Financial Planning Week, an annual consumer education campaign run this week by the Institute of Financial Planning, aims to help consumers improve their financial ‘fitness’ and undersand the benefits of good Financial Planning.

Key Financial Planning features such as cashflow forecasts and risk profiles are available for consumers to explore.

There is a free version of the leading Prestwood/Truth software which enables consumers to work out their future income and expenditure and produce a lifetime cashflow forecast.

This software was developed by Paul Etheridge, founder and past president of the IFP.

Consumers can similarly work out their risk profile using a risk profiling tool from Australian firm Finametrica. This lets consumers work out their individual risk tolerance.

These are two tools that are usually the domain of professional Financial Planners and give consumers the chance to work out their finances for themselves.

There are also mortgage calculators and budget planning tools from the Financial Services Authority.

Tips and guides are also available on topics such as savings and investments, debt and protection.

Former IFP President Jane Wheeler FIFP, CFP^CM has produced a DIY guide to finances. This includes information on setting financial goals, creating and implementing a Financial Plan and responsible approaches to unexpected events.

Sue Whitbread, communications director at the IFP, said: “By providing tips, tools and information we can help people approach their finances in a way which can make a big difference to their life.

“The right kind of action can not just help people become better off, it can help them feel more positive, less fearful of the future, more empowered and better able to get the most out of life.”