The Importance of Financial Planning

The Power of Partnering with a Certified Financial Planner

The Power of Partnering with a Certified Financial Planner

Financial planning is at the cornerstone of personal empowerment, and for women, it holds particular significance. In a world where gender disparities persist in various areas of life, from earnings to career progression, financial planning is a crucial tool for women to navigate these challenges and secure their future independence.

At Lifetime Financial Planning, we strongly advocate for long term planning for the future, today to provide a sense of financial wellness regarding your future financial self. For women, financial wellness has a particular importance considering that on average, women live longer than men (84.4 years for females vs 80.8 years for males in Ireland in 2020: CSO Measuring Ireland’s Progress 2021) and as a result will require more financial resources if they wish to maintain a comfortable quality of life as they age.
Recent findings from the FPSB Value of Financial Planning Research 2023, undertaken for FPSB Ireland and conducted amongst 1,000+ consumers* in Ireland shed light on the significant impact of financial planning on the financial well-being and confidence of women in Ireland. Here are the key takeaways from the survey:
*52% of respondents were female and of these, 240 are advised and the balance, 296, unadvised.

Women who have sought financial planning advice have elevated levels of financial confidence.

The survey reveals a promising level of financial confidence among advised females, with 92 out of 240 expressing belief in having enough funds for retirement. A substantial majority of 196 out of 240 respondents consider themselves knowledgeable about finance, indicating a solid foundation for making informed financial decisions. Impressively, 199 out of 240 advised females successfully adhere to their financial strategies, highlighting disciplined financial management practices.
The more intimately you know your finances the better; this is particularly important where you share finances with someone. It is important that you can be financially independent just in case something goes wrong – such as divorce, or untimely death, etc.

Women who have a written financial plan are more likely to feel confident about achieving their life goals.

The survey identifies various triggers prompting females to seek financial advice, including specific financial goals and objectives, recommendations from trusted sources such as family, friends, or colleagues, referrals from professional advisers, health-related concerns, and windfalls like inheritances. Before doing anything about your finances, it’s important to set yourself financial goals for the future. The goals should be specific and realistic.
Women often have unique financial challenges, such as longer life expectancy and career interruptions due to caregiving responsibilities. It’s essential to address these factors in long-term financial planning. Understanding your current financial situation, including income and expenditure, assets and liabilities, risk attitude, tolerance, can help women build a solid financial foundation for the future.
Once you have set your objectives and goals, and understand your current financial position, make sure you create a plan of action. Those with a written, comprehensive plan are more likely to feel strongly confident about achieving their life goals. Financial planning is a dynamic ongoing process that requires continuous monitoring. The actions recommended and the goals should be reviewed regularly to take account of a change in income, asset values or family circumstances.

Women who work with a professional financial planner express considerable or complete trust in them.

Building a strong support network is crucial for women’s financial success. Financial planning professionals provide connections with other professionals, such as accountants, solicitors and mentors, to provide holistic guidance. Collaborating with trusted advisers, in particular a CERTIFIED FINANCIAL PLANNER™ professional, who will hold you accountable for your plan and help you make necessary adjustments when, or if, it goes off track will ensure that women receive comprehensive support tailored to their unique needs and goals.
A significant majority of advised females, with 197 out of 240 respondents, express considerable or complete trust in their financial planners. This trust reflects the strong relationships built on transparency, expertise, and personalised guidance, highlighting the importance of trust in the client-adviser relationship.

Engagement with CFP® Professional.

A notable portion of advised females, 104 out of 240 respondents, demonstrate an awareness of the internationally recognised CERTIFIED FINANCIAL PLANNER designation. Welcome news is that 73 out of 240 advised females are fortunate to receive guidance from a CFP® professional, highlighting the value placed on expertise and accreditation in financial planning.

The survey findings highlight key benefits in working with a professional financial planner, including simplifying and explaining financial matters, boosting financial decision-making confidence, saving time and effort in financial decision-making, improving financial well-being and peace of mind, and establishing and achieving financial goals.
Beyond mere budgeting, financial planning encompasses a strategic approach to managing resources, investing wisely, and building long-term financial stability. The survey findings reaffirm the invaluable role of financial planning in empowering female consumers to achieve their financial goals, enhance their financial confidence, and secure their financial futures. Recognising the unique socioeconomic landscape women often face, proactive financial planning not only fosters individual prosperity but also serves as a catalyst for broader economic empowerment and gender equality.

The Importance of Financial Planning

The CSO Household Finance & Consumption Survey 2020

The CSO Household Finance & Consumption Survey 2020 has been published.

