The lockdown has shown people a new way of life, and they want more of it!
We understand that lockdown has been extremely difficult for some people, but for many, it has been quite a positive revelation. They’ve actually enjoyed slowing down, spending more time with their family or on their own, and they’ve found or re-engaged with activities and routines that have made their lives richer and more meaningful.
People have found or rediscovered their creative side, as client photos of painted, knitted, quilted and DIY masterpieces will testify! They have discovered new walks in their local area, a shared interest in board games, new technology like Zoom and Facetime for connecting with family and friends, they have enjoyed each other’s company and spent more time with their children, realising that life doesn’t have to be hectic and stressful all the time to be fun and pleasurable. Many have found a new way of working and as the restrictions ease, they’re not looking forward to going back to the daily grind and the daily commute.
We believe that many of these people will be looking for guidance on how they can arrange their affairs to make this simpler lifestyle one that they can enjoy permanently.
Having been given more time to reflect on their past lives and think about the future and their life plans, maybe they will want to bring forward their retirement, or move to part-time working or even a career change. They will want to know whether they can afford to make these changes and if so, how it might affect their future security and happiness. They will probably need help with budgeting, investing and planning, to ensure that their (possibly new and revised) lifestyle choices are sustainable. They will need a financial plan.
The lockdown has shown people a way of life that they want to escape from
For some people, the lockdown has been like a living nightmare. Crushed together with other people who seem increasingly unreasonable, or they no longer love or care about, with no space to move and nowhere to hide, they will demand change. Perhaps it will be a new home or an extension to their existing home, and they’ll be seeking guidance on finance and how to pay for it.
In some cases, people may have decided that they can’t live together anymore and that separation and/or divorce is the only answer. These people will need special support, sympathy and understanding and they will need to know how they stand financially with regard to their pensions and investments etc and whether these will be sufficient for a new, comfortable life. They will need courage to make the move, and good advice to ensure a smooth exit.
The lockdown has made people feel less secure
There is so much uncertainty at the moment – questions such as “will I catch the virus” and “what will the future look like” are common. Of course, no one knows the answers but we do know that it is important for everyone to get their affairs in order so that they have some control. We’ve already witnessed this with the rising demand for advice about making a Will or a Lasting Power of Attorney, and there’s a whole host of other things (including all that paperwork) that need proper organisation – just in case!
Greater insecurity also leads to people wanting to save money, as this gives people good feelings of security and power, so we are expecting that we’ll see greater demand for advice about saving and investing, and how to maximise growth while staying safe.
The lockdown has helped people in business to focus on their future plans
As businesses come through the lockdown, they will be looking to repair the damage of the last few months. They’ll need to review their inventories, reconsider their marketing, look carefully at their pricing, and put together a workable business plan that will carry them through to greater success. And while business owners are concentrating on their business plans, we can remind them about why they are in business in the first place and help them focus on their personal life goals and their personal financial planning.
People have felt isolated and want someone to talk to
Trying to contemplate a positive future while at the same time hearing the doom and gloom from TV news and social media, can lead to confusion and inertia. At Magenta, we are good at having friendly conversations that focus on what’s really important to each of our clients, their personal values, and what they want to achieve.
We are expecting that many more people will want to reflect on their lockdown experience and talk to us about their hopes and dreams for the future, and their concerns, so that we can help them design their new future life and financial plan and maximise the opportunities as we emerge from the crisis.
We’ve learned new ways of working
The lockdown has made many of us change the way we do things and as a result we’ve become more efficient, easier to reach and more responsive. At Magenta, the Team has been working as usual albeit from home and we have been having daily social and work related huddles throughout the crisis. We are all excited about the future, looking forward to the better times ahead, and eager to reach out and serve our clients.