Essentially Wealth – Quarter Two 2020

The days are longer, the sun is shining, it’s time to embark on a good spring clean. A great opportunity to de-clutter, organise and refresh your home and life. When your environment is clean, it brings a sense of wellbeing and contentment. This concept to tidy and organise should also extend to your finances.

As a result of the COVID-19 outbreak, global stock markets are suffering a major period of volatility. We all know that markets do not respond well to periods of uncertainty and that volatility goes hand in hand with stock market investment. Although undulations in the markets can be concerning, experience has taught us to expect the unexpected.

The act of philanthropy can be defined as a desire to promote the welfare of others, expressed especially by the donation of money to good causes, such as charities or other deserving causes. It’s not straightforward to identify precisely what qualifies as philanthropy. You could count occasionally dropping some loose change into a collection box, in which case most of us could regard ourselves as philanthropists.

Keeping your children occupied at home can prove challenging; it’s a real strain, trying to keep them engaged and interested. With the COVID-19 outbreak causing the majority of children to be home-schooled, parents are understandably concerned about their education and development. One perfect way to help your children, a skill which isn’t necessarily on the curriculum but is vital for everyday life, is financial education.

On 11 March, Chancellor of the Exchequer, Rishi Sunak, presented his first Budget, revealing expansive measures to shore up the economy and help the nation through the COVID-19 outbreak.

Any discussions involving money can be uncomfortable and particularly so when it involves the transfer of wealth from one generation to the next. However, the next 30 years are expected to see the largest ever intergenerational passing of wealth, as baby boomers pass on assets to their heirs.