• Police Mutual Financial Fitness Plan

    Financial Fitness

    Your 10 point
    Financial Fitness Plan

    10 questions. 5 minutes. Make this your annual money health check. We'll identify those problem areas and help you get financially fitter.

    Please fill in these
    and we'll get started.

    Questionnaire progress 0%

    How we will use your personal data

    We will use the information you have supplied to make your plan more relevant to you. We will not store your details. No further correspondence will be entered into.

  • Budgeting

    Setting a budget is about taking control of your money and ensures you lead a lifestyle you can afford

    Do you have a monthly financial budget that you stick to?

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    Questionnaire progress 10%

    How do I stack up?

    have borrowed to meet basic financial needs in the previous 12 months.9

    Police info: It's estimated that 24% of serving Police employees believe their household finances have worsened.1

    Facts icon Facts

    Creating a budget isn’t all about restricting what you spend, it helps you manage your money so you can live comfortably within your means. It can also help you find a way to spend cash on the things that you enjoy.

    12.9 million adults (25% of all UK adults) have been overdrawn in the last 12 months.2

  • Emergency Funds

    Having 3-6 months worth of income in cash savings to cover living expenses not only provides you with a buffer, but can also help reduce financial stress and worry.

    Do you have cash that you can access in an emergency?

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    Questionnaire progress 20%

    How do I stack up?

    have 3 or more months worth of savings.9

    Police info: We believe around 18% of those in the Police Service have no savings to fall back on.1

    Facts icon Facts

    One in five Britons have no savings to fall back on while many avoid investing despite poor rates on offer from banks.3 Having a savings pot means you can cover unexpected costs like car repairs, the boiler breakdown or the house needs repairs without getting into debt.

  • Regular Savings

    Saving money regulary can help you become financially secure and work towards your savings goals.

    Do you save regularly?

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    Questionnaire progress 30%

    How do I stack up?

    do not regularly save.9

    Facts icon Facts

    Over half (56%) of savers in the UK do not feel they’re saving enough.
    On average the nation is only saving £1,832 annually, equating to £153 a month.4

  • Utility Bills

    If you don't review your utility providers, insurers or mobile phone, you could be paying more than you should and missing out on the best deals.

    Have you reviewed your monthly outgoings in the last 12 months?

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    Questionnaire progress 40%

    How do I stack up?

    do not feel fully in control with their monthly money management.9

    Police info: We estimate around 2,400 police personnel are 3 months behind with their utility bills1

    Facts icon Facts

    Not reviewing your utility or mobile phone bills could result in you missing out on the best deals and paying more than you need to, causing an unnecessary strain on your finances. 4.1 million people in the UK have already failed to pay domestic bills or meet credit commitments in three or more of the last six months.2

  • Wills

    No-one wants to think about this. But how else can you ensure what happens to your estate after you've gone?

    Have you made a will?

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    Questionnaire progress 50%

    How do I stack up?

    Police info: The majority of Federations provide a free will service and Unison for police staff

    Facts icon Facts

    Whatever your age, if you have assets like savings, a house or dependents then having a will can save the people you care about having a financial nightmare when you die. And yet more than half (51%) of British adults have not made a Will.5

  • Emergency Funds

    Would you be able to pay the mortgage if something happened to you at work? It's difficult to think of what might happen in the future, but not planning for such circumstances can leave you feeling worried and vulnerable

    Do you have sufficient funds to manage if you were unable to work?

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    Questionnaire progress 60%

    How do I stack up?

    Police info: Violence towards officers is commonplace. Just over two million of assaults on police officers were unarmed, including kicks, punches and slaps, but more than 300,000 involved attacks with deadly weapons, some of which left officers with life-changing injuries.6

    Facts icon Facts

    Each year close to a million people in the UK find themselves unable to work due to a serious illness or injury.15

    And yet only 9% of UK adults said they had some form of income protection, leaving the rest vulnerable should anything happen making them unable to work. Who will pay the mortgage if you didn't have a salary coming in? How could you support your families day to day living expenses?7

  • Credit Score

    Reviewing your credit report regularly can help keep it in good shape, ready for the next time you apply for credit, plus it can provide an early warning if you've been targeted by fraudsters.

    Do you know your credit score?

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    Questionnaire progress 70%

    How do I stack up?

    have limited or no understanding of credit scores.9

    Facts icon Facts

    The higher your credit score, the more chance you'll be accepted for credit at the best rates. Checking your credit report is an important part of maintaining your financial fitness. Not only can you pick up on any mistakes linked to your credit file, but you can also spot any fraudulent activity that could hinder you getting credit.

    And yet, in a Which? survey of more than a thousand households, 53% said they had never checked their credit score or obtained a credit report.8

  • Managing Debt

    Debt can build up quickly, which can lead to getting trapped in a vicious circle of expensive debts, like payday loans and credit cards you can’t afford to pay off.

    Are you worried about how much you owe on credit cards/loans or store cards?

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    Questionnaire progress 80%

    How do I stack up?

    have been affected by money worries in the last 12 months.9

    Police info: We estimate that around 2,000 police personnel have 5 or more credit cards. 9

    Facts icon Facts

    Household debt in the UK has increased by 7% in the past five years with the average UK debt standing at £8,000 per person (not including the mortgage).
    3.1 million UK adults have one or more high‑cost loans now or have had one in the last 12 months, including, for example, payday loans and home collected loans. One of the biggest problems is not burying your head in the sand. 10

  • Pension provision

    A state pension from the Government might not be enough to live the lifestyle you want in retirement. Planning ahead will give you the retirement you deserve.

    Do you know how much pension you'll receive when you retire?

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    Questionnaire progress 90%

    How do I stack up?

    Police info: A third of the officers that leave the Police (either through retirement or for other reasons) continue in another form of employment.13

    Facts icon Facts

    62% of people have multiple pensions and more than one in five (21%) of this group has lost track of one or all of their pensions. As a result more than 6.6 million people may have misplaced retirement savings.12

  • Congratulations

    That's all the questions answered!
    We're preparing your plan to help you become financially fitter

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Sources
1 Police Mutual Financial wellbeing scorecard. Estimations have been calculated using Police Mutual data, powered by Experian.
2 FCA Financial Lives Survey 2017
3 This is Money 15th March 2017
4 Aldermore article July 2017
5 Will Aid September 2017
6 Police Federation England & Wales survey 2016
7 Which September 2016
8 BBC News May 2016
9 Neyber DNA Financial Wellbeing 2017
10 The Guardian September 2017 & FCA Financial Lives survey 2017
11 ABI 2017 key facts report
12 Aegon January 2017
13 Institute of Fiscal Studies January 17
14 YouGov
15 Money advice service
16 This is Money 7th January 2016
17 ABI 2015
18 Unbiased.co.uk