Tag: financial planning

Shaheeda Sinckler launches new track as part of Royal Bank of Scotland campaign

Life After Lockdown: New music encourages young adults to get their lives back on track

·       Shaheeda Sinckler commissioned to pen a new track for Royal Bank of Scotland’s ‘Every Dream Needs Plan’ campaign 

·       Campaign will encourage under-35s to set up a financial plan to achieve future dreams

·       New track explores the milestones lost to lockdown but fosters optimism about post-pandemic life

Scottish Album of the Year (SAY) winner, Shaheeda Sinckler has released an exclusive new track in collaboration with Royal Bank of Scotland.

Labelled “Put Your Hands Up”, the 3-minute song, recorded at Glasgow’s Power Control Studio last month, was written and performed by rapper and DJ Shaheeda, aka Nova Scotia the Truth, over a beat by Sam Brodie, as part of Royal Bank’s ‘Every Dream Needs a Plan’ campaign.

The campaign is encouraging under 35s in Scotland to set up a financial plan to support their future dreams, following the impact of Covid-19 on their livelihoods and personal lives.

Research from the bank reveals that more than half (56%) of 18–34-year-olds in Scotland put a ‘life moment’ such as a wedding, graduation or first home purchase on hold during the last 12 months. A further fifth (22%) of all 18-34-year-olds also reported feeling anxious about money troubles in a post-Covid world.

Inspired by Shaheeda’s personal experience of the pandemic, lyrically and in her authentic style, the new track shines a light on some of the financial challenges felt by many but urges listeners to recognise the importance of setting a plan to help.

The young artist was forced to postpone live gigs, go on furlough, accept her SAY award in isolation and delay returning to live in Glasgow, instead opting to remain staying with her parents because of the pandemic.

The video is available to stream now via Shaheeda’s YouTube channel here.

Video credits are as follows: Creative director and videographer, Tj Sedisa; Fashion stylist, Jack Shanks; Make up artist MV Brown and Hair stylist, Emma Diamond

The 25-year-old artist, who grew up in Scotland’s creative scene, is known for her experiments with solo and collaborative works, creating tracks with a distinctive, independent sound.

Her repertoire boasts features on NME, BBC Radio 1 Newsbeat, Clash Magazine, Mixmag, The Guardian, BBC Radio Scotland, Red Bull Music, The Basement x Nike BSMNT AIR MAX 90 campaign and Time Out London amongst others.

As lockdown lifts and Scots begin to press play on their lives once more, Royal Bank has committed to improving the nation’s financial capabilities by offering every person a free Financial Health Check, to reduce money anxieties and help them achieve their goals.

Shaheeda Sinckler, said: “The past twelve months have given us all time to reflect. Put Your Hands Up was a chance for me to share something relatable and grounded in my own experiences and offer a positive look to the future now we’re hopefully coming out the other side.

“I managed to get on top of my finances during the lockdown, but I know not everyone will be feeling the same and that’s why it’s so important we talk more about money and equip ourselves with the tools to plan for the future.”

Malcolm Buchanan, Chair, Scotland Board, Royal Bank of Scotland, said: “As the economic recovery from the pandemic continues to build momentum, it’s clear that younger generations are keen to get back out into the world and continue working towards achieving their aspirations, which may now be bigger or more ambitious than before.

“It’s testament to the resilience and positivity of young people in Scotland that they have not been deterred from pursuing their goals.

“We want to play our part by providing them with the tools they need to manage their money, plan for the future and make their dreams a reality.”

Royal Bank is making financial management easier by providing the following:

·       Financial Health Check – A free 20-minute conversation with a senior advisor who provides guidance to make banking simpler, and tips for everyday spending or achieving future goals.

This could include setting savings targets, advice on tracking monthly spending and creating budgets. Customers can choose to chat in a branch or over the phone. personal.rbs.co.uk/personal/financial-health-check.html

·       Royal Bank of Scotland Mobile App – Customers using Royal Bank of Scotland’s award-winning app will now be able to easily see where their money is going with the new ‘spending’ tab which will show them how much they’re spending each month, helping them stay in control of their money.

