Savings. Worth a financial advisor? / investmemt ?

[Givemesunshines]

Due to life events , we have less savings than hoped.
We have 35 k . No chance to increase it.
Can we make it work as well as possible for us.somehow. ? We are quite risk adverse.thanks.

Definitely not worth paying a financial advisor.

I would speak to an independent financial advisor. They will give you information based on your current and expected future needs or desires.
A decent advisor will not charge for this, they will only take a very small percentage if you use their services.

You don't need a financial advisor you just need to do a bit of reading and think about where you are in life and when you might want to access the money.

Until you've done this, it's not worth talking to an IFA however much money you have as they'll need to know your situation in order to advise you and once you read up a bit, you'll realise you don't need an IFA for that amount of money

Have a look at:

ukpersonal.finance/flowchart/

You're basically deciding between debt repayments (incl mortgage), big purchases (home improvements/car replacement) or investments/pension top up. You don't have to do the same thing with all the money, you can split it.

It's also worth considering whether you might ever need to claim universal credit, because if you do, you'll be expected to live off savings until it drops below £16k, but if you use the money to pay off your mortgage, top up your pension, do home improvements or replace your car(s) then it won't affect entitlement to UC, unless it looks like you've spent the money in order to qualify for benefits, eg if the two events are very close together and you were expecting to be made redundant.

Thanks for advice.we have no mortgage. We have 1.9 k a month on pensions as we retired early.( but work pt)

In that case, I'd probably split it into some instant access (not much unless you're planning to buy something expensive in the next few years), then possibly a fixed rate savings product to get slightly more interest without any risk to the capital and the rest in a S&S ISA although with the latter, you'll have to accept the risk of losing money, which is mitigated by trying not to get into the situation where you have to take the money when the market is down.

However, it's not a great time for either saving or investing due to inflation and also the likely recession that the high cost of essentials is likely to bring on because so many people won't be able to afford anything non essential, which is bad for the retail, hospitality and leisure sectors and many will be in an even worse position in that they won't be able to afford sufficient essentials, let alone any extras.