Code: 2.5.1 · Adults
Understands the importance of having an eye on the longer-term even when short-term needs are pressing
Understands that long-term planning may require different types of financial product from those used for emergency savings
Recognises that the actions needed to achieve longer-term plans may need adjusting over time
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
Makes financial plans for future positive and negative life events that are likely to have financial consequences
Identifies strategies to take action (overcome procrastination) when making longer-term plans
Identifies strategies to balance immediate needs and wants with longer-term plans, so to achieve longer-term financial goals
Monitors the changing value of investments, assets and liabilities
Takes into account predictable fluctuations in income and expenditure when making longer-term plans
Takes into account all personal and household assets and liabilities when considering longer-term needs
Takes into account the possibility that family or community members will need financial support in the longer-term
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
Values long-term financial planning as a way of maintaining or increasing financial well-being
Confident to make changes to longer-term financial plans if necessary
Confident to put long-term financial plans into action
Motivated to consider the longer-term financial needs of dependents