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How to manage your finances as you enter later life

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As we age, it’s an unfortunate fact that most of us will experience some degree of cognitive decline. This can present significant challenges in all aspects of life, including managing your finances.

Cognitive functions including memory, decision-making, and problem-solving may be affected. When impaired, this will cause difficulty with navigating complex financial tasks. It can also impact your ability to make sound decisions, track expenses, and plan for the future.

The impact of cognitive decline on financial management

Cognitive decline can manifest in various ways, each posing unique obstacles to financial management for older adults.
Memory loss, forgetfulness and difficulty retaining information can make it challenging to keep track of financial transactions, bills, and important deadlines, increasing the risk of missed payments or overlooked expenses. Additionally, cognitive decline can impair an individual’s ability to evaluate financial options, leading to poor investment choices, overspending, or susceptibility to financial scams and fraud.

Tasks that require attention to detail or multiple steps, such as budgeting, tax preparation, or financial planning, may become overwhelming for older adults experiencing cognitive decline, leading to errors or incomplete assessments.

Additionally, those experiencing mental impairment in later life are far more susceptible to scammers and fraudsters, who target them due to their vulnerable condition.

How to support those with declining cognitive abilities

While it can feel difficult and perhaps frightening to experience your loved one’s mental capacity changing, there are ways you can support them. A tailored strategy is the best way to ensure that their finances remain under control.

  1. Simplify financial tasks. Break down complex financial tasks into smaller, manageable steps, and provide clear, easy-to-follow instructions to help older adults navigate them more effectively. Encourage the use of memory aids such as calendars, reminders, and financial tracking tools to help older adults keep track of important dates, deadlines, and financial obligations.
  2. Implement a Lasting Power of Attorney (LPA). Every adult should have an LPA in place, regardless of their circumstances. Unfortunately, at the point at which one becomes necessary, it is too late to set one up. Therefore, it is imperative to set one up when you are of sound and stable mind, so that should it become necessary, your loved ones are able to step in and make financial or health-related decisions on your behalf.
  3. Work with a trusted, independent financial planner. By establishing a long-term relationship with a financial planner during your working life, you will have clear foresight and planning in place which can be executed by a professional who knows your circumstances inside out. A robust financial plan will ensure that you are able to cover essential expenses such as care costs, while protecting your desired lifestyle and the estate you wish to pass on to the next generations. It’s never too late to start working with a financial planner.
  4. Encourage regular reviews. As part of your relationship with your financial planner, you will have regular check-ins to review your plan and make any adjustments as required. This will allow you to make sure your plan continues to serve you the way you need it to, and provides an opportunity to identify any potential issues or concerns.

What next?
At UNIQ Family Wealth, we work hard to ensure that our clients receive the assistance and support they need to navigate their financial journey with confidence and peace of mind.

If you would like to learn more about putting together a financial plan to support yourself or a loved one, please don’t hesitate to get in touch with us directly on theteam@uniqfamilywealth.co.uk or 02920 782330.

Our phone lines are manned 9:00-17:00, Monday-Thursday. Please note we operate a four-day working week.

How to spot the tactics of scammers

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Although anybody can be a victim of financial fraud and scams, the older members of the population are particularly vulnerable and common targets.

As technology evolves and financial transactions become increasingly digital, scammers have adapted their tactics to exploit the trust, vulnerability, and often, the retirement savings of older adults. However, by understanding the methods used by these fraudsters, you will be in a better position to spot and prevent a suspicious interaction in its tracks.

What to watch out for

One of the key tactics employed by scammers targeting seniors is the exploitation of trust.

Many scams involve perpetrators posing as trustworthy figures, such as your bank, government representatives, financial advisers, lawyers, or even family members. They use these trusted identities to manipulate their victims into sharing sensitive information or making financial transactions under false pretences.

