‘Alarming’ number yet to adapt financial strategy for pandemic

An “alarming” number of people are yet to adapt their financial planning strategies to the impact being caused by the coronavirus pandemic, according to the CEO of the independent financial advisory organisation, deVere Group.

The warning from deVere CEO and founder, Nigel Green, comes as the world faces a Covid-19 global recession, with Green suggesting all major financial markets remain volatile, while unemployment continues to rise, and emergency government measures already under pressure.

Green described that major companies had issued profit warnings in February – as economies began to feel the hit from coronavirus – when deVere had warned against complacency and urged people to reassess their financial planning strategies “sooner rather than later”.

“As the global public health crisis and the ensuing economic fallout has rapidly intensified, more and more people have, sensibly, been reviewing their strategies to ensure that they are still on track to reach their long-term financial goals,” Green commented

“This is usually in terms of investments, savings, tax planning, pensions and retirement planning, wills, education fee planning, and foreign exchange.”

“However, an alarming number of people have still not moved to coronavirus-proof their financial planning strategies, despite the growing need to do so.  

“This is concerning as we can be in no doubt that the world has already changed because of the coronavirus pandemic – and it will do so more and maybe at a faster pace. For instance, we are moving towards an era of negative interest rates – this will negatively affect savings but bolster equity prices.”

Green also warned there would be “winners and losers” in the economy, meaning job losses in some sectors, and “potentially unprecedented” job and investment opportunities in others.

“The shifts and the disruption will impact people’s finances,” he continued. “There will be a new normal and it would be sensible sooner rather than later to reassess your strategies to ensure that you are still on target to reach your financial objectives by mitigating the risks and taking advantage of the inevitable opportunities that arise during times of enhanced volatility.

“This is perhaps more important than ever as cash-strapped governments might be unable to financially provide for people the way they have done in the past. More than ever financial security is likely to become a personal responsibility.”

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