This publication by the Central Statistics Office presents the results of the 2020 Household Finance and Consumption Survey (HFCS), which was carried out between July 2020 and January 2021. Detailed information on household assets and liabilities is collected by the HFCS, as well as data on gross income and credit constraints & the full survey report is available via the link

The survey provides an insight into the nations wealth and the data was collected from private households on the basis of self-assessment.  A summary of the results is presented below:



  • The median net wealth value of Irish households is €193,100. The median net wealth value, (defined as gross wealth less debt), is obtained by arranging all households in ascending order from the smallest to the largest value and then selecting the middle value. Therefore, half of all households have a net wealth value less than €193,100.
  • More than two-thirds (69.6%) of all households own their main residence, either with or without a mortgage. The median value of the household main residence (HMR), for those households that own their HMR, is €260,000.
  • In 2020, 4.1% of all HMRs owned with a mortgage are in negative equity.
  • More than two-thirds (68.1%) of all households have some form of debt. Overall, the median value of debt for households with any form of debt is €25,000.
  • The proportion of credit constrained households is 6.4%. A credit-constrained household is one that applied for credit and was turned down or received less credit than the amount applied for. It may also be one that considered applying for credit but did not do so due to the perception that the application would be turned down.
  • The median debt to asset ratio, the ratio of total liabilities to total gross assets for households with debts, is 23.3%.
  • The debt to income ratio, the ratio of total liabilities to total annual gross household income, is 40.8%.
  • For households that have a mortgage on their HMR, the median loan to value ratio, the ratio of the outstanding amount of the HMR mortgage to the current value of the HMR, is 45.2%.
  • More than nine out of every ten households (97.1%) own some form of financial asset (e.g. savings, shares, voluntary pensions.) For households that own financial assets the median value is €13,300. See PxStat table HFC2008.
  • The Gini coefficient for net wealth, (a statistical measure of inequality), is 65.4 in 2020.  See Figure 8.1.



If you would like talk to us about your personal finances, contact or

Michael Wall Ph.D CFP® is a Director at Lifetime Financial Planning. Lifetime Financial Planning Ltd Trading as Lifetime Financial Planning is regulated by the Central Bank of Ireland. All views and details contained within this article are for information purposes only, are subject to change & are not advice. We recommend you seek independent clarification for your particular circumstances. Lifetime Financial Planning makes no representations as to the accuracy, completeness nor suitability of any of the information contained within and will not be held liable for any errors, omissions or any losses arising from its use.

The Importance of Financial Planning

Reminder to Submit Your Pension Contribution Before the Pay and File Deadline

We’re just writing to remind you to take full advantage of the generous tax relief available on your 2015 pension contribution before the pay and file deadline of 31st October, or 10th November if you file through Revenue Online Service (ROS).

Depending on your age and income, you may be eligible for up to 40% tax relief on your personal pension contribution for 2015.

Depending on your age and income, you may be eligible for up to 40% tax relief on your personal pension contribution for 2015

Every €100 you contribute to your pension could cost you as little as €60*

* Revenue rules, age and income related rules apply.

With tax free growth on your investment we believe it is a highly efficient and effective method of converting your current income into long term personal wealth.

To take full advantage of this generous tax relief, review your existing pension funds and start your Lifetime Financial Plan please call us at 046 9240961 or visit our website at

We look forward to hearing from you.


Aidan Wall

Aidan Wall


Aidan Wall is a Qualified Financial Advisor, a Fellow of the Life Insurance Association and a Senior Investment Advisor.
Aidan has been providing impartial financial advice to clients since 1983, and he has acquired vast experience in the areas of Financial Planning, Family Income Protection, Retirement Income and Investments.


Dr Michael Wall

Dr Michael Wall


Dr Michael Wall, PhD, is an Authorised Product Advisor (APA).
As an Authorised Product Advisor (APA) Michael is working under the mentorship of Senior Financial Advisor, Aidan Wall and has completed his QFA (Qualified Financial Advisor) examinations.


The Importance of Financial Planning

Will you have enough to retire?

It’s a worry, isn’t it. You don’t want to run out of money after you stop working, or have to live in austerity. You may have a mix of things you are relying on, a business, property, pension fund, cash savings, your home. You may also have debts, loans. So it’s complicated, and the State Pension is good, but not nearly enough, and will it stay the pace ?

Our Recommendation. You need a PLAN. We call it a Lifetime Financial Plan, because it’s a long term plan, taking everything into account. And as your circumstances change, the plan is updated so you are always on track. You can get more info about this on our website In making the plan, we also make sure you are making the best of any opportunities, such as saving tax. The sense of relief, and peace of mind that having a plan brings, means you can confidently get on with enjoying your life.

To find out more, and take the next step to your Lifetime Financial Plan, give Aidan a call at 087 262 1006 or Mick at 085 866 9813.

The Importance of Financial Planning

Financial Planning for Your Children’s Third Level Education

Education is the foundation to a successful and fulfilling future. The cost of your children’s third level education is an expense which your Lifetime Financial Plan should encompass. This is estimated to range between €11,838 and €13,917 per academic year, which equates to between €47,352 and €55,668 for the completion of a 4 year degree course. Below is a breakdown by institution of the estimated costs associated with supporting a third level student living away from home.

3rd Level Costs Graph

While grants and scholarships may go some way to part fund a course, at Lifetime Financial Planning we believe that planning ahead in a tax efficient manner is the key to managing this expense.

Call us at 046 924 0961 to find out how regular savings of small amounts over a medium term can provide you with the means to cope with this considerable expense more easily.