23 Th e Sandwich Generation - Financial advice and help

The Sandwich Generation

Peter Harding Wealth Management shows us how to ensure a safe financial future for yourself, your parents and your children during the coronavirus pandemic

Members of the sandwich generation, those individuals in their 40s, 50s and 60s who are bringing up their own children while also providing care for their parents, face increased financial strain in the best of times. Pulled in different directions, they are also trying to save for their own retirement during a critical period in their working life. In the current coronavirus crisis, the sandwich generation is facing additional challenges, with the pandemic impacting jobs, businesses, schools and home life. It’s the perfect storm of financial, emotional and time pressure. You might be in a senior role at work and have to juggle management responsibilities with the challenge of working from home. Or you might have been furloughed from your current role and face the prospect of a cut in income. Added to this, there are concerns about the performance of your pension and other investments given recent stock market falls. So, amid this perfect storm, what can members of the sandwich generation do? A financial adviser can help to work out your priorities and put a plan in place to build wealth for the future. In the meantime, here are some tips on how to support your parents and your children – while also taking care of yourself.

How to help your parents

Whether your ageing parents live with you, by themselves or in a care home, this is an anxious time. Whilst money is never an easy topic to talk about, having a conversation will allow you to plan for this period of uncertainty more effectively. Do you have a clear understanding of your parents’ assets, income sources, living expenses and debts? Do they have life insurance or long-term care insurance? Are they claiming all the benefits they are entitled to? Involving a financial adviser at this point can remove emotion from the equation and restrict the discussion to the facts and figures – for example, if you need to adjust your financial plan due to a change in circumstances caused by the coronavirus crisis. Talk to your parents about financial scams in order to help prevent them from falling victim to online or telephone fraud. Keep in regular contact (via phone or digitally) and make sure they’re aware that you’re happy to discuss any money concerns that they may have. And though it is a difficult subject, it’s important to check that your parents’ affairs are in order. Will creation and legacy planning will be front of mind for many people during this time of uncertainty, and it’s worth taking a look to make sure everything is up to date. Also note whether they’ve specified who can legally take control of their finances should they become unable to make decisions on their own.

How to help your children

Whether your children are younger and home from school, or older and back living at home after their university has closed, or they have been laid off from their job, they will likely need increased emotional – and possibly financial – support. Thinking about money as a family, rather than each generation trying to manage alone, is a great place to start, and has the added benefit of introducing younger generations to financial planning. Ask yourself: what are you currently paying for childcare or schooling? Are you saving for a child’s education, or to help with a first-home purchase? Are loans and gifts to your children being structured in the most flexible or taxefficient way? The impact of the coronavirus may change the answers to these questions, and a financial adviser can help you identify what to prioritise and how to adapt to current circumstances if needed – while still saving for the future. Pensions and Junior ISAs are great opportunities to give children a financial head start, and it’s worth contributing even in times of volatility. In the Budget in March, the annual allowance for a Junior ISA was more than doubled to £9,000. A parent or guardian must set up the Junior ISA, but anyone can pay into it, and there is no tax to pay on any income or gains. And even small contributions into a child or young person’s pension can make a big difference over the long term.

How to help yourself

Remember, to continue caring for your children and your parents, you need to take care of yourself. It can be tempting to try to predict the future, or react to events as they happen. Talking to a financial adviser can help you make a financial plan in a calm, rational way, rather than reacting to news stories or your own emotions. Putting the right plan in place will allow greater opportunities to build wealth over time – fulfilling your retirement plans while still supporting other generations. If you can, continue contributing to your own pension and savings. Sacrificing saving today could result in financial strain tomorrow. In addition, life insurance and financial protection are relevant now more than ever – we may not like to think about death, serious illness and long-term sickness, but they’re especially important if others rely on you financially. Use your time in lockdown to give your budget a spring clean. Are there monthly costs that you could eliminate or reduce? Are you using available tax breaks? You may even find there is an opportunity to make the most of a fall in share prices and invest for the future. When markets have dropped, it can be a good time to save and invest. It may seem counterintuitive, but you are buying cheap stocks. Look after you and yours. If you have any questions or concerns about intergenerational financial planning, just ask a financial adviser. They’re there to help. To receive a complimentary guide covering wealth management, retirement planning or Inheritance Tax planning, contact Peter Harding Wealth Management on 01747 855554 or email peterhardingwm@sjpp.co.uk

