WATCH: ‘Everyone has a plan, until they get punched in the mouth’

It’s clear that financial planning has never been more important. Why? Well, we’re making more financial decisions: Most modern pension plans are structured so that the risk of performance is borne by the employee. What’s more, many small to medium size businesses opt for group RA schemes which require employees to decide how much to contribute. We’re faced with myriad complex options: Like tourists in befuddling foreign restaurants, consumers are being asked to choose from a cornucopia of unfathomable investment, savings and credit products. We’re living longer: Longer lifespans require greater retirement savings. And the world is changing: The current financial landscape is very dynamic, global and high-tech. This makes it harder to create, implement and follow a financial roadmap. To talk about the importance of the map and how to construct a good financial plan that will take us to our desired destination Michael Avery is joined by Maya Fisher-French, an award- winning financial journalist and presenter of the popular Money Matters on eNCA as well as editor of the Money pages at City Press; David Kop, HOD: Policy and Engagement at the Financial Planning Institute and Ricardo Teixeira, Chief Operating Officer, BDO Wealth Advisers