‘Bank of Mum and Dad’ continues to fuel Scottish property market

  • Parents and grandparents are choosing to pass on wealth early to help children get on the ladder
  • Over a third (35%) of High Net Worth Individuals (HNWI) and business owners in Scotland have met a financial planner for guidance on passing on wealth
  • A third of individuals have spoken with their loved ones about how they will distribute their assets
  • But only 2 in 10 (19%) have created a will

The ‘Bank of Mum and Dad’ continues to fuel the Scottish property market as parents and grandparents choose to pass on wealth early to help the younger generation get on the ladder according to research by Rathbone Investment Management.

Home ownership continues to remain out of reach for many young people, with house price growth increasing by 6.9% across Scotland in the last twelve months.[2] The COVID-19 pandemic has also caused financial difficulty for many and has exacerbated the challenges facing young people wishing to get onto the ladder. The ‘Bank of Mum and Dad’ has therefore stepped in to support.

Rather than passing down via inheritance with the risk of a large tax liability, 28% of those surveyed have or are considering passing on their wealth early in order to help children and grandchildren with property purchases or other significant expenses. 29% of individuals have put money into a trust for their children or grandchildren, and a quarter (26%) have contributed to their university expenses.

The decision to pass wealth down early is partly down to a larger trend over the last year that saw many look to get their financial affairs in order. Indeed, with national lockdowns and continuing social restrictions in place, many people have had more time to plan ahead and explore ways in which they can put a financial plan in place.

Over a third (35%) of Scottish High Net Worth Individuals (HNWI) and business owners surveyed have met a financial planner for guidance on passing on their assets.

More widely, a third of individuals (33%) have spoken with their loved ones about their financial plans for the future. However, only a fraction of people have made these plans official. Indeed, just two in ten surveyed (19%) have made a will.

Kindar Brown, senior financial planner at Rathbone Investment Management: “COVID-19 has caused many individuals to think about how they might best support their loved ones financially. The difficulty of getting onto the property ladder has called for the ‘Bank of Mum and Dad’ to step up and provide a helping hand.

“With all the events of the last twelve months, putting a financial plan in place has moved further to the front of many peoples’ minds, highlighted by the uptick in enquiries to speak with a financial planner.

“Taking the time to review your financial affairs now and make sure everything is in order can provide peace of mind that your loved ones will be protected, and your wishes met, should the worst happen.

“As part of your plan, you could for example consider whether passing on wealth during your lifetime rather than within your will would make sense for your circumstances.

“If you won’t have need of the money in the future, then helping your children or grandchildren with those important – and often costly – life stages could be an effective and tax-efficient route to take, depending on your situation.”

Things to consider when creating a financial plan

Establish a financial plan

A good financial plan starts with aspirational goals – it is about focusing on what is important to you and what you want to achieve. It can help you determine whether you are on track to meet your goals and help you envisage your financial future.

You might want to plan for retirement and understand how much you will need to afford you the lifestyle you wish or perhaps you are concerned about the costs of long term care or making sure your family are provided for in the event of your death? Once you understand how much you require to meet your own lifestyle goals, you can identify how much you can afford to gift to your family during your lifetime without leaving yourself financially vulnerable.

A financial planner can guide you through the various aspects and help you put a plan of action in place. 

Make a will and regularly review it

Although creating a will may seem a little daunting, it’s a good place to start when looking to get your financial affairs in order. A correctly drafted will can ensure that your wealth is distributed to your loved ones as you wish and can prevent delays in doing so. 

It’s important to regularly review your will in order to ensure it reflects your current wishes. This is particularly important after life events like marriage, divorce and the birth of children or grandchildren. 

Consider whether you want to gift and how much

Once you’ve established your financial plan and your will has been drafted, you will have a better understanding as to whether making gifts to your family is affordable.  Gifting during your lifetime can be an efficient way to pass on wealth and help reduce the inheritance tax payable on your estate when you die.

There are a number of gifts you can make without paying tax including an exempt amount of £3,000 per annum and unlimited small gifts of up to £250 per person.