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WINDOW SHOPPING

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Castle Cary, Somerset £445,000 As more people work from home, the need for dedicated workspace is overtaking commuter requirements. The new Elan homes in Castle Cary, Somerset balance both. The Weavers Field development on Station Road includes generously proportioned four-bedroom homes and buying a home with an extra bedroom could be used as an offi ce. Plus when you need to physically be in work, the local station is within a two-minute drive or a 10-minute walk.  elan-homes.co.uk/developments/weavers-field

Shaftesbury, Dorset £500,000 This extended fi ve bedroom detached modern house presented in exceptional order offers brilliant levels of accommodation arranged over three fl oors, Internally, the property offers an entrance hall, dining room, kitchen/breakfast room, utility room, sitting room with access to the sun terrace and mezzanine fl oor, fi ve bedrooms with two of them being en suite including a wonderful master as well as a further family bathroom.

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Templecombe Somerset £450,000 Constructed of local rubble stone, the Georgian double fronted façade brims with classical symmetry in this four bedroom character home. A two-storey converted barn in the driveway entrance, utilised as offi ce space has a separately metered electricity supply, telecom and night storage heating, easily adaptable as storage or ancillary accommodation, subject to planning consents. ruralview.co.uk

Whitchurch, Hampshire £495,000 This extended 5-bedroom property offers great accommodation with various rooms for a home offi ce Additionally, there's a formal dressing room on the fi rst fl oor (originally a bedroom) a smart bathroom and the main bedroom has an ensuite. Downstairs, there's a spacious living room, study and a spacious kitchen/ breakfast room with utility room. Outside is a walled garden and a garage. brockenhurst.info

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Blue £49 swooneditions.com  Bunny Fields Upsy Booster $130 theupsystore.com.au

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Working Parents

Is working from home the new normal? Here we talk to various professionals about parents working from home, redundancy, finding a job and how we as parents can return to the workplace.

What a year 2020 has been so far! Covid 19 has certainly turned the working world upside down in the past five months. At the beginning of the crisis prior to lockdown a lot of businesses were already getting set for their workforce where possible to work from home. Weeks prior to lockdown they were setting policies in place, checking health and safety and providing their staff with the necessary equipment to perform their duties from home. Their processes were already tried and tested by the time Boris made his announcement on 23rd March 2020. So where did that action take various industries and where has it left our economy? Karen Pumfrey, a local Recruitment Consultant shares the impact it has had for some of her clients. "Manufacturing remained strong for the companies that were producing products for the medical industry. We saw a lot of local companies change their production processes to manufacture equipment to help aid covid treatment. New processes were turned around within short timescales and it was truly amazing how these businesses did all they could to support the pandemic and continued to fully employ their staff. On the clerical side, a lot of businesses fully embraced the working from home set up, which allowed many parents to stay at home with their families and are now looking to continue into 2021 as this may well be a permanent fixture. Our clients has proved the benefits to working from home and in some companies has seen productivity improve, not to mention the reduction

