SFA Money & More Magazine

money& more
ISSUE 3/SEPTEMBER 2022

TIPS FOR SURVIVING
HIGH INFLATION

THE CHANGING FACE
OF RETIREMENT
THE

CRYPTOCURRENCY
DEBATE

MANAGING
INVESTMENTS
THROUGH
CLOUDY SKIES

INDUSTRY EXPERTS FROM ABRDN
TELL US ABOUT INVESTING IN
UNUSUAL TIMES.

CONTENTS

FINANCE 14. THE BENEFITS OF HITTING
RETIREMENT AGE
03. THE CRYPTOCURRENCY DEBATE
Discover some of the useful money savings
We explore the crypto-hype and whether it’s a available in retirement.
worthwhile investment strategy.
16. LOOKING AFTER YOU
04. SURVIVING HIGH INFLATION
Recent events have tested everyone’s wellbeing,
The cost of living is at a 40-year high – what could so how can you support yourself and your
you do to ease the sting?. loved ones?

06. BEAR-ING WITH MARKETS 18. THE RISE OF AUTHORISED
SCAMS
Stock markets have had a tricky 2022, making it
important for investors to stay calm. Stay ahead of a worrying new trend as scammers
try new techniques.
08. MANAGING INVESTMENTS
THROUGH CLOUDY SKIES 19. ALWAYS HERE FOR YOU

We speak to investment experts at abrdn about A reminder of how you can contact us if you
the current market backdrop and how they’re have queries about your investments.
managing funds through it.

12. THE CHANGING FACE
OF RETIREMENT

Why the traditional view of retirement is being
challenged by our modern lifestyles.

02

CRYPTOCURRENCIES

THE
CRYPTOCURRENCY
DEBATE

ROBYN PINDER

T he hype and noise surrounding cryptocurrency CRYPTOCURRENCIES
appears to be getting louder and louder. You might AREN’T REGULATED
have heard of a few: Bitcoin, Ethereum or Ripple. And if
you do follow the investing world at all, it probably feels The popularity of many cryptocurrencies are largely
like more and more people are including them as part of dependent on their promotion on social media. If
their portfolio. cryptocurrencies were properly regulated, many of the
promotions out there would be deemed against the law.
HMRC-commissioned research has found that about
6.7 million adults in the UK, around one in 10, own or As things stand, a digital currency can be mis-sold
have bought crypto assets. and manipulated with little or no consequences for
those involved. Worryingly, Santander has forecast that
But how reliable of an investment strategy is it? And ‘celebrity endorsed’ cryptocurrency scams will increase by
what are our views here at Skipton? 87% in 2022, compared to 2021. With cryptocurrency
scams, scammers are misusing familiar faces (for example
WHAT IS CRYPTOCURRENCY? celebrities and the rich), to endorse crypto investment
opportunities. Fake endorsements have increased by
In broad terms, cryptocurrencies are forms of digital more than 60% since the end of 2021.
currencies or money. They don’t exist physically like coins
and cash – instead, they are completely virtual. IT’S VERY UNPREDICTABLE

Every transaction ever made through cryptocurrency All in all, cryptocurrency is extremely volatile. The
is recorded on a huge database known as the blockchain. worldwide cryptocurrency market valuation has dropped
Picture it as a huge spreadsheet. by roughly $1 trillion in 2022 (as of June 15 2022).
Wild price swings are all in a day’s work in the world
The key thing about the blockchain is it’s decentralised. of cryptocurrencies. So much as a tweet from a prominent
This means it can't be issued, backed, or regulated by a figure such as Elon Musk can send prices tumbling or
bank. Cryptocurrencies are often finite too, meaning people soaring.
can’t produce more and risk spiking inflation.
Kieran Ellis, Technical Research Specialist, says,
For some investors, these factors give cryptocurrencies “We believe asset classes should offer the opportunity
an alternative appeal compared to more traditional of providing a systematic return over time – much like
asset classes. shares and bonds. The volatility of cryptocurrency means
it does not meet these requirements.
WOULD SKIPTON RECOMMEND
CRYPTOCURRENCY TO ITS “There may come a time when investing in
CUSTOMERS? cryptocurrencies makes sense. As a completely
decentralised currency, they may be insulated from
In short, no – and here’s why. paper currency, government policy and inflation.
First off, they are hard to value accurately and are
high risk. When you invest into a share, this gives you For the time being, however, we believe the completely
ownership of a small part of a company. Then you have unpredictable nature of crypto assets makes them
bonds, which in their simplest forms, are a loan to a incompatible with our investment philosophy.”
company or government. Both of these involve something
physical and tangible behind your investments.
As for cryptocurrency? Well, as it’s decentralised
there’s no reliable way to determine the real value of
cryptocurrency – making it a very risky investment.