Recognising the warning signs of potential scams is essential in protecting yourself from financial exploitation. Some common giveaways include unsolicited and unexpected correspondence requesting personal or financial information; high-pressure tactics or urgent demands for immediate action; offers that seem too good to be true, such as guaranteed returns or prizes; and requests for payment via untraceable methods, such as wire transfers or gift cards.

What could a scam look like?

Several common scam techniques specifically target older adults, often taking advantage of their desire for financial security or their lack of familiarity with modern technology. These scams include:

  • Phishing Emails and Calls: Scammers send deceptive emails or make phone calls posing as legitimate organisations, such as banks or government agencies, to obtain personal information or initiate fraudulent transactions.
  • Investment Scams: Fraudsters promise high returns on investments or promote “get-rich-quick” schemes, persuading seniors to invest their savings in fraudulent ventures.
  • Tech Support Scams: Perpetrators contact their victims claiming to be tech support specialists. They then convince them to grant remote access to their computer, which allows them to install malware or obtain personal information. This is particularly effective in older people who haven’t kept up with technological advances and are not particularly ‘tech savvy’.
  • Romance Scams: Romance scammers cultivate romantic relationships with older people, usually online, gaining their trust before requesting financial assistance or exploiting them for money. It’s extremely common for these scammers to use the ‘gift card’ tactic we mentioned above, as they are untraceable and can’t be recovered. This method is also commonly used in money laundering, which could make you an unwitting pawn in major financial crime.

Protecting Against Financial Fraud

Here are some proactive steps you can take to safeguard your finances:

Verify Identities: Before providing personal or financial information, verify the identity of the individual or organisation contacting you, especially if they claim to represent a reputable institution. If you ever receive correspondence (usually a phone call) from somebody that you don’t recognise, about something as significant as your finances, ask for their organisation and insist that you will call them back. Legitimate organisations will have an established web presence and will never call you asking for sensitive information or significant deposits or transfers.

Secure Your Devices: Install and regularly update antivirus software on your devices, and be cautious when clicking on links or downloading attachments from unknown sources. Regularly change your passwords on your email and bank accounts, and set up Two Factor Authentication (2FA) where available. This extra step feels annoying when you’re logging into your accounts, but it could be the difference between protecting your money and losing it – more than worth the extra few seconds.

Guard Your Personal Information: Avoid sharing sensitive information, such as PIN numbers or bank account details, with unfamiliar or unverified individuals. Never share your passwords via text or keep them written down somewhere accessible. You can use a tool such as LastPass to securely store and share password information.

Seek Advice: Always consult your financial adviser before making any significant financial decisions or responding to unsolicited offers.

The tactics used by scammers are constantly evolving and, in many cases, becoming extremely sophisticated and convincing. If you fall victim to one, among the emotions of upset, betrayal, and guilt you may also feel embarrassment. However, it’s important to remember that anyone can be tricked and fall for a scam – that’s exactly what they are designed to do.

The best line of defence is knowledge. By understanding the tactics used by fraudsters, recognising red flags, and taking proactive steps to protect yourself, you can mitigate the risk of falling victim to these schemes and safeguard your hard-earned savings for retirement.

If you suspect you have fallen victim to a scam, you should notify your bank and your financial planner immediately, before reporting it at Action Fraud (the National Fraud & Cyber Crime Reporting Centre).

What next?

Working with a financial planner puts one more defensive step in place between a scammer and your money.

If you would like to learn more about putting together a financial plan to support yourself or a loved one, please don’t hesitate to get in touch with us on theteam@uniqfamilywealth.co.uk or 02920 782330.

Our phone lines are manned 9:00-17:00, Monday-Thursday. Please note we operate a four-day working week.

Looking after your wellbeing in winter

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As the dust settles on the festive period, it can be easy to fall into the ‘doom trap’ of January. However, there are many ways to lift your spirits and look after your mental wellbeing during the darker months. 

Here are a few small suggestions – let us know yours!

Plan a holiday

Or better yet, go on one. At this time of year travel prices are often extremely reasonable, and you may be able to book a luxury escape for a steal if you look in the right places. 