in overheads. Businesses who were sceptical of the inititaive have been overwhelmed by its success and opens up an exciting new world especially for working parents who have the added juggle of childcare. It has however taken its toll on many parents and with the schools being closed, the additional home schooling has for some been very stressful. Alot of companies are supportive but for some employers it has not been an option so returning to the office to carry out their duties has been essential. Returning to work needs to be a well thought out process and every opportunity to accommoodate working from the office in the mornings and from home in the afternoons, for example, can all be negotiated. We have also seen in some industries utilising holiday allowance to be broken down into hours rather than training centre, DA Training and Consultancy, says however "Redundancy numbers are rising and their speed will accelerate once the furlough scheme ends. Measures need to be put in place now to support those people so they don’t have to wait an agonisingly long time to receive benefits. I expect the number of people in self-employment to rise sharply, as the jobs just won’t be there for them. So over 25 years’ experience in health, social care, and education and reports "As the government’s furlough scheme comes to an end, many businesses are looking at their staff returning to work in the forthcoming months. It is vital that employers support the emotional wellbeing of their staff and working parents postpandemic and employees and employers alike must be aware that this is for the long run and long-term strategies are needed. There are many questions for HR managers to answer during this time in regard to working conditions, phased return and reasonable adaptations for staff returning who may have been ill, those who have suffered a bereavement of a loved one to the pandemic or are experiencing mental health issues as a result of the crisis. Many workers will be extremely anxious about being in the workplace or travelling there. Organisations must continue their support for physical and mental health and its current thinking about remote and flexible working. half or full days so achieving flexibility around their children. Now the schools are re-opening parents being able to work from could offer families a new flexibility to do the school runs without interfering with your working hours and giving you a greater work life balance. Some say this has produced a more productive workforce, Zoom and Teams meetings are now the way forward and can be used widely from recruiting to business meetings. As the industrial, property and IT/cyber sectors grow and can not operate working from home, it is still too early to say for sure if working from home will be the new normal."

For job opportunities or how Karen could help diversify your workforce contact her team via the

Lorna Carter-Blake, MD of a local business website: personnelselections.com the Government shouldn’t just be focused on getting people back into conventional jobs but also help them to set up on their own. A big part of what we do for businesses is provide redundancy support and training, and in the past fortnight we have got considerably busier in that area."

For help with redundancy or training contact Lorna

Noel McDermott is a Psychotherapist with or a member of her team at datc.co.uk A families economic insecurity is rife at the moment with many people not knowing if they have a job to return to and this anxiety is heightened by news reports of world economic collapse. The government has signalled how seriously it takes all of this with work stimulus packages but fear of loss of work has significant negative mental health impacts, as well as actual unemployment. Our ability to manage the anxiety produced by these multiple uncertainties is compounded by the experience of having been through the lockdown of the pandemic. We are usually able to deal with a specific crisis that is time limited when we have a period of time to recuperate emotionally and psychologically, but this is not what we are faced with. We are faced with a situation in which there is no time to reflect and recover but we are straight into the next level of the crisis with a potential for this to go on for some time. Each new phase of the pandemic crisis wears us down psychologically, challenging our resilience and the ability to bounce back.” 29

Here Psychotherapist Noel McDermott provides tips for workers and businesses on how to cope with some of the challenges of returning to work.

• Accept these are challenging times and change your lifestyle accordingly. • Adopt mentally wealthy approaches to life by ensuring core health strategies in place - good sleep hygiene, eating healthily, exercise, strong support networks, giving up or reducing almost to zero alcohol. • Understanding signs of emotional struggle and when to ask for help: bad sleep patterns, appetite changes, losing interest in activities and friends, losing temper a lot, not being able to stop worrying, developing a sense of dread about life or the future, excessive tiredness, increased drinking, relationship struggles. • Be aware this is for the long run, this isn’t over quickly, long term strategies are needed.

Advice on how to cope with your feelings of increased anxiety

• Take a deep breath and practice having faith in the future, tell yourself it will all be ok in the end and if it’s not ok at the moment it’s not the end. • Telling yourself positive internal stories reduces stress significantly. • Helping others helps ourselves. Make time in your day whether on the way to or from work or in the workplace to do something kind/helpful for someone else. • Take a challenging situation and find deeper meaning from it; moving into the bigger picture to explain our challenges to ourselves as purposeful reduces fear and depression. • Make attachments to beliefs and ideas that express something more transpersonal, whether that is traditional spiritual or religious beliefs or believing in the power of love or nature is not important but having a sense that something bigger is at play is helpful in developing a growth mindset. • Put the oxygen mask on yourself (not just the face mask) as if you are not meeting your own needs you will not meet any other needs. These basic needs are self-care, regular exercise, sleep/rest, hydration, social and emotional support.

