People struggling to tick items off their financial to-do lists may be able to sort some money matters by throwing an “admin party,” some finance experts suggest.
Admin nights, or “parties” have been discussed on social media and involve people holding get-togethers where they socialise while also helping each other stick to their financial goals.
Susan Hope, a retirement expert at Scottish Widows, said: “Getting a few friends together for a catch up for an admin night can make it easier, even enjoyable.
“You can download the right apps, look over your paperwork, and finally get clarity on things you’ve been meaning to sort.”
Some people may also benefit from paying for financial advice, or seeking tips from sources such as the Government-backed MoneyHelper service, while sorting out financial tasks.
Here are some suggestions from Lloyds and Scottish Widows, a brand of Lloyds Banking Group, to help people get on top of their financial admin:
1. People could consider investment options.
Some firms offer “ready made” investments which can make a first step into investing feel less complicated. These enable people to choose professionally-managed portfolios designed for different levels of risk. People could use an admin night to look into what investing involves and check whether they already have investments elsewhere. The value of investments can go down as well as up.
2. Pension savers may want to check their statements.
People can use online tools to visualise what their pension might look like in retirement and check whether they could be on track.
Another crucial pensions admin task is to nominate or update a pension beneficiary – something which can be simple to do but is often overlooked.
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People who are considering time out of work could also use career break modelling tools.
3. Insurance customers may want to check their cover is still suitable.
People could look for gaps in their existing cover, such as possessions. They may also want to check renewal dates or auto renew settings.
Some people may also want to consider whether life insurance, critical illness cover or income protection would help protect the household if the unexpected happened.
In January, the Financial Conduct Authority (FCA) said more than half of adults do not hold a pure protection product, even though many could benefit from them. The regulator said it wants to help close the gap.
Pure protection products help people deal with financial shocks. They typically include life insurance, which pays out in the event of death or a terminal illness; critical illness cover, which pays a lump sum if the policyholder is diagnosed with a specified serious illness; and income protection insurance, which provides regular payments if someone is unable to work due to illness or injury.
4. Bank account customers may want to watch out for “zombie” subscriptions draining their finances.
As well as ditching subscriptions they no longer use, people could also set up a six-monthly reminder to review subscriptions.
5. Some mortgage holders may need to plan ahead.
According to UK Finance, around 1.8 million households are due to come off fixed-rate mortgage deals in 2026.
An admin night could be used to help get ahead of the end date of a mortgage rate by checking what rate a homeowner is on now and what else is available. A broker or mortgage adviser may be able to help.
6. Banking customers could check whether their account is still right for them.
Some providers offer cash to switch. The Current Account Switch Service automatically moves payments over to the new account, to help the process go smoothly.
7. People could check their credit score.
People often avoid looking at credit scores until they are making an application, but checkers can help people understand their score and what they can do to improve it.
8. Some people may be missing out on benefits which could boost their income.
Online “benefit calculators” can help people understand what support they might be entitled to.