Planning for something enjoyable on the horizon such as a holiday gives us something to look forward to as we move through the year, which is a great motivator. If you are feeling extra dedicated, your choice of destination may also spawn a new hobby – learning the language! Una tazza di espresso, anyone?

Go for a walk

Even if it’s just around the park or up to the shops, get out of your house and get some fresh air (but wrap up warm, it’s cold out!). It is truly remarkable just how much simply moving your body and experiencing the outdoors can lift your mood – it releases endorphins and provides you with that much-needed and scarce-available burst of Vitamin D that we all lack during the winter months. Which brings us to:

Take Vitamin D supplements

As with anything health-related, always check with your doctor before changing your supplement routine. That said, the UK government and senior health bodies recommend that all adults in the UK should take a daily Vitamin D supplement during the winter,  as the sun in this country is only strong enough to meet our Vitamin D needs from April to September. This is especially true if your skin is darker, as Vitamin D requirements are higher for skin with more melanin.

Vitamin D plays an important role in your body’s overall maintenance, particularly with regards to bone and muscle health, and has also been linked to mental wellbeing in countless scientific studies over the past decade. After a week or so of taking it consistently, you will likely feel yourself experiencing slightly higher energy levels.

Make your favourite soup

Make it a luncheon and invite a neighbour, a friend, or a family member round for lunch and a catch up. Socialising with people you love is an excellent mood booster, and soup is one of those easy-to-make and easy-to-love foods that feels cosy and nostalgic every single time. If you are not a soup fan, substitute it for any easy-to-assemble lunch of your choice – the key here is to enjoy it in good company.

Review your financial plan

This one might sound less ‘fun’ than the others, but if you are feeling the itch of ‘new year, new me’ and need to scratch it, this could be the way to do it. Regularly reviewing your financial plan is the only way to make sure that it stays true to you and your family which, after all, is what it’s there for. 

Pull it out of the drawer and get planning – perhaps you will feel newly inspired as 2024 unfolds.

COVID-19, cybercrime and the importance of staying vigilant

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As lockdown measures show the first signs of easing, millions of people will be breathing a tentative sigh of relief. It’s been a long ten weeks and we’re all missing friends and families, as well as looking forward to getting back to business.

But it’s important not to let our guard down. Not just with regard to the virus, but when it comes to the communications we receive. Lockdown has seen many examples of people coming together to help one another; sadly, we’ve also seen a huge increase in scams, with criminals using this period of confusion and rapid change to their advantage.

At the end of April, the National Cyber Security Centre set up a new service to allow people to report suspicious emails. They received 160,000 such reports in the first two weeks. It’s essential that we all pause to think before we act. Let’s look at how to spot a scam and what you can do about it.

Too much information?

Even before COVID-19, life was busy. But during business as usual it’s easier to stay alert to things that might seem suspicious – if you’ve won a prize in a competition you didn’t enter, it’s probably a scam. We’ve become better at spotting the known red flags (emails from strange addresses, poor spelling and grammar, and requests for details you wouldn’t expect to be asked for), but we need to stay vigilant.

At UNIQ Family Wealth a client recently had their email address and personal information hijacked. The scammer emailed our Client Relationship Team to alter the account details and withdraw £20,000. Fortunately, the security we have in place meant the scammer was spotted and stopped, but it was a close call. Scams are constantly evolving and at a time like this, when there’s a lot of information about new schemes and processes going back and forth, it’s easier to miss things.

There’s a lot of new information to absorb, with many new government plans designed to help protect incomes. Then there are updates from banks as well as communications about people’s health – all of these are opportunities to harvest private information that could be used against you.

Phishing – what is it and why is it dangerous?

