In Season 1 Episode 9 of ‘Where Your Treasure Is…’, Simon and Bex continue to look at ways in which financial planning strategies can be applied to key life stages. Generic principles grouped together under the acronym PEPSI (Protection; Emergency Fund; Pension, Savings, Investment) are again used to identify financial needs and priorities at each life stage.

Points of particular significance that are covered in this episode include the following:

• Having concentrated last time on the first life stage (‘Starting Out’), Simon begins by considering issues associated with ‘Starting a Family’, whether that be establishing a lifelong relationship or having children. [01:29] He highlights the fact that the arrival of children can be a good reason to review matters associated with the principle of protection. [03:09]
• Understanding tax, budgeting for a surplus, pensions and investing are among the topics covered when commenting on the third life stage, ‘Your First Job’. [04:21]
• When discussing the fourth life stage, ‘Your First Home’, Simon considers property matters ranging from personal priorities for a home to affordability considerations, including the benefits of adopting a cautious and pragmatic approach to buying a home and moving house. [12:30]
• Simon suggests that it is worth spending time thinking about protection, pensions, building an effective saving habit and investing during the fifth life stage, ‘Career Progression’. [16:07]
• When speaking about life stage six, ‘Getting Ready for Retirement’, Simon gives the following tips: (i) get organised and gather together all of the relevant information (ii) check your state pension (iii) make specific plans regarding how you want to spend your retirement (iv) aim to make the financial transition to retirement as smooth as possible (eg by bolstering your pension during the final 5-10 years when you are working). [20:07]
• Talking about ‘Retirement’ itself, Simon highlights the importance of checking carefully all of your pension and national insurance details, as well as prioritising your health. [23:21]
• The final life stage, ‘End of Life Planning’, involves not only putting your affairs in order but also simplifying your finances, leaving behind clear information (including a will and power of attorney arrangements) and considering whether you wish to, and are able to, make some financial gifts while you are still alive. [24:55]
• The episode concludes with an explanation of the two new seasons that will be launched, following a break after the conclusion of season 1. One season will go into greater detail on matters relating to financial planning for each key life stage, with an episode being devoted to each life stage; the other season will focus on practical tasks associated with financial planning, with the aim of making topics accessible and relevant for listeners. The final episode of the current, introductory season will be ‘Investment Strategies’, which will look at some essential points that can assist people to invest wisely. [28:06]