August 12, 2021

Life Crossroads

This editorial content was recently published in the ‘Money Matters’ section of Hurst Life Magazine (August edition):

It will take years for researchers to fully understand the effect coronavirus has had on us all, and it’s unlikely there will be one single lifestyle shift that characterizes the pandemic. Right now, the dominant trend seems to be change itself. The COVID-19 pandemic appears to have spurred a collective reckoning with our values, lifestyles and goals – one of those ‘Life Crossroads’ moments.

The lockdown restrictions have created a perfect storm for making big decisions. Many people have been stuck at home over the last year, sometimes watching one day bleed into the next. When it feels like nothing noteworthy is going on, people usually try to make things happen to relieve stress, sadness or other feelings. Whether it’s a new job, living situation or new relationship, the pandemic has sparked a renewed focus on personal connections.

Some preliminary data suggests more couples than normal are divorcing this year, though not all researchers agree with that assessment. For every relationship moving forward, another seems to be splintering—perhaps not surprising, given pressures like financial stress or the tension of forced 24/7 togetherness. Researchers have observed that in the aftermath of a crisis; stressful times can both end and promote relationships.

Research also shows that rates of depression and anxiety have skyrocketed during the pandemic, which could be a good reason to think carefully about making any serious choices right now. But that’s not to say all change is bad.

Many businesses are also having to change and adapt. For my own business of Wealth Management we are increasingly making a renewed effort to place our clients’ life dreams at the centre of any financial plan – it is definitely the place to start.

2020 will likely be remembered as a historically awful year marked by sadness and stress, however for many people, the pandemic has kickstarted a genuinely valuable process of re-evaluation. With the luxury of a little extra free time, for those who have it, I really do hope it has been easier to define and act upon those all-important values and priorities.

Onwards and upwards.