Email ‘phishing’ isn’t new. The term goes back to 1996 when the first examples of scam emails began to pop up, designed to trick people into divulging personal information or unknowingly download malicious software. Even though the concept is old, it thrives in times of urgency. If you’re worried about a situation, you’re more likely to be distracted. Emails have become much more sophisticated and we’re seeing some very convincing campaigns delivered in what looks like the GOV.UK format.

It’s not just emails we need to be aware of. Increasingly, scammers are using SMS (‘smishing’) with headings like ‘COVID’ and ‘UKGOV’. A fake text takes far less effort to look convincing, and it can instil a greater sense of urgency. The tactics are varied, but typically involve promises of rewards and threats of fines. One scam delivered by SMS claims the recipient has been reported for being out of the house more than they should, resulting in a fine. If they don’t pay £250 immediately, it will increase to £5,000. It also includes a number to call, so they can settle up straight away.

The goal here is to panic the user into accepting the smaller amount when threatened by the larger one, to call and ‘stop things from getting any worse’. In another scam, the user is told they’re due to receive several hundred pounds from the government, in this case £458 of COVID-19 relief money.

But a moment’s thought could save a lot of money and stress. For one thing, none of those figures above has ever appeared in Government guidance (an internet search will show you that). It’s not always easy to think clearly in the moment, so here’s how to react if you receive an email that’s either bad news, or suspiciously good news.

What to do next

1) Never, ever respond

Remember that scammers send out huge numbers of emails and text messages. They expect that while most will be ignored, enough will lead to action and make their efforts worthwhile. If you respond, you’re letting them know it’s an active phone number or email address.

2) Don’t panic

Not easy given the circumstances, but that’s why it’s doubly important. Take a breath and ask yourself how likely the subject matter is to be real. If you’ve been watching the regular Government briefings, does any of this information sound familiar? Does the communication address you by name? Is it from a bank you don’t use? Does it contain spelling mistakes, questionable grammar or inconsistent information?

3) Do some digging

A few minutes spent searching online can set your mind at rest. If it’s an SMS, Google the phone number. Given the proliferation over the last few weeks, you’ll almost certainly go straight to a page of results about scams. If it’s an email, check the sender’s address. It’s easy to disguise an email address so it sounds real, but by looking a little deeper you can often find the true source. Remember though – never use the phone numbers, email addresses or links in the email or SMS itself.

4) Educate yourself

You can pre-emptively visit the Government’s guidance on COVID-19 scams. It’s also a good idea to proactively visit your bank’s website to find out what they’re doing and how they’re contacting customers. Have a look in their news section to get up to speed on how and when they’d contact you (and what they would and wouldn’t ask for). It’s also worth signing up to Which? Scam Alerts to stay in touch with new developments. Forewarned is forearmed.

5) Report it

In battling a criminal industry that’s based on attempting to gain your trust, information from people you really do trust is important. If you’ve been unfortunate enough to be drawn into a scam, let your friends and colleagues know about it, so they can avoid it and pass the message on. If you’ve seen and avoided a scam, don’t keep it to yourself. Let people know. You can make your insight and experience go even further by officially reporting it at Action Fraud.

What if you’ve already responded?

If it’s too late for that first tip and you’ve already clicked, texted or called, don’t be too hard on yourself. It’s easily done and you’re certainly not the only person to do it. Scams are becoming more sophisticated all the time and if your mind is on other concerns it’s easy to act in the moment.

The key is to stay calm. First things first, tell your bank. Even if you haven’t lost money yet, time is of the essence. Your bank can take steps to make sure you’re kept safe and they’ll be able to discuss where you stand on being able to recall any lost funds.

Next, if it’s an email, change the password on the address they used to contact you. It’s a worthwhile exercise to change passwords elsewhere too, especially if you’ve been using the same one for multiple accounts. Finally, once again, report it.

Even if you’ve already been scammed, we can all do our part to help shut this industry down. Flagging up your experience can help other people to avoid it and it’ll make life more difficult for scammers in future.

Please get in touch on 02920 782330 if you would like to talk to us about the current situation. You can access your portfolio valuation here.

