The Autumn Budget – What do teachers need to think about?

For many teachers and senior education leaders, rumours surrounding the Autumn Budget can be confusing; as we await any changes announced by Chancellor of the Exchequer, Rachel Reeves, to ripple through the economy and potentially impact our everyday lives - whether that be our vocation or our personal finances.

The question is, how much of an impact will this have? Whilst nobody can be sure of exactly what will be announced in the upcoming budget and rumours are only pure speculation - we can consider the 'what ifs' and what action could be taken to mitigate any 'what ifs'.

Oonagh Morrison, Regional Manager from Wesleyan Financial Services, says: "First and foremost, I would remind teachers and senior education leaders that solid financial planning is based on facts, not rumours.

It is, however, probably safe to assume that any form of increase to taxation that impacts the take home pay of educational professionals, would be unwelcome. If this were to happen, we could then look at the potential to mitigate these changes.

This is where it would be a good idea to sit down with your Specialist Financial Adviser and explore any options you may have to save more tax efficiently – it may be useful to consider pension products in particular here. This might include in-house options within the Teachers’ Pension Scheme (TPS) as well as personal pensions.

It’s important to remember however, that financial planning is different for everyone. Whilst teachers may share common ground within their vocation and pay scales, everybody has their own set of unique personal circumstances, and this is where bespoke financial planning can add great value.

Whatever comes out of the Autumn Budget, whether that be changes to taxation, ISA limits, pensions, further changes to IHT or whatever other speculations there may be circulating in the run up - when it comes to your personal finances, a review with a Specialist Financial Adviser can help to put you in an informed position and understand any changes that you could make to ensure that your hard earned income is working hard as you do."

Tax treatment depends on individual circumstances and may be subject to change in future.

If you would like support or guidance on understanding your financial position, speak to a Specialist Financial Adviser from Wesleyan Financial Services for a financial review. Charges may apply.