The opinions and analysis provided are for information only and do not constitute financial advice.

skipton.co.uk 03

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SURVIVING
HIGH INFLATION

ROBYN PINDER

R ising prices are being felt all around FIRST OFF, WHAT’S GOING
the world. Costs of food, fuel, electricity
and many other items are going up fast. ON WITH INFLATION?

It feels like each tap at the checkout is Karen Follows, Money
pricier and every bill through the letterbox Market Dealer at Skipton,
has a bigger number on it. Here in the UK, tells us, “Rising inflation
the cost of filling a 55-litre family car had is the name of the
reached over £100 at the end of June. That’s game, not just here in
up from around £72 a year earlier. the UK but globally; a
situation that is being
Five million adults say their living costs exasperated further by
have risen by at least £500 a month. Retired the Russian invasion
people have seen their living costs rise on of Ukraine.
average by £163 a month. That’s nearly
£2,000 a year, according to research by LV=. “Inflation in the UK is already near double
digits and at a 40-year high, with the number
Unfortunately, there’s very little you can expected to rise further in quarter four when the
do to stop it. But – across this article – there next energy price cap takes effect in October.
are some practical ways you can get a firm The Bank of England currently forecasts inflation
grasp of your finances. to reach over 13% this year.

“INFLATION IS EXPECTED “The continued rise in the headline figure is
TO START FALLING being attributed to soaring fuel costs and increases
BACK IN EARLY 2023 TO in agricultural commodity prices which have
AROUND 3.5%, BUT THIS pushed up food price inflation. In reality, there’s
IS A MOVING FEAST.” not much that monetary policy can do directly
to tackle the recent surge in food prices, or oil
for that matter, with rising food prices stemming
from supply disruption caused by the ongoing
war. These disruptions have caused wheat prices
to jump by around 50% and the price of corn to
increase by in the region of 30%.

“Inflation is expected to start falling back in
early 2023 to around 3.5%, but this is a moving
feast with a lot dependent on how prolonged the
war is. The risks of stagflation (rising inflation,
while economic growth is falling) are rising
globally, with the World Bank recently singling
out the UK in particular as the developed
economy at greatest risk.”

04

SURVIVING HIGH INFLATION

SO, HOW COULD YOU TRY AND EASE THE STING?

Whether it’s yourself or your loved ones that are feeling the pinch, there are some
steps you could take to try and reduce the impact of rising costs on your finances.

1. HAVE A CLEAR PICTURE OF 4. ENSURE YOU’RE SAVING AND
YOUR FINANCIAL POSITION INVESTING TAX EFFICIENTLY

A good first step is to know exactly how much ISAs enable you to invest up to £20,000 a year
you’re spending, and on what. Make a list of all your without paying income tax or capital gains tax on the
monthly outgoings like bills, gym memberships and returns generated within the ISA. Pensions offer tax
subscriptions. Also note down any regular savings or relief at your marginal rate of income tax, which means
personal pension contributions. a £100 contribution costs just £80 for a basic-rate
taxpayer or £60 for a higher-rate taxpayer.
You might spot ways to save money – for
example, cancelling unused subscriptions. 5. HAVE A LONG, HARD THINK
BEFORE TOUCHING YOUR
2. LOOK FOR BETTER DEALS PENSIONS AND INVESTMENTS
ON LONG-TERM CONTRACTS
Rising inflation has caused some volatility within
If you have any long-term contracts coming to markets and seeing the value of your hard-saved
an end, check whether you have the opportunity money tumble is tough. But it’s also important to
to switch to a better deal. Compare TV, phone, remember that’s how long-term investments work.
broadband and car insurance deals online. If you’re There will be downs and there will be ups.
happy with your existing provider, you could let
them know you’ve found a better deal – they might Investments rise and fall over time, so it could
match, or even beat it. pay not to make drastic changes based on short-term
circumstances for things that need longer-term vision.
3. REVIEW YOUR FINANCIAL This applies to everything from your pensions, to
PROTECTION stocks and shares ISAs, to investments.

