Live Long & Prosper Health Check

							                               Live Long & Prosper Health Check
                            Are you fit for work and fit for the future?

1. Do you know your AER from your APR?
When it comes to your money, do you feel able to make informed decisions about what’s best for
you?

I’m aware of terms - such as APR on credit cards – but I don’t understand enough            2
to be able to get the best deal
Banks and money institutions talk a different language!                                     1
I’m confident I’m making the most of my money                                               3

Learning point: Almost four out of five of us do not understand APR (Annual Percentage Rate).
Get yourself in the know by visiting the Motley Fool website – www.fool.co.uk.


2. What’s going out and what’s coming in
Do you have your ‘finger on the pulse’ when it comes to managing your money?

I’ve set my direct debits to come out after I have been paid, and I can easily find         3
out how much is left in my account each month
I know roughly how much money comes in and goes out each month, but I couldn’t              2
say exactly how much and when
I don’t look at my bank statements - I’d rather not know!                                   1

Learning point: Most banks now offer online banking. If you have Internet access, it’s an easy
way to manage your money and keep track of your spending. Alternatively, ask your bank for a
printout of regular outgoings.


3. To budget, or not to budget
Are you in control of your spending – only buying what you’ve budgeted for – or on the financial
‘slippery slope’?

A budget? What’s that? I take out money as and when I need it                               1
I’m a stickler for shopping lists and other budgeting techniques.                           3
I do have some sort of budget for essentials (such as food), but I don’t always stick       2
to it

Learning point: The BBC Cashwise website has a useful Budgeting sheet, which you can
download and use. Go to www.bbc.co.uk/education/beyond/cashwise_budgeting.pdf.




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4. Avoiding the unnecessary
How much of your money goes ‘down the pan’, wasted on bank charges and interest on store
cards and credit cards?

I try not to incur any charges but I do occasionally go overdrawn and have to pay            2
the bank interest on the amount I go overdrawn by
I go to great lengths to avoid any unnecessary charges and interest: I even have a           3
0% interest credit card!
I quite often miss payments on credit and store cards. I’m not always sure when              1
payments are taken from my account so my bank sometimes charges me because
I don’t have sufficient funds to cover them

Learning point: Are you feeling the pinch? Download the Live Long & Prosper ‘Free Money’
handout for some money-saving tips. Go to the ‘Your Learning’ section of
www.retail.learningatworkday.com.


5. Are you ‘future finance’ savvy?
How much would you get a week on the basic State Pension? Do you know your stakeholder from
your occupational pensions? Are you clued up on the benefits of planning for retirement?

I could tell you a bit about pensions but I’m not so sure about the different kinds          2
you can get
I know what a pension is because I’ve heard lots of negative things about them in            1
the press, but I couldn’t tell you how they work. I’ll get my State Pension anyway
I spoke to an independent financial adviser (IFA) before setting up my pension, and          3
I learnt a lot from her. I also keep on top of things by visiting the IFA website

Learning point: Download the ‘All About Pensions’ file in the Your Learning section of the Live
Long & Prosper website. Alternatively – or as well as – take a look at the Financial Services
Authority’s ‘learn online’ sections about pensions at www.fsa.gov.uk.


6. What’s in your pension pot?
Joining a company pension scheme or setting up a private pension fund is a great way of saving
for your future - and the government will pay into this pot as well. Are you making the most of this?

Yes, I do have a private pension scheme, which I regularly keep track of and pay in          3
more when I can. I want to be able to enjoy my retirement - I’ve earned it!
I don’t know if my employer has a pension scheme – and I certainly haven’t made it           1
a priority to set up my own.
Yes, I do have a private pension, but I’m not sure how much I pay in each month              2
and how much I stand to get when I retire. Perhaps I should check this out?

Learning point: The Pension Calculator is a tool to help you work out how much retirement
income you might receive from the amounts you save. Find it at www.pensioncalculator.org.uk.


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7. Envisaging your dream retirement
Can you picture what you would like to be doing when you reach retirement age – and are you on a
mission to make it a reality?

I have a pension and other plans in place. The sooner you start putting money               3
away, the more money you’ll have to enjoy it. I don’t want to be panicking when I
reach my fifties that I haven’t saved enough. I want a dream retirement
I do have a dream retirement in mind – but I don’t know how I’m going to make it a          2
reality.
I’ll worry about retirement when I’m old and wrinkly, thanks!                               1

Learning point: Seek advice from an Independent Financial Adviser who can advise on pensions.
It really is a case of the sooner, the better. Visit www.takepensionaction.co.uk.


8. On the road to physical fitness
Physical exercise has a profound effect on our health, as well as our state of mind. Are you
fighting fit?