How Businesses Can Support Employee Wellbeing

• Develop a pandemic mental health return to work curriculum. • Use this opportunity to re-evaluate in house mental health services. • Create a culture of openness around mental health problems. • Develop asset based mental health approaches to retain staff.

Noel McDermott is the founder and CEO of three organisations, Psychotherapy and Consultancy Ltd, Sober Help Ltd and Mental Health Works Ltd. Noel’s company offer at-home mental health care and will source, identify and co-ordinate personalised care teams for the individual. They have recently launched a range of online therapy resources in order to help clients access help without leaving home, find them here: noelmcdermott.net/group-therapy/

1. Show you can adapt as the situation does

The pandemic has proven that anything can happen. Emphasise any skills that prove you can adapt and work under constrained situations and you’ll stand a much better chance at landing a job. Using relevant work experience to draw links with the current climate will also raise this chance further.

2. A clear and concise CV is vital

Hiring managers will likely be sifting through CVs even faster than usual, so initial appearances mean everything - how a CV appears is just as important as the information it provides. Keep your CV concise with a mix of formats and the important information obvious - this visual balance will mean the reader focuses on what matters the most: your credentials.

3. Be visible and shout about your achievements

Make it easy for potential employers to find out more about you by creating a professional online profile; one easy way to do this is by via LinkedIn. Regularly update it by showcasing the latest research as well as personal achievements – shouting about your success is a sure-fire way to grab someone’s attention, especially if it’s in refreshing ways like promo videos, collaborations and more.

4. Highlight relevant work experience

The pub landlord recalled that he received applications from former stewards, restaurant managers and more. To snatch a job from experienced applicants, first and foremost highlight the skills you have that will transfer directly to the job at hand. This way, you could trump impressive candidates that don’t fit the role as well as you do.

5. Avoid bloating buzzwords

Contrary to popular belief, cutting down on bloat words doesn’t make your CV less interesting. CVs should be tailored to each job, using only the relevant skills for the application. Research each vacancy beforehand to handpick the best skills to target and jumpstart you higher up in the list.

6. Include a professional summary

To grab attention from the get-go, start with a professional summary: a concise overview of you and your talents. Doing this means the hirer has everything they need in a clearly worded package, which they can request to expand on if necessary.

7. Network network network!

Most job applications are now online, but that doesn’t mean you have to rely on this. Also known as the Hidden Job Market, some research suggests as many as 70% of jobs aren’t posted online. So if you excel in word-of-mouth to secure a job, keep practicing this alongside online applications.

For more CV and job hunting advice check out resume.io

OPEN for Business

NEWS NEWS NEWS NEWS NEWS NEWS NEWS NEWS NEWS NEWS

Somerset's Yeo Valley has topped the list as the nation’s favourite organic brand for the second year in a row in the Good Housekeeping 2020 Food Awards. Congratulations to Hannah and her team who launched Herbs & Wild cafe under canvas at Wilton Shopping Village. Paultons Park, the home of Peppa Pig World, has been named by Tripadvisor as the 10th best-rated amusement park in the world and the fourth best in Europe. The Angel & Blue Pig, Lymington now offer a Click-&-Collect service.