If you have life insurance, critical illness cover, There’s no guarantee that the value of your
or income protection, make sure it’s still suitable for pensions and investments will go back up, there’s also
your needs and that you have the right amount of no way of knowing that they won’t either. By acting
cover in place. If you’re still employed, check your while they’re down, you’ll be accepting withdrawing
employee benefits to make sure you aren’t doubling your money when markets aren’t as strong – rather
up on cover. Although if you leave your current than waiting to see if things change.
workplace, it’s likely you’ll no longer be covered.
The opinions and analysis provided are for information
If you’ve adopted a healthier lifestyle of late, only and do not constitute financial advice.
such as quitting smoking, you could be eligible for
a lower premium.

skipton.co.uk 05

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BEAR-ING
WITH MARKETS

ROBYN PINDER KEEP CALM AND CARRY ON. AS LONG-TERM
INVESTORS, THOSE FIVE WORDS COULD
COME IN EXTREMELY USEFUL.

T here’s no doubt that as investors FIRST OFF, WHAT’S
we face some challenging times
that can test our decision-making A BEAR MARKET?
dynamic entirely.
A bear market is a prolonged period
Whether it’s big one day falls or of falling prices in a stock or entire
periods of sustained market losses, if you market. Falls are usually 20% or more
are to prosper at the end of your long- from a recent high.
term investment journey, it’s important
you’re able to navigate such periods. On the other hand, you have bull
markets which occur when prices are
Over the first half of the year we rising over a sustained period of time.
saw the S&P 500 - the main global
benchmark for investors - slip into bear It’s thought the terms ‘bull’ and ‘bear’
market territory. And with volatility set to are used because of how each animal
continue for the foreseeable, we thought attacks its opponent. A bull will thrust
now could be a good time to delve deeper its horns up into the air, whilst a bear
into the world of bear markets. We take will swipe down.
a look at how bear markets fit into the
path of long-term investing and why it’s
so important to maintain that long-term
investor mindset during them.

06

BEAR-ING WITH MARKETS

“AS A SKIPTON CUSTOMER YOU HAVE A DIVERSIFIED
RANGE OF INVESTMENTS DESIGNED TO HELP YOU
TRY AND ACHIEVE GROWTH OVER THE LONG-TERM.”

HOW ARE MARKETS When markets aren’t doing too great, the noise
LOOKING SO FAR THIS YEAR? of daily market fluctuations can become deafening.
You might have the urge to check your portfolio more
All in all, it’s been a topsy turvy time for markets. frequently and even find yourself questioning your
Or, in more technical terms, a volatile one. In fact, it’s choice as an investor. But…one of the best things you
been so volatile that US markets have experienced their could do is wait it out.
worst start to a year since 1939.
When you see your portfolio dropping in value, it
As of the end of July, the S&P 500 was down around can be tempting to jump out until you see markets start
18%. This is a slight improvement from the more than to recover. But that could lead to costly mistakes.
20% decline it suffered in June, but it's still hovering
around bear market territory. The tech-dominated If you end up sitting on the sidelines during market
Nasdaq index has also plunged into a bear market, volatility, you could miss major rallies and the recoveries
remaining there for the time being - as have many other that follow. The best and worst trading days often happen
markets across the globe. close together and occur irrespective of the overall market
performance of the year. For example, half of the S&P
The nature of a bear market can change the way you 500 index’s strongest days in the last 20 years occurred
think about your investments. But if you are to reap the during a bear market.
potential rewards that come with long-term investing,
there’s a few things to think about during a bear market. MOST IMPORTANTLY,
REMEMBER YOUR
BEAR MARKETS ARE PART INVESTMENT STRATEGY
OF BEING AN INVESTOR
First off, as a Skipton customer you have a
Bear markets are part of the furniture when it comes diversified range of investments designed to help you
to investing. According to Hartford Funds, there have try and achieve growth over the long-term. This should
been 26 bear markets in the S&P 500 since 1928 and provide you with some peace of mind if you hear about a
on average, stocks tend to drop by around 36%. specific part of the market dropping – like the Nasdaq.

