The COVID-19 pandemic affected all aspects of life, with our individual and aggregate funds confronting major changes, with certain organizations shutting and others unable to keep up with demand.  Also with the increased rate in unemployment, most families had to review and possibly adjust their financial strategies.

This trend has reflected in the financial planning families followed through in 2021, life insurance policies became a necessity, cash flow management a priority and family wellness an essential need.

Based on the trend from last year, we have put together financial planning trends we think families will and should adopt for 2022.

1- Investing in Life insurance:

Life insurance is something a lot of people avoided up until the pandemic when people saw its value and a good number invested in the policies. We see this trend going into 2022 with a lot more people adopting and getting life insurance policies. Our Double-up and E-term premium plans are policies to adopt in the coming year.

2- Tracking financial habits with digital technology

Tracking spending habits and automating savings is a life saver.  With more fintech brands building apps that help individuals and families save with ease, we see a lot more people adopting this trend in 2022.

3- Taking advantage of low bank interest rates

Interest rates for bank loans have not only dropped but are now more accessible for individuals and businesses. 2021 saw families taking loans to finance family projects and business.  We see this trend scaling up in 2022 as families can use this opportunity to restructure their debts, finance businesses and invest in life insurance