Opinion  

2020: The decade of transformation?

Marlene Outrim

Marlene Outrim

So, here we are in 2020.

Will this be a time of ‘roaring twenties?’

Somehow, I do not think so, but we have an enormous amount of opportunity for change and new experiences.

Just looking over some of the events and issues that started in the noughties, and with particular relevance to financial services, we have diversity looming large, wellbeing and climate change, to name but a few.

The Financial Conduct Authority published its ‘Research note: gender diversity in UK financial services’ last November, commenting on concerns that businesses are unrepresentative of society and male-dominated companies are labelled as more risk-taking.

Yet little is said about the lack of ethnic minorities represented in this field.

Anna Sofat of Addidi Wealth launched a campaign, the Voice of Women’s Wealth: “As we look forward to the Voice of Women’s Wealth, we are redefining the culture of wealth as women who will control more than 50 per cent of investable assets by 2020.”

Yet women still lag behind men in terms of state and personal pension provision, partly due to childcare and career breaks.

Then there is greater interest in the wellbeing side of money and wealth and what really makes you happy.

Chris Budd and his new Initiative of Financial Wellbeing has gained popularity with advisers, who now realise the importance of the relationship between money and positivity.

Generational wealth is also going to be a huge topic to address as the 1960s generation age and live longer.

Banks are now wanting people to be more open about money and the Personal Investment Management & Financial Advice Association has launched a financial and mental wellbeing campaign to raise awareness of the stigma surrounding mental health and the reluctance about discussing money.

Climate change impacts on the future of our prosperity as we have seen with heavy flooding, fires, heatwaves and storms which shore up insurance costs, and lead people to be impoverished.

I could go on, but all this has to be good for the development of financial planning and how it can help and support our clients more, in this decade that could become the ‘transforming twenties’.

Marlene Outrim is a chartered financial planner at UniqFamily Wealth