As a long-term investor you should accept that it’s It’s also difficult to predict which segments of the
highly likely you’ll experience at least one bear market markets will do well and when. Your strong level of
in your investing lifetime. The thing is, it’s impossible diversification helps to keep you from having too much
to call when or why one might happen. exposure to the worst-performing areas of the market in
the event of a downturn.
But thankfully, bull markets are part of being an
investor too. Secondly, bear markets are the ultimate behavioural
test for long-term investors. The ability to make good
For the 26 bear markets that have occurred in the long-term decisions during a bear market is severely
S&P 500, Hartford Funds found there have been 27 compromised. But as we always say here at Skipton,
bull markets – during which, stocks gained on average when the going gets tough, think about your future
around 114%. goals and the long-term investment journey you’re on.

And where bear markets last an average of 289 days, Ask yourself, what’s more important: the returns you
that’s notably shorter than the average length of a bull see in front of you today, or the returns you’ll see five
market which lasts 991 days. years down the line?

YOU’LL BECOME MORE Economic and market conditions experienced in the
SHORT-TERM ORIENTATED past may not be repeated in the future. Please note,
you cannot invest directly in an index. The opinions
When we panic, it’s thought our concept of time and analysis provided are for information only and
tends to shorten. You stop focusing on the long-term do not constitute financial advice.
value of your portfolio and put all your time and
effort into that day’s falls.

skipton.co.uk 07

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MANAGING
INVESTMENTS
THROUGH
CLOUDY SKIES

JASON MCKEOWN

UNCERTAINTY A nd that’s something abrdn’s Katie
REIGNS IN Trowsdale (Head of Multi-Manager
MARKETS RIGHT Strategies) and Richard Dunbar (Head of
NOW, AND IT CAN Multi-Asset Research) can offer.
SEEM WORRYING
FOR INVESTORS. “Clouds periodically appear on the
BUT IT’S AT horizon – and there are many on today’s
MOMENTS LIKE horizon,” admits Richard, when asked
THIS WHERE about the current backdrop. Given Richard
EXPERIENCE (30 years) and Katie (18 years) have plenty
COUNTS. of experience managing investment funds,
it’s fair to say they’ve seen their share
of clouds.

Richard and Katie have operated
through the global financial crisis, the UK’s
vote to Leave the EU and, more recently,
Covid. This background gives them both
a valuable perspective when discussing
current market events. And the many
clouds on the horizon.

“For long-term investors,” Richard
continues, “those clouds eventually clear.”

08

FUND MANAGER INTERVIEW
skipton.co.uk 09

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A COCKTAIL OF UNUSUAL TIMES

UNCERTAINTY The big question is how all this is impacting
on your MyFolio fund(s). Katie continues, “All
Richard and Katie are part of the abrdn asset classes in the MyFolio Index range are
team who manage the MyFolio fund(s) you in negative territory for the first six months
might be invested into. And it’s fair to say of the year, with the exception of UK shares.
there has been plenty to occupy their minds The weakest asset classes were global property
over the first half of 2022. (REITs) and global corporate bonds.”

“Firstly, and most tragically, has been the With all asset classes struggling, Katie
war in Ukraine,” reflects Richard. “This has highlights a curious short-term pattern. “Whilst
been a humanitarian tragedy for Ukraine. in a positive market environment, we would
But has had significant economic impacts expect the higher risk levels to outperform
due both to the war and the accompanying lower risk. But the current markets have led to
sanctions against Russia. the somewhat unusual scenario of lower risk
funds underperforming in a down-market.
“The energy and broader commodity
price rises resulting from the war have also “This is easily explained by the impact on
exacerbated the inflationary problems that defensive asset classes. The challenge markets
already existed. The last few months have have been facing is the fact that bonds and
seen central banks attempting to get ‘ahead shares have been highly correlated, whilst global
of the curve’ and seek to weigh down on inflation concerns have led to central banks
these inflationary impulses. raising rates, which has impacted the lower risk
profiles more heavily.”
“Covid has also remained a theme this
year, with the re-opening of economies There is no escaping the effects of the global
continuing in many Western economies. market situation. But Katie adds the positioning
However, further lockdowns, particularly of the MyFolio range has helped performance
in China, are also adding to inflationary compared to comparable funds. “Whilst returns
problems, given the associated impacts on have been disappointing, our UK bias has been
global supply chains.” beneficial. The overall returns achieved over this
period have been heavily influenced by market
volatility, but they are within expectations.”