You can also of course gift larger amounts, however if you die within seven years of making the gift it may be liable to inheritance tax depending on the value of your estate

Date nights and holiday flights – Royal Bank survey reveals what Scots are looking forward to most after Covid-19 put life on hold

·    Young people look set to prioritise shared life experiences post-pandemic

·   Royal Bank of Scotland working with award-winning rapper, Nova Scotia the Truth, to encourage more young adults to set a financial plan to help them achieve future goals

As the country takes its first steps towards re-opening next week, research from Royal Bank of Scotland has revealed what 18–34-year-olds in Scotland are looking forward to most once restrictions allow it, indicating young Scots will prioritise shared life experiences over materialistic goals.

The top 12 list in full:

1.       Spending time with friends and family (85%)

2.       Going on holiday (74%)

3.       Date nights (50%)

4.       Attending a live gig (48%)

5.       Going to/ taking part in a sports match (28%)

6.       A return to education (22%)

7.       Getting back to the workplace (21%)

8.       Buying a house (20%)

9.       Graduating (14%)

10.   Taking driving lessons (14%)

11.   Going travelling (14%)

12.   Getting married (10%)

After an extended period in lockdown, social interactions, unsurprisingly, come out top with 85% of young people surveyed wanting to catch up with their loved ones and half of 18-34-year-olds looking forward to date nights (50%).

However, young people also look set to prioritise their longer-term career goals with one in five (22%) looking forward to returning to education and 21% excited to get back to their place of work.

This could correspond with recent data released by the Office for National Statistics (March 23rd 2021) which showed that young people have been disproportionately impacted by job losses in the past year with under-25s making up two-thirds of the 693,000 total redundancies recorded since the start of the pandemic.

Similarly, in line with the surging demand for houses seen over the past year, buying a house ranks 8th on the list with a further one in five (20%) of young people looking forward to taking their first or further steps on the property ladder once the effects of the pandemic allow them to do so.

Closing out the list, milestones such as graduating (15%) and getting married (10%), which have been impacted hugely be postponements throughout 2020, are still exciting prospects for young people, as well as expanding their horizons through taking driving lessons (14%) and travelling the world (14%).

The survey was undertaken by Royal Bank to gather insights into how the pandemic has impacted young people in Scotland, what it has meant for their money and how they are planning for the future. It found that more than a fifth (22%) of 18-34-year-olds surveyed said they feel anxious about money troubles in a post-Covid world compared with less than one in ten (9%) of those aged 55+.

Royal Bank has now committed to improving the nation’s financial capabilities by offering every person a free Financial Health Check, to reduce money anxieties and help them achieve their goals.

To promote the service, the bank is working with Scottish Album of the Year rap artist, Nova Scotia the Truth, who has been encouraging her fans and online followers to consider setting a plan to manage their money post-pandemic.

Malcolm Buchanan, Chair, Scotland Board, Royal Bank of Scotland, said: “Through our conversations with our younger customers, we understand the financial, emotional and psychological impacts of the pandemic have been immense. The resilience shown by so many Scots across all age groups in adapting to such touch conditions has been truly inspiring.

“We recognise that every dream needs a plan, whether that’s buying a first home or saving for a holiday, and we’re committed to supporting customers achieving their own unique financial goals. As economic conditions improve, we aim to play our part in helping to give everyone the skills and expertise they need to build for a brighter future”.

Royal Bank is making financial management easier by providing the following:

·       Financial Health Check – A free 20-minute conversation with a senior advisor who provides guidance to make banking simpler, and tips for everyday spending or achieving future goals. This could include setting savings targets, advice on tracking monthly spending and creating budgets. Customers can choose to chat in a branch or over the phone. personal.rbs.co.uk/personal/financial-health-check.html

·       Royal Bank of Scotland app – Customers using Royal Bank of Scotland’s award-winning app will now be able to easily see where their money is going with the new ‘spending’ tab which will show them how much they’re spending each month, helping them stay in control of their money.

·       MoneySense – MoneySense provides parents and teachers with the tools to give young people the confidence to use money responsibly on their own. MoneySense is fully digital and downloadable, it can be delivered by teachers in schools. It’s the longest-running bank-led financial education programme for young people in the UK.