I want to be as fit and healthy as possible today, and I also want to give myself the       3
best chance for the future by exercising regularly
I don’t enjoy any kind of exercise and avoid it if I can                                    1
I realise that exercise is good for my health, but I don’t really make enough time to       2
fit it in.

Learning point: Need to be convinced of the health benefits that physical activity brings – or need
to convince a friend or partner? Visit www.realbuzz.com.


9. Motivation, motivation, motivation
How much energy do you have on a daily basis? Did your ‘get up and go’ wander off a long time
ago? Do you feel tired and lethargic at work, and even more so when you return home?

I seem to be permanently tired and find it difficult to motivate myself – or feel           1
enthusiastic about work.
Most of the time, I feel alert, energised and motivated. Both my managers and the           3
customers comment on how I’m always enthusiastic and bouncing around!
I have a balance of good days and bad days. There are some days when I really               2
don’t feel like getting up in the morning

Learning point: Low energy levels can be caused by a lack of sleep, stress, poor nutrition and
lack of exercise. Try taking supplements: vitamin B is known as the ‘energy vitamin’.




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10. Five is the magic number
We should be eating at least five portions of fruit and vegetables a day – and the more colourful
your selection is, the better – so you get the whole range of vitamins, minerals and phytochemicals
your body needs. Can you count your fruit and veg intake for the week on one hand?

I’m not a big fruit or veg eater. I doubt I eat five portions a week, never mind a day           1
I eat at least five portions of fruit and veg a day, of all sorts and colours                    3
I eat fruit and veg every day, but I don’t always manage to eat five portions                    2

Learning point: If you’re stuck for ideas on how to get your 5 A day, visit www.5aday.nhs.uk for
top recipe ideas.


11. Mental agility
You’ve probably heard the phrase ‘use it or lose it’, along with the idea that exercising your mind
may help to keep it healthy. Are you doing enough to keep mentally fit?

Given the choice, I’d much rather watch soaps on TV than have to use my brain!                   1
I know how important it is to keep my brain active, so I make time to do this – as               3
well as taking time out to relax
I do the odd crossword puzzle or Sudoku when I buy the papers on a Sunday                        2

Learning point: Keep active by playing games which need your memory (chess, puzzles and
scrabble). Look for a new challenge, such as learning a new language, hobby or profession.


12. Can you handle it?
More than half of us who work suffer from stress. And if it’s not our working life, it’s looking after a
home and family, or juggling the two. Stress is very much a feature of modern life. Can you
handle it?

By the end of the day my nerves are jangling, my head is pounding and I’m                        1
generally irritable.
I have good days and bad days, depending on what gets thrown at me during the                    2
day. I don’t like feeling out of control.
Okay, so I may be a busy person, but I don’t let things get on top of me. If I’m                 3
feeling the pressure, I just take some deep breaths and get on with things.

Learning point: Take up yoga for a great way to learn how to relax and tune into your body. To
find a local course or teacher, visit www.bwy.org.uk

Add up your score from each question and write in the box below.


                          My total score is:



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How did you score?

If you scored 12-19

Well, there is some room for improvement! You need to take stock of where you are financially, as
you well may be wasting money on bank charges through not knowing where you’re up to at any
time. You may be able to pay bills a week later and avoid payment charges through having more
money in your account. Take the plunge and speak with your bank manager about making your
account work better for you.

Relying on the basic State Pension to see you through? Find out how much you’ll actually get by
asking for a forecast: contact the Future Pension Centre on 0845 3000 168 (textphone 0845 3000
169 if you have speech or hearing difficulties). You may not get as much as you think. And with a
personal pension, the earlier you start, the better off you’ll be.

Most of the illnesses we suffer when we get older are caused by the way we live when we’re
younger – but the good news is it’s never too late. Try small changes to your diet and exercise
routine and you’ll probably feel so good you’ll wish you’d done it years ago.

If you scored 20-28

On the whole, you did well. You are aware of what you should be doing, even if you don’t always
manage it, and that is a good place to be!

Take stock of your bank account and bills, to see whether you could be saving money through
switching to a different account or different providers for your utilities. Think through what you’d
like to do when you retire, if you haven’t already, and work out how much money you’ll need to be
able to live it. Then, start making plans!

Health-wise, almost all of us would benefit from more exercise and a better diet. See if you can
find things you can share with friends (or make some new ones through trying new hobbies) to
keep you motivated.

If you scored 29-36

Well done! You’re on top of your finances and aware of ways to make the most of your money.
Review your plans periodically to make sure they’re still on track, and if necessary move to
different providers that better meet your needs.

Maintain your healthy eating and exercise plans – on average we’re living longer and longer, and it
would be really rewarding to be able to enjoy all those years after you’ve retired.




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