10

FUND MANAGER INTERVIEW

CLOUDY OUTLOOK STAYING

CONTINUES BALANCED

Investors have had little to cheer of late, The uncertain
but what does the backdrop look like going outlook looks set to
forwards? A bumpy economic path looks continue over the
unavoidable. coming months. And
many of our customers
Richard summarises, “A UK recession are understandably
now seems likely as the cost of living crisis keen to know how their
hits home and the Bank of England raises investments are being
interest rates in order to curb inflation. managed by abrdn.

“We see a US recession as increasingly It’s something abrdn are closely
likely next year. As ever, when the world’s monitoring. And Katie confirms it may
largest economy slows, it has broad lead to some portfolio changes. “Should
implications for all. Therefore, our outlook the recent moves in markets have an
would remain a cautious one. impact on our long-term return forecasts,
we are open to re-optimising the portfolio
“But we look for more positive signs as asset mix later on this summer when
well. Perhaps the Federal Reserve in the US we formally review the strategic asset
manages to walk the monetary tightrope and allocation across the range of funds.
achieve a ‘soft landing’ for the US economy.
Perhaps workers return to the labour market, “Whatever the outcome, investing
easing wage pressures. Perhaps we see a better for the long term and maintaining a
Covid outcome than expected in China, balanced and diversified portfolio remain
helping the global economy and supply chain. key, maybe even more so in these highly
unusual times.”
“So reason for caution, but we keep an eye
out for more positive ‘straws in the wind’.”

“INVESTING FOR THE LONG TERM
AND MAINTAINING A BALANCED
AND DIVERSIFIED PORTFOLIO
REMAIN KEY, MAYBE EVEN MORE SO
IN THESE HIGHLY UNUSUAL TIMES.”

KATIE TROWSDALE, ABRDN

Please bear in mind that the opinions and analysis provided are for information
only and must not be treated as advice. Please note that past performance is not
a guide to future returns. Economic and market conditions experienced in the
past may not be repeated in the future.

skipton.co.uk 11

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THE CHANGING
FACE OF
RETIREMENT

EMILY BOCSKEI

O tto von Bismarck. But over the years, more and more
Sure, it’s a name that probably retirees have been defying these traditions.
doesn’t mean much to you. Yet he’s The default retirement age is becoming
someone we should all be thankful for. less of a thing. And people are working
longer – with many favouring the ‘phased
Why? Because Otto – a former retirement approach’.
chancellor of North Germany – was
credited by many for inventing the concept • Ever since the 1990s, the number of
of retirement. Creating a widespread people working past retirement age has
culture that, at a certain stage, we’ll give grown consistently*
up work indefinitely. Receive a pension.
And, well, wind down until the foreseeable. • More people plan to retire beyond 66
years old (the current state pension age)†
It’s a conventional benchmark many
of us still use. We plan on retiring as soon • Over one in four intend to work
as we can get hold of our state pension. full-time, or part-time after reaching
state pension age†

Amongst those who intend to work
past the age of 66, over half said this was due
to mental and physical benefits. While nearly
40% felt they wouldn’t have enough money
if they stopped working altogether†.

“MORE PEOPLE ARE PLANNING TO RETIRE
BEYOND THE STATE PENSION AGE”

12

THE CHANGING FACE OF RETIREMENT

“MORE PEOPLE ARE
VIEWING RETIREMENT
DIFFERENTLY. NO LONGER
IS IT ABOUT WORKING
40 OR MORE YEARS – IT’S
NOW SEEN AS A FLEXIBLE
TRANSITION INTO A NEW,
EXCITING LIFE PHASE.”

