As school breaks up and people head off on their staycations, now might be a good time to do something somewhat un-British – and talk about money. You could have a family Zoom call and ask everyone how they’re doing and then do some thinking about how to address any potential financial challenges.

School’s out for Summer

Summer is here people are finally emerging from Lockdown and heading off on their holidays. But before the entire family takes off in separate directions, now might be a good time to sit everyone down (whether in person, over the phone or via Zoom) and do something that few of us like to do in this country; talk about money.

You may want to ask, how’s everyone doing? Are elderly parents coping alright, or will they need a closer eye and more assistance in future? Are 30- and 40-somethings doing okay with parental responsibilities? Are family members on furlough and worried about what happens next? Is anyone facing redundancy? Or has a sibling been trying to run a business on zero-to-low revenue with all the same bills to pay? How are your finances? Has your emergency fund taken a hit? Are all family members aware of the various options for raising capital out there at all life stages, with all their pros and cons, and financial and tax implications? Are there concerns from younger family members over parents and grandparents literally spending the inheritance? Should Gran move closer to home into a Granny flat, or should you look at funding your child’s first home deposit to help them escape the rental market?


Are you in a position to help out? If so, how are you going to do that? Where will you get the money? Equity Release? Drawing down a flexible pension? Spending your emergency fund? Cashing in other savings and investments? Should you offer to help, or wait to be asked? Are there any tax implications? So many questions, you may want to seek advice from an Independent Financial Adviser.


At free2 we’ve come up with something that may contribute to the discussion. As a Financial Technology Platform dedicated to serving the needs of the over 55s, our first product offering, the Over 55s Unsecured Loan, gives people wishing to raise a significant lump sum an alternative to spending their savings, withdrawing taxable amounts from their pensions, or borrowing secured against their home. You may want to do some of your own research on raising a capital sum over 55, but if you’d like to read more on reasons to borrow, one place you could start is our fact sheet page. Here you’ll find our thinking around typical reasons to borrow, their costings and comparisons with some of the existing options generally available.


Learn more, here.


Important Note

Free2 Limited (trading as free2) is an Appointed Representative of RS Consumer Finance Limited (RSCF) which is authorised and regulated by the Financial Conduct Authority (the FCA). free2 is a credit broker, not a lender, and will only offer loans from RSCF – an offer of credit is subject to status and affordability. Example Loan: 60-year-old non-smoker, £30,000 over 10 years with fixed monthly payments of £344.56, interest rate 6.73% and an APR of 6.97%. Terms & Conditions apply.


Financial freedom in retirement

However you choose to define it, it’s knowing you don’t have to work to live, but to add life to your retirement years if you so wish. It’s knowing your mortgage is cleared all your essentials are covered, and your luxuries are all budgeted for with a rainy-day fund in case the roof falls in. It’s a good feeling. One you want to savour. At free2, we’ve been doing some serious thinking about how people can plan their future financial security, and we discuss how you may be closer to Retirement Freedom than you may think, here.

Read more

Freedom from your Mortgage

The arrival of Freedom Day has prompted us to think about how consumers can gain their own financial freedom, something many of us dream of and work towards for decades. An important first step is paying off a mortgage. There can be considerable obstacles, but there may also be unthought of opportunities. Find out more here.

Read more