Basics of long-term planning

What you can do at this level

• Kresiliencedaily-lifelarge-majority

  Understands the importance of having an eye on the longer-term even when short-term needs are pressing

• Kresiliencedaily-lifelarge-majority

  Understands that long-term planning may require different types of financial product from those used for emergency savings

• Kresiliencedaily-lifelarge-majority

  Recognises that the actions needed to achieve longer-term plans may need adjusting over time

• Kresiliencedaily-lifelarge-majority

  Understands the importance of making plans for the end of life including considering the financial requirements of dependents, making decisions about how outstanding costs, debts and assets should be distributed, and writing a will, where relevant

What you can do at this level

• Sresiliencedaily-lifelarge-majority

  Makes financial plans for future positive and negative life events that are likely to have financial consequences

• Sresiliencedaily-lifelarge-majority

  Identifies strategies to take action (overcome procrastination) when making longer-term plans

• Sresiliencedaily-lifelarge-majority

  Identifies strategies to balance immediate needs and wants with longer-term plans, so to achieve longer-term financial goals

• Sresiliencedaily-lifelarge-majority

  Monitors the changing value of investments, assets and liabilities

• Sresiliencedaily-lifelarge-majority

  Takes into account predictable fluctuations in income and expenditure when making longer-term plans

• Sresiliencedaily-lifelarge-majority

  Takes into account all personal and household assets and liabilities when considering longer-term needs

• Sresiliencedaily-lifelarge-majority

  Takes into account the possibility that family or community members will need financial support in the longer-term

• Sresiliencedaily-lifelarge-majority

  Puts plans in place to cover current living expenses for dependents and arrange for the distribution of outstanding costs, debts and assets at the end of life, and checks these from time to time

What you can do at this level

• Aresiliencedaily-lifelarge-majority

  Values long-term financial planning as a way of maintaining or increasing financial well-being

• Aresiliencedaily-lifelarge-majority

  Confident to make changes to longer-term financial plans if necessary

• Aresiliencedaily-lifelarge-majority

  Confident to put long-term financial plans into action

• Aresiliencedaily-lifelarge-majority

  Motivated to consider the longer-term financial needs of dependents