A Life Well Lived, in Lockdown

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Easter has been and gone, and as we move through another week of UK lockdown we’re all getting into the swing of this new, temporary normal. The markets remain somewhat volatile this week as they react to the ongoing trajectory of the virus. Regardless, our advice to you remains the same – sit tight and focus on the long-term.

At UNIQ, our ethos revolves around one simple concept: “a life well lived”. While it can be hard to imagine how to make the most of our present situation, and whilst it is unlikely to be aligned with your highest ambitions and most exciting goals, there are still many ways to promote wellbeing and lift your spirits. Right now, that’s more important than ever.

It’s well-known and proven that a constant cycle of negative news is bad for our mood and mental health, and having our daily life disrupted in such a way causes stress. Research has shown that negative television news contributes significantly to feelings of sadness and anxiety, and social media can be even worse. They’re also more present than ever – so that’s our first recommendation.

Step away from the news.


Take a break from social media. Yes, it’s an important tool to many for staying in touch with friends and family across the globe, but we recommend giving yourself a specific window each day in which to do it. Avoid falling into the trap of scrolling through Facebook reading story after story about Covid-19. It won’t do you any good. Of course, log on to our Facebook page and give us a like. We put good news on there.

Stay connected with your loved ones.


Why not try a video call with your friends and family instead of using Facebook? Not only does it support your goal of using social media less, but seeing their faces does a world of good too. We have been using Zoom for this, and you can get the basic one for free.

Breathing exercises.


Controlled breathing exercises are a good way to relax your mind and body. There are many techniques out there, but one of the most favoured is box breathing. Box breathing is about slow, deep breaths for four equal counts, and is intended to focus your mind and slow your heart rate. Start by exhaling deeply. Then inhale slowly for four seconds through the nose; hold for a count of four; exhale slowly through the mouth for four seconds; and hold once more for a four count. Repeat four times in total.

Go outdoors.


The government advice is to stay at home and only leave for exercise and essential trips. This doesn’t exclude you from making use of your garden or outside space. The weather is beginning to warm up now, too, which makes it a joy to be in the outdoors. Try taking your morning coffee and newspaper into the garden; the fresh air and sunshine will do you much good.

This is a very strange time with much uncertainty abound. Your wellbeing is paramount. Do all that you can now to make sure you come out of this time ready to get back to the life you want.

Please get in touch on 02920 782330 if you would like to talk to us about the current situation. You can access your portfolio valuation here.

Nine Ways to Protect Your Memory

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How can I protect my memory as I age?

Most of us are living longer. As a result, we’re more likely to suffer from age-related memory loss and dementia such as Alzheimer’s disease.

For many, dementia is the worst fear for old age and protecting the memory is a priority. Research shows that the risk of some cognitive problems is inherited. Luckily there’s also evidence that a healthy lifestyle and good medical care may help keep the mind, like the body, active and vital well into old age. Whilst at UNIQ Family Wealth our profession is Financial Planning, we also take a keen interest in healthy ageing. After all no amount of money can buy you good health.

So, here’s our nine top tips for keeping your mind in great condition:

  1. Walk for 30 minutes per day
  2. Eat greens & snack on nuts
  3. Eliminate trans fats (biscuits, cakes etc.)
  4. Eat less sugar
  5. Lose weight
  6. Avoid cigarettes and stay within the guided limits for alcohol
  7. Drink strong coffee in moderation
  8. Challenge your mind and try new things
  9. Stay connected with friends and family

How many of these things are you already doing?

Book an appointment

We offer all prospective clients an initial discovery meeting with one of our Financial Planners, at our own expense, to understand whether there is a fit between your needs and the services we provide.

Book your initial discovery meeting to start gaining clarity and focus over your finances today.

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UNIQ Family Wealth Limited is authorised and regulated by the Financial Conduct Authority, FRN: 594440. Fairway House, Links Business Park, St Mellons, Cardiff
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