A Fine Heritage

With only 7% of shoppers saying they have "complete faith" in the current protective measures put in place by retailers, and with masks now compulsory in shops, local company Heritage Fine Foods (based in Coate Wiltshire) has extended their delivery areas further across the South West region. Th is will provide more customers with an alternative option of being able to buy fresh, locally produced fruit and veg along with meat, dairy and other household groceries and help eliminate the worry for those that are still not ready to venture out. Heritage Fine Foods combines the modern-day convenience of online ordering with the friendly, at-yourdoor service of days gone by which has, since lockdown, proved invaluable for local residents. Along with the convenience of not having to drive to the supermarket, queue or walk the aisles wearing a mask with your grocery list, Heritage Fine Foods provides a fi rst class customer service, with fantastic, freshly sourced local produce. Ken Mortimer, Managing Director noted “Over the pandemic we saw our normal stream of sales to restaurants and food outlets suddenly dry up, we had to act quickly to save the business, we reignited our home delivery service (5 a day) as well as set up a drive through contactless service at the farm. Th ese orders ensured we did not need to furlough any staff and we have now in fact increased our workforce. We are really keen for people to continue to buy from us and experience the fresh, local produce we off er, something we are really passionate about”. Kay Mortimer, Operations Director added “We pride ourselves on amazing customer service and it has been heartwarming to see our online community grow and share the food they have been making, sometimes with ingredients they have never tried before. Th ere are so many benefi ts to becoming a customer with Heritage, our produce helps local farmers and growers, cuts food miles and is value for money, we can also supply products you won’t always see in the supermarket”. If you are a local business they can also supply fruit boxes and other key essentials for your workforce, great for motivating staff and promoting wellness. For more information about Heritage Fine Food services please see: heritagefi nefoods.co.uk

Tin and Tonic

New Hampshire-based Tin & Tonic is a bespoke mobile drinks bar for weddings, parties and events specialising in locally sourced gin served with premium tonics and garnishes, signature proseccos and artisan Somerset cider. Launched through a recent redundancy circumstance Tin & Tonic founder Jo Hudson and family said: “As lockdown has eased and small events are allowed we have seen huge demand for our 1982 Rice Beaufort horsebox which has been lovingly restored and converted into a bespoke bar. Our range of speciality spirits, cocktails and mocktails, as well as family-produced Old Jollop cider will turn even the smallest socially distanced garden party or gathering of friends in to a very special celebration. We have a passion for perfection and particularly where it comes to cocktails and ensuring that we tailor our events to the exact requirements of the host and their guests. Our specially sourced range of locally sourced artisan gins and prosecco make the most perfect Negroni, passion fruit fi zz and a martini of which even James Bond would be proud." For bookings and enquiries go to tinandtonic.co.uk

TOP Marks

Village, primary, pre prep, private or state we want to know your school news, email: info@countrychild.co.uk

A Bryanston Community Comes Together

Nearly 500 children in remote rural areas of Cambodia and Myanmar are now receiving an education for the fi rst time thanks to the fundraising success of last year’s Charities Day organised by the Head Boy and Head Girl of Bryanston School in Dorset. No less than £54,000 was raised for United World Schools and, following an intensive construction and planning programme, both schools are now fully operational and full of enthusiastic youngsters who previously had no access to any form of schooling. Working closely with local communities and tribal groups, the charity’s new school in Phnom Ro Eli in Cambodia is the only one in the area and is now providing an education for 235 young pupils from fi ve surrounding village communities. Close community engagement has also featured prominently in the success of the charity’s school at Shay Kin in the Shan state in the east of Myanmar. Providing an education in a country with over 100 diff erent ethnic groups and languages is extremely challenging, but the Shay Kin school is the now the charity’s largest in Myanmar as a result of a signifi cant new extension funded by Bryanston’s Charities Day. “When we began our fundraising drive, we were determined to help make a diff erence to the lives of young people in some of the most remote and deprived areas of the world,” says Cameron Robertson who was Head Boy at Bryanston 2018-19. “Having exceeded even our most optimistic target, we are absolutely delighted that our eff orts have resulted in such important facilities that now lie at the very heart of the local communities – even more so given the extreme challenges posed by the current Coronavirus pandemic.” With little or no healthcare provision in such remote rural areas, both schools are also playing a central role in helping to raise awareness and minimise the threat posed by the Covid-19 pandemic. Once the current global pandemic is over, Cam and Zey are hoping to join other pupils and senior staff from Bryanston on a visit to Cambodia and Myanmar to meet local United World Schools’ representatives as well as pupils and teaching staff at the schools in Phnom Ro Eli and Shay Kin.