GARETH SMITH

A NATURAL EVOLUTION? THE PANDEMIC CHANGED
RETIREMENT EVEN MORE
Seemingly, a shift in attitudes and lifestyles
plays a big role in this changing landscape. Interestingly, the effects of the pandemic saw a swift
U-turn amongst many who had just retired. According to
Gareth Smith, Retirement Planning Indeed, there was a spike in 55 to 64-year-olds urgently
expert at Skipton, explains, “More people are wanting to come back to work. With many preferring to
viewing retirement differently. No longer is work part-time.
it about working for 40 or more years, before
suddenly stopping at a set date. Retirement And amongst the over-50s who returned to the
is now seen as a flexible transition into a new, workforce, 48% admitted they did so because they needed
exciting life phase – one that can work around the money, while 23% said they couldn’t afford to retire*.
each unique situation.”
Gareth says, “During the pandemic, we saw a mass
Thanks to medical developments, overall exodus of people taking early retirement as house prices
we’re healthier in our 60s and 70s than ever soared and investments went up. But with the cost of
before – so many of us are physically and living continuing to rise, combined with ambiguity from
mentally able to work past retirement age. the pandemic, many have felt less comfortable about
Let’s not forget we’re living longer. “Improved retiring. And the upward trend of people working past
life expectancy suggests retirement for a lot of retirement age has intensified further.”
us could last 30 years, or longer,” Gareth adds.
“As a result, many are pushing their retirement Of course, this changing concept of retirement isn’t for
dates back. Because that way, they have more everyone – many may prefer to stick to the traditional
chance to build stronger financial security to format. Still, it will be interesting to see what retirement
fund this extended life phase. will look like in years to come. Or will it be a thing of
the past?
“On top of this, lifestyles in
retirement aren’t what they used skipton.co.uk 13
to be. In the past, people
would simply retire and
start to wind down.
Today, with so many
opportunities on offer,
retirees have bigger,
more costly aspirations –
like travelling or buying
a holiday home.”

Sources: *Office for National Statistics, 2022, †Rest Less, 2022.

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THE BENEFITS
OF HITTING
RETIREMENT AGE

EMILY BOCSKEI

IF YOU’RE ALREADY RETIRED,
YOU’LL PROBABLY AGREE
THERE ARE SOME FANTASTIC
THINGS ABOUT THIS STAGE.
YOU NOW HAVE MORE TIME
TO ENJOY HOBBIES, SEE
LOVED ONES – AND, WELL,
DO WHATEVER YOU PLEASE.

I n your later years, there are also
a few extra financial benefits
that could support your lifestyle.
From freebies to discounts, these
could really come in handy, and
we don’t want you to miss out.

14

THE BENEFITS OF BEING RETIRED

HERE ARE JUST FOUR OF THEM:

SUPPORT WITH YOUR FREE TRAVEL ON
BILLS DURING COLD PUBLIC TRANSPORT
WINTER MONTHS
As soon as you approach retirement age, you’ll
It happens every year. Winter arrives, the be able to hop onto a bus and not have to spend
heating comes on and the bills go up. a penny.

But depending on your circumstances, you Whether you qualify all depends on where you
could be eligible for the Winter Fuel payment. live. In most of England, you’ll get a bus pass when
Simply apply through gov.uk – and you may receive you hit state pension age. In Wales, Scotland and
anywhere up to £600, tax-free to help with your Northern Ireland, the age is 60.
heating bill. With the way energy bills are going,
this could prove highly valuable this year. You can also apply for a Senior Railcard when
you hit your 60th birthday. For an annual fee of just
£30, you’ll get up to a third off most train fares.

HEALTH AND
LIFESTYLE FREEBIES

Once you turn 60, you’re entitled to healthcare
benefits. So, you won’t have to pay for any
prescriptions or eye tests – and dental treatment
through the NHS may also be free.

Over the age of 75, you may also be eligible for
a free TV licence.

PRIVATE COMPANY BENEFITS

As well as government benefits, private leisure
and entertainment companies usually offer
discounts for the over 60s. Giving you cheaper
tickets to museums, cinemas, and swimming clubs.

DID YOU KNOW?
OVER £2 BILLION OF
RETIREMENT BENEFITS
GO UNCLAIMED
EVERY YEAR.

