Financial Forecast Calculator

Financial Forecast Calculator

Too many people in the UK are walking a financial tightrope, living day by day without a thought of planning for the future.

As a financial adviser you have the very important job of making sure as many people as possible protect themselves against the unexpected. The financial forecast calculator will help you start that conversation in the following ways:

  • Highlight the fine line between many of your client’s income and expenditure
  • Display where your client’s finances would be if they had to rely on sick pay or the state
  • Provide a 12 month outlook of your client’s financial future if they were too ill to work
  • Calculate the hole in your client’s finances, accumulated over the 12 month period
  • Ultimately, establish the need for income protection

In order to complete, all you need to know is your client’s gross annual income, the length of full sick pay their employer provides and a good idea of how much they spend each month on life’s everyday expenses.

Your Details

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How many months of full sick pay would you receive if you were ill or injured and unable to work?

If you’re unsure, click here to download our 'Ask your employer' letter.

Your Monthly Expenses

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The financial forecast calculator is for guidance only and is designed for financial advisers to complete with their clients. Please note this calculator should not be used for gross incomes under £19,000 or over £118,880.

The figures are based on the following assumptions:

  • Clients are employed and paying both Income Tax and National Insurance Contributions. No other deductions that may be taken from your client’s income have been taken into account.
  • Clients will receive statutory sick pay for the first 28 weeks of illness.
  • Clients will receive Employment and Support Allowance (ESA) for the next 13 weeks, after which they will receive the increased level of ESA for the Work-Related Activity Group.
  • Income Tax and National Insurance Contributions are calculated using the 2015/2016 rates and allowances.

The figures do not account for any state benefits your client may receive or be entitled to receive (other than ESA), or any Income Tax due on your client’s ESA payments. It is important to remember that your client’s entitlement to all benefits depend on their personal circumstances.