Financial Planning for Young Adults in Hull

Navigating the financial world can be overwhelming, especially for young adults. From managing student loans to saving for a house deposit, setting up a solid financial plan early is crucial to achieving long-term financial independence. While it might seem too early to worry about financial planning for future life events, starting now can make all the difference. Here’s how young adults in Hull can benefit from financial planning, and why seeking guidance from a financial adviser, like us at NGC Wealth Management, is a smart move.

Managing student loans and debt

For many young adults, student loans are the first significant debt they encounter. According to the GOV website, the current Plan 2 loan repayment threshold starts at £27,295, with interest rates at an all-time high of 7.9%. This means that finding debt management strategies has never been more important. 

Understanding the repayment options and choosing the most suitable plan can help prevent financial stress later on. Speaking with a financial adviser can help you choose the most suitable plan to help you reach your financial goals and understand the best way to manage your student loans and debt.

NGC Wealth Management Limited are unable to provide debt advice or strategies and would recommend seeking professional advice if required.

Building emergency savings and financial independence

Life is full of surprises, which is why building an emergency savings fund should be one of your top financial properties as a young adult. Having a safety net can protect you from unexpected expenses such as medical emergencies that prevent you from working, redundancies, or eviction. We always recommend that you save at least 3 to 6 months' worth of living expenses to ensure financial security. 

Saving for a first home

For many young adults, one of the most exciting—and daunting—financial goals is saving for a house. As a first-time buyer, the process can feel complicated, but with the right strategies, you can break it down into manageable steps. Speaking with a financial adviser is the first step you can take to prepare for this significant life event. 

Planning for future life events and retirement

Retirement might seem like a whole lifetime away, but it will creep up on you quicker than you think. Starting your retirement planning early can make a huge difference when you need to claim it. Most companies you work for will have a pension scheme you can pay into. They will even match your contributions. If you still need to, you can set up your own pension scheme and set aside a specific amount each month.

Understanding personal finance with NGC Wealth Management

Understanding personal finance isn't just about balancing a budget or cutting expenses; it's about setting yourself up for future life events. By consulting with our financial specialists, young adults in Hull can gain clarity on their financial goals and the most suitable paths to achieve them, based on their individual circumstances.

Contact our team for professional, friendly advice today.