AGE UK, 2021

The opinions and analysis provided are for information only and
do not constitute financial advice. The information in this article
was correct as of July 2022, and applies to the 2022/23 tax year.

skipton.co.uk 15

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LOOKING AFTER YOU

TOM MCDERMOTT “IT’S SO I t’s been a tough period for us all. Many
16 IMPORTANT of us are still coming to terms with a new
TO BE AWARE “normal” following the pandemic. And our
OF MENTAL wellbeing isn’t helped by the more recent cost
HEALTH, AND of living crisis. In fact, May 2022 research
HOW IN OUR by LifeSearch has found the nation’s overall
LIVES WE wellbeing has fallen to a 10-year low.
CAN SUPPORT
OURSELVES, That’s why it’s so important to be aware
OUR FAMILY of mental health, and how in our lives we can
AND FRIENDS.” support ourselves, our family and friends. It’s
also difficult for us to understand sometimes
just what other people are going through, and
some of their worries/concerns.

To “help” though, doesn’t mean going over
and above what’s deemed normal, because
there’s small practical things that we can all be
doing each day to make ourselves and those
around us feel better.

More than 10 years ago, the New
Economics Foundation developed and has
since maintained five ways to wellbeing.
It’s a useful framework to follow for looking
after yourself and those who matter to you.

LOOKING AFTER YOU

1 CONNECT 3 TAKING NOTICE

Feeling close to What does “taking notice” actually mean?
other people and being Studies show that “being aware” of what is
valued is regarded as going on now, in the moment, enhances your
a fundamental human wellbeing and ability to interact.
need, and one that Improved awareness helps self-understanding
undoubtedly helps us and lets you make more positive decisions.
all to function on a day- So, take a look around, enjoy what you see,
to-day basis, a lot better. and improve your immediate environment.
You can do this by:
For decades, social
relationships have helped with • Buying a plant for your home
wellbeing and improved mental health.
Even though lockdown life is behind us, some • Having a ‘clear the clutter’ day
of us might have unknowingly kept up some
remote habits. Addressing them could improve • Taking notice of how your friends
our wellbeing and help others. and family might be feeling

There are some subtle changes we can make. • Taking a different route to town
Such as:
• Taking a different route home
• Talking instead of sending an email or message
• If you dine at the same place, have
• Finding ways to meet new people a look for somewhere different

• Putting some time aside each week to check-in 4 KEEP LEARNING
with family and friends
Learning something new also makes people
2 REMAIN ACTIVE feel they’ve achieved something and ultimately
feel happier. It’s also seen as a way of improving
By staying active, you are lowering the depression, because it helps to focus on
likelihood of depression and anxiety – regardless something a little different for a period of time.
of your age.
This is all easier said than done which is why
And by being active, it doesn’t it’s sometimes helpful to set goals, another task
mean your routine needs to be intense. For that focuses the mind and helps wellbeing.
example, can you walk for five minutes longer
than you did the day before? If you are walking We could all start by learning something
the same distance regularly, can you do it quicker new, as early as today. Ideas include:
than the last time you took that journey?
• Signing up for a class
You don’t have to do it on your own. Can
you walk or jog with a friend and make it as • Reading a book
competitive or easy as you would like?
• Starting a book club
Here are some further suggestions:
• Doing a crossword or Sudoku
• Go for a walk at lunch or in the evening
• Researching something new.
• Try to walk instead of drive to the shops Culture, country, language?

• If you use public transport, why not try • Learning a new word each day
to get off the bus a stop earlier than usual?
5 GIVE
• Try to arrange a fun sporting activity.
Again, it doesn’t need to be strenuous What can you do to help other people?
Helping other people or supporting in some
• If you are short of time however, what way will generally make you feel more organised
about some stretches at home? and better about yourself.
Record and chart the good work you have
done, and if you like, share it on social channels,
encouraging others to participate as well.
Help others while at the same time, helping
yourself. It’s win/win.

skipton.co.uk 17

Back to contents

THE RISE OF
AUTHORISED
SCAMS

“APP FRAUD COULD EMILY BOCSKEI
COST THE UK
ECONOMY MORE • Goods and services
THAN £1 BILLION Being persuaded to pay for goods and services that
THIS YEAR”
simply don’t exist.

