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SOME EMPLOYERS ALSO OFFER FREE FINANCIAL ADVICE ON PENSIONS, SAVINGS AND COST OF LIVING. 12:20, 03 Jun 2025Updated 12:20, 03 Jun 2025 The beginning of 2025 has brought a sense of financial

uncertainty for many. Developments such as new trade tariffs under Donald Trump and the rise in National Insurance have placed added pressure on businesses, with some facing difficult

decisions including the possibility of redundancies. At the same time, ongoing global conflicts continue to contribute to wider concerns about the future. These factors combined with the

high cost of living, can make it difficult for people to gain control over their finances. Research from WEALTH at work - a leading financial wellbeing, retirement and workplace savings

specialist - found that the biggest financial concerns for the year include not having enough savings for unexpected costs (42%), not being able to save enough for the future (37%), not

being able to pay basic living costs such as rent, mortgage payments, energy bills, food etc. (34%) and being in debt (29%). READ MORE: Exact amount of retirement money people need for a

minimum, moderate or comfortable lifestyleREAD MORE: Thousands of people in work to receive back payments from their employer Jonathan Watts-Lay, Director, WEALTH at work, said; “Many people

are continuing to feel the financial squeeze on household income. However, it’s important to not bury your head in the sand and access the support available to get on top of their finances.

“Most would benefit from having a better understanding of money but are confused where to start. Proactive employers are actively working to help employees improve their financial future by

providing a range of financial wellbeing support. This includes financial education and guidance through financial coaches, as well as access to savings vehicles such as Workplace ISAs or

Share Plans to build financial resilience. “This can make a huge difference by giving people the opportunity to understand their finances, including ways to save money, learn about

budgeting, manage debt, and how to boost savings and prepare for retirement. So, it is always worth speaking to your employer to find out what help is available.” Article continues below

However, there are steps people can take to improve their financial situation. To help, WEALTH at work has listed 10 tips to help people take control of their finances before summer truly

starts. CREATE A BUDGET The first step is to create a budget. This means working out exactly what your income is, and what outgoings you have e.g. mortgage, debt, childcare, insurance and

utility bills. If the amount of money needed each month is more than the amount coming in, you can then work out what action needs to be taken to cover the costs. MoneyHelper has a great

budget planner here. TRACK FINANCES After creating a budget it is important to keep track of spending. Small changes such as ditching takeaways, taking lunch to work and learning to budget

can make a huge difference. For example, the average household in the UK spends £1,278 on food at takeaways and restaurants each year. There are many free budgeting apps available which will

help to track spending on groceries, eating out, entertainment etc. MAKE MANAGING DEBT A PRIORITY There are many different types of debt with varying rates of interest. For example, credit

cards and overdrafts can have rates of 18% – 40%. It is often a good idea to make paying off expensive debts a priority. For instance, a debt of £3,000 with a rate of 18% APR, could take 10

years and 10 months to pay off, if paying £50 a month, with a total interest paid of £3,495. If that monthly payment was increased to £100 a month, the debt would be paid off in 3 years and

4 months, and interest paid would be only £908. A good option could be to consolidate any debts into a 0% or low interest balance transfer card, as more money will go towards paying the debt

off. This would allow it to be cleared over a shorter time period. SHOP WISELY By switching brands it might be possible to significantly reduce the price of a regular shop. In addition, by

planning for the weekly shop in advance, it may help to search for deals and reduce expenditure on non-essential items. Discount vouchers are often available through voucher and discount

websites, and some people have access to discount vouchers through their employer. This could mean big savings for those who need to make a costly purchase, such as if the washing machine

breaks. CHECK FOR SAVINGS ON HOUSEHOLD BILLS When shopping around, it is possible to make significant savings on a range of household bills such as car, home and pet insurance, and broadband

and mobile suppliers. Price comparison websites can help to make it easier to compare the different deals available. START AN EMERGENCY FUND Having money put aside for emergencies can

reduce reliance on debt for unexpected costs such as car repairs, house maintenance or a reduction in household income. As a general rule of thumb, it’s a good idea to aim for an emergency

fund that can cover several months of bills. People should work out if they can afford to put some money aside each month, as even small amounts can add up. Setting up a regular transfer to

a savings account can be a useful way of separating this money from regular expenditure. MoneyHelper offers a savings calculator to help determine how long it will take to reach a savings

goal, here. SET UP A SAVINGS STANDING ORDER If people are able to save it is often a good idea to set up a standing order for saving into an ISA, often this means that they don’t notice that

the money is going into their savings. START SAVING EARLY Saving from a younger age means that money has more time to grow. ISAs are a great way to start saving and provide a tax efficient

way to create an emergency fund, or for something you may want in the future. It is important to make sure that you’re saving into a pension from early on and aren’t tempted to opt out. Many

are already paying 5% of their salary into their workplace pension through auto-enrolment, with an additional 3% employer contribution. However, we know that many employers will match any

additional contributions (up to certain limits). In fact, if an employee is in their 20s, by saving an extra 1% a year with their employer matching this, it is possible to increase their

pension pot in retirement by 25%. BEWARE OF SCAMS Scammers can often prey on people when they may be more vulnerable such as if they are struggling financially. Fraudsters can sound

completely legitimate and it’s easy to see why so many are fooled. Research from WEALTH at work found that 12% of UK adults have admitted to losing money to a financial scam between 2023 and

2024. This could potentially equate to 6.2 million adults across the UK. If someone contacts an individual with an offer which seems too good to be true, it’s vital they check whether the

company is registered with the Financial Conduct Authority (FCA). The FCA’s ScamSmart website is also a good site to visit as it includes a warning list of companies operating without

authorisation or running scams. TAKE ACTION People shouldn’t worry if they don’t know where to start, as there is plenty of help available. It’s always worth speaking to lenders too as they

may be able to help those struggling with repayments and Citizens Advice can help with understanding on how to deal with any debts. Article continues below Many leading employers are also a

great source of support and offer financial education and guidance to help with a full range of money matters, as well as providing access to savings vehicles such as ISAs and Share Plans to

help build financial resilience. GET THE LATEST RECORD MONEY NEWS Join the conversation on our Money Saving Scotland Facebook group for money-saving tips, the latest State Pension and

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