Results Day!

Despite the Covid-19 upheaval and controversial grading process this summer, Sixth Formers all over the counties have had many exceptional achievements. Well done to all students whatever your results, it has been an extraordinary year.

Kind Edward VI School Head, Mr Neal Parker,

comments: ‘I can only express my admiration at the achievements of our outgoing Upper Sixth. Th ey have been subject to the most extraordinary pressures and unprecedented challenges, but their results refl ect their dedication and hard work over two years of A Level study. Whilst we are all desperately sad that this year group was not able to demonstrate their learning and knowledge by sitting the exams, nonetheless they deserve heartfelt congratulations on some outstanding results. Th at over 56% of the results given at KES are at the highest possible level of A* or A grade; and that about 83% have received a B grade or better, is testament to the dedication of our King Edward’s pupils and teachers alike. Th ese results are fully deserved by every student! Th is brilliant year group now leaves us with our warmest wishes for the future.’

Judith Fremont-Barnes, Head of Milton Abbey School,

said: "Th e Class of 2020 have achieved an excellent set of results! Th ere are also some really exciting and hardwon individual triumphs among today's results and we are very proud of every one of our students. We are also deeply grateful for the dedication and expertise of their teachers and pastoral staff , who have supported them so well through their courses of study. Th ey are off to courses as diverse as Pharmacology at the University of Bristol, War Studies at Hull, Film Making at Leeds Beckett, Farm Management at the Royal Agricultural University and Art at Manchester. We wish them every happiness and success."

Godolphin School Head, Emma Hattersley, remarked

“Th ese students have shown great fortitude, especially over the past six months. It is only right now that their diligence and sheer hard graft over the last two years is recognised by the examination boards, enabling them to move on to the next stage of their lives with confi dence. Th is was a bright year group so I am pleased that in the main, their eff orts have been rewarded, although I do have concerns as to how some of the grades have been calculated. Now is a time for calmness and student support as we work through the statistics and understand the implications for each individual. I am immensely proud of them all.”

PROTECTING THOSE THAT MATTER

We know that family is the most important thing in your life. So it’s good to know that, with the right advice, protecting your loved ones should the unthinkable happen can be easy – as well as immensely reassuring.

We offer a friendly and approachable service backed by the strength and security of a FTSE 100 company, St. James’s Place Wealth Management. And being local means we’re here whenever you need us. Together we can identify your protection needs, introduce you to the full range of options, and most importantly, create a tailored solution specifically for you.

We can’t prevent the unexpected from happening, but we can help you be fully prepared to face the future if it does.

PETER HARDING WEALTH MANAGEMENT Principal Partner Practice of St. James’s Place Wealth Management

30 Haven Road, Canford Cliffs, Dorset BH13 7LP Tel: 01202 830730 40 High Street, Shaftesbury, Dorset SP7 8JG Tel: 01747 855554 9 Cheap Street, Sherborne, Dorset DT9 3PU Tel: 01935 315315

Email: peterhardingwm@sjpp.co.uk Web: www.peterhardingwm.co.uk

The Partner Practice is an Appointed Representative of and represents only St. James’s Place Wealth Management plc (which is authorised and regulated by the Financial Conduct Authority) for the purpose of advising solely on the group’s wealth management products and services, more details of which are set out on the group’s website www.sjp.co.uk/products. The ‘St. James’s Place Partnership’ and the title ‘Partner Practice’ are marketing terms used to describe St. James’s Place representatives. Peter Harding Wealth Management is a trading name of Peter Harding Practice Ltd.