerships with NASUWT and NAHT 30 SECOND BRIEFING Wesleyan’s specialist financial advisers offer holistic financial planning for teachers and senior education leaders across the UK. From the start of your teaching career to planning for retirement, we can support you at every step. Q&A Oonagh Morrison explains why it’s always worth regularly reviewing your finances with an expert considering an investment. This is a long-term commitment – for at least five years, so it won’t be right for everyone – but if you’re comfortable with that, one option can be an investment fund. Your money is pooled with other investors to buy a range of assets. You own units in the fund, which can go up or down in value depending on the success of the investments. The fund will be managed by a fund manager, who runs the investment on behalf of the investors. You therefore don’t need to be an experienced investor to invest in a fund, but you will need to pay a monthly or annual management charge. How can a Specialist Financial Adviser help? A good adviser will take the time to get to know what’s important to you. They’ll probe to understand exactly what you need from a financial plan. If you’re considering an investment, they’ll not only assess your appetite for risk, but also your ethics, and what you do and don’t want your cash to be used for. An adviser fromWesleyan Financial Services will be there for you throughout your career. From your first home purchase, through to helping to financially plan the retirement you’ve dreamed of. Bear in mind that the value of investments can go down as well as up, and you may get back less than you invest. Charges may apply. You will not be charged until you have agreed the services you require and the associated costs. Learn more about our charges at wesleyan.co.uk/financial-advice/charges NASUWT and NAHT are introducer appointed representatives of Wesleyan Financial Services Limited. Wesleyan Financial Services Ltd (Registered in England and Wales No. 1651212) is authorised and regulated by the Financial Conduct Authority. Registered Office: Colmore Circus, Birmingham B4 6AR. PA R T N E R C O N T E N T 15 teachwire.net/secondary