Samantha Seaton, CEO of Moneyhub, commented: “A summer of hot weather has helped to boost spending, but the figures should be taken with a pinch of salt. Inflation is once again pushing up the cost of living, and while job prospects and wage growth are increasing, the interest rate rise will already be eating away at the other side. Those with a mortgage or loan will feel under more pressure.
“For financial advisers, it’s a good time to carry out a rigorous health check of their clients’ finances, particularly for those nearing or already in retirement. Mark Carney hinted at further rate rises for the year, so doing so will help to cushion them from any future turbulence. While the much trumpeted pensions dashboard remains elusive, there are a number of tools and platforms that can provide advisers with a complete and holistic view of their clients’ financial situation, spending behaviour and habits. Taking advantage to this type of technological solution means that they’re able to give hyper-personalised and impactful advice.”