Hazel Bowen, Senior Wealth Planner and Andrew Chastney, Technical Specialist, at Canaccord Genuity Wealth Management, set out key 2024 milestones for those determined to make their money work harder.
As we race towards 2024, we reflect on 2023 and look ahead to the New Year to see what financial milestones are coming down the track. It’s been a tricky few years for savers and investors. Even though inflation has eased slightly in the second half of this year, at over 4% it is still double the target set by the Bank of England.
The cost of living has soared – in the UK, the prices of consumer goods and services by 9.6% in the year to October 2022, the fastest rate in four decades (ONS, December 2023) and around six out of ten adults are spending less on non-essentials because of cost-of-living increases. Higher interest rates have put pressure on mortgages and other household debt.
With this backdrop in mind, it’s essential for people to think about the future, so they can make their money work harder for them, make use of tax allowances and plan to achieve their goals
With this backdrop in mind, it’s essential for people to think about the future, so they can make their money work harder for them, make use of tax allowances and plan to achieve their goals. In our 2024 Wealth Watch, these are the key moments coming down the track:
Fresh starts – D.I.V.O.R.C.E
January is well known as the month people are most likely to initiate divorce, with one in five couples contemplating it, according to industry research. For couples in this position, it is essential to take expert legal and financial advice at the outset to avoid needless cost and animosity down the line.
ISA Season – ‘use it or lose it’
Top Tip
Lee Goggin
Co-Founder
Pensions announcement – another ‘use it or lose it’
Budget 2024 in March
With this likely to be the last budget before a General Election, there will be a great deal of speculation on the build-up, some more informed than others. Action intended to reduce the current tax burden is to be expected although the form this will take is far from clear at this time. Taking advantage of what is known to be available, rather than speculating on what might or might not happen, is our core message.
Action intended to reduce the current tax burden is to be expected although the form this will take is far from clear at this time. Taking advantage of what is known to be available, rather than speculating on what might or might not happen, is our core message
IHT gifting allowance
Important information
The investment strategy and financial planning explanations of this piece are for informational purposes only, may represent only one view, and are not intended in any way as financial or investment advice. Any comment on specific securities should not be interpreted as investment research or advice, solicitation or recommendations to buy or sell a particular security.
We always advise consultation with a professional before making any investment and financial planning decisions.
Always remember that investing involves risk and the value of investments may fall as well as rise. Past performance should not be seen as a guarantee of future returns.