W ith the cost of living crisis mounting, financial • Investment scams
scams are surely one of the last things anyone wants Being offered fake investment deals which promise very
to deal with right now.
high returns, often over a short period.
But the sad fact is that fraudsters exist.
And in the UK, they’re targeting millions of innocent • Property purchase invoice fund
people every year. One of the latest scams is the Authorised Where you receive a fake email or invoice changing the
Push Payment (APP) – where criminals trick you into
willingly transferring a large sum of money to them. payment details of a property purchase.
They may pose as someone from your bank, building
society, or another trusted organisation – like your pension • Impersonation scams
provider. They’ll try and dupe you into sending money to a Scammers impersonating a trusted organisation, or a
stolen or made-up account – through fake websites, emails,
and phone calls. person they think you know – like a friend or family
member. And tricking you to send money to them.
This includes refund scams, where you’re told you’re
getting money back that you weren’t expecting.

HOW TO AVOID APP FRAUD

APP FRAUD IS BECOMING INCREASINGLY As our customer, we want to help prevent you from
COMMON IN THE UK. falling victim of a scam. Fraudsters can be very convincing –
• In the first half of 2021, cases rose by 71% compared so it can happen to anyone.

to the same period in 2020.† But by knowing what to look out for, you’re less likely to
• £583.2 million was taken from victims through APP be taken in.

fraud last year.† Clear signs include people persuading you to act in a
• There are fears APP fraud could cost the UK hurry, making you panic before you have time to think it
through properly. A legitimate company won’t mind waiting.
economy more than £1 billion this year according
to Martin Wilson – CEO of Digital Identity Net.^ If anyone asks you to make a payment or move your
savings, always question it and never do it there and then.
Why? A rise in people working from home is said to be It’s a good idea to ring your bank or firm directly, so you
a major cause, UK Finance figures suggest. They’re spending can check with them first. Never contact them through
longer online, doing more internet shopping – which makes email or text – make sure you ring the correct number.
people more susceptible to such scams.
WHAT DO YOU NEED TO DO IF YOU
COMMON APP SCAMS TO BE THINK YOU’VE BEEN SCAMMED?
AWARE OF: CONTACT YOUR BANK OR BUILDING
SOCIETY IMMEDIATELY TO REPORT IT.
• ‘Safe accounts’ BY DOING THIS AS SOON AS POSSIBLE,
A scammer might say your account has been compromised YOU MAY STILL BE ABLE TO STOP THE
TRANSACTION OR TRACE THE MONEY.
and tell you to move money into a ‘safe account’.

18 Sources: †UK finance, 2022, ^Retail Banker International, 2022.

ALWAYS HERE FOR YOU

ALWAYS HERE’S A REMINDER OF
HERE WHO YOU CAN TURN TO:
FOR YOU
1 CALL OUR PREMIER SERVICE
WE KNOW THIS
SOUNDS CLICHÉD. TEAM ON 0800 085 0459*
BUT WE REALLY
DO WANT YOUR Chat to our highly trained consultants over
EXPERIENCE AT the phone – completely free of charge.
SKIPTON TO BE
A HAPPY ONE. Lines are open Monday to Friday from 9am
to 5pm. If you can’t get through to anyone, don’t
T hat’s why, if you ever have a query, worry. Simply request a call back and we’ll get
you don’t just need to rely on one back to you as soon as possible.
person for help. We have a large team
of highly trained people here to look 2 VISIT YOUR LOCAL BRANCH
after you – in the most convenient way.
If you’d prefer to speak to someone face-to-face,
our friendly customer advice teams can be found
in every Skipton branch. To help you feel at ease,
they’ll sit with you in a quiet, private space.

3 CHAT TO YOUR FINANCIAL
ADVICE TEAM

Our Premier Service and Customer Advice
teams don’t offer financial advice. But they’ll aim to
help you as much as possible.

And if you do need advice and extra support,
they can arrange an appointment with a member of
your financial advice team. As always, you can speak
to the team however you wish – whether in branch,
over the phone, or through a video link appointment.

skipton.co.uk 19

*To help maintain service and quality, some calls may be recorded and monitored. Calls to 0800 numbers are free from BT landlines and mobiles.

Skipton Building Society is a member of the Building Societies Association. Authorised by the Prudential Regulation Authority and regulated by the Financial
Conduct Authority and the Prudential Regulation Authority, under registration number 153706, for accepting deposits, advising on and arranging mortgages
and providing Restricted financial advice. Principal Office, The Bailey, Skipton, North Yorkshire BD23 1DN.