Before I became a financial adviser, I spent over a decade working in the yachting industry, finishing my career as a captain. I’ve seen first-hand how crew approach money at sea — the good habits, the common mistakes, and the opportunities that often get missed.

This blog isn’t theory; it’s based on real experiences, my own and those of the many crew I’ve worked with. I now work with Reedman Wealth Management, a Partner Practice of St. James’s Place. My goal is simple: to help you make the most of your hard-earned money while you’re in yachting, and to set yourself up for a secure future when you eventually step ashore.

Starting your career in yachting is an incredible adventure, the travel, the friendships, the pay. But while the lifestyle is unique, the financial challenges that come with it are often underestimated. Many yacht crew reach the end of their careers with little saved, no protection in place, and only then realise they could have made small, smarter decisions earlier.

To help you get ahead, here are the essential first steps every yachtie should take to build a healthier financial plan:

Please note although we can only advise UK crew, some of these tips may apply to other nationalities, but we advise you take advice from a local adviser in your home country.

1. Open the Right Accounts

When you first start working on yachts, it’s tempting to rely on quick online banks like Revolut, Monzo, or Wise. These can be useful for everyday spending, currency transfers and card payments abroad, but they’re not always reliable for holding larger sums. Accounts can be frozen and customer service is often limited due to the online nature of the banks.

Instead, make sure you also have a strong UK-based current account that provides stability for your salary and savings. Use the online accounts for day-to-day transactions, but don’t rely on them for long-term storage of your money.

2. Don’t Fall for the “I’m Tax-Free” Myth

A common misconception among yacht crew is that their earnings are automatically tax-free. That isn’t true. If you’re a UK resident, your income is taxable unless you qualify for relief under the Seafarer’s Earnings Deduction (SED).

SED can allow you to pay no UK tax on your yachting income, but only if you meet strict conditions around time spent outside the UK. You need to carefully track your days onboard and your time ashore. Many crew miss out on this relief because they don’t keep records from day one.

In short: don’t assume you’re automatically exempt from tax. Get clarity early, keep records, and seek guidance where needed.

3. Protect Your Most Valuable Asset: You

Your ability to work is your greatest financial asset. If an illness or injury means you can’t perform your duties onboard, your income can stop overnight. Unfortunately, this is a reality many crew don’t think about until it’s too late.

An Income Protection policy ensures you can still pay your bills, keep up with your mortgage or rent, and even continue saving if you can’t work for a period of time. It’s one of the most important foundations of a healthy financial plan for yacht crew.

See my latest blog on YotSpot about income protection here:
https://www.yotspot.com/blog/why-every-yacht-crew-member-should-consider-income-protection/

4. Automate Your Savings and Investments

It’s easy to let months — even years — slip by in yachting without setting money aside. Many crew plan to save, but long hours, little free time and spending quickly catch up. The simplest way to make sure you stay on track is to automate it.

Set up regular contributions into a personal pension and/or a Stocks & Shares ISA. Even if it’s just a modest amount each month, automation takes the decision-making out of your hands. Over time, this discipline makes a huge difference — small, regular investments can compound and have the potential to grow into significant sums that support you when you decide to leave the industry.

Remember: you won’t always want to (or be able to) work in yachting. Automating now means your future self will thank you.

5. Plan for Life After Yachting

Few people stay in the industry forever. Take my own example — from yacht captain to financial planner, and now soon to be a dad. Preparing early for life after yachting makes the transition much smoother.

Whether your goal is to buy a property, retrain for a new career, or simply have a financial cushion, forward planning is key. Think of your yachting career as a springboard — the unique earnings and opportunities can set you up brilliantly, but only if you’ve got a plan in place.

Final Thoughts

Your career in yachting is a unique opportunity, but it’s short-lived compared to the rest of your working life. By putting the right foundations in place early — the right accounts, proper tax awareness, income protection, and automated savings — you give yourself financial security and flexibility for the future.

If you’re not sure where to start, myself Jono Watkins and Tim Reedman, Specialist Maritime Financial Advisers at Reedman Wealth Management, a Partner Practice of St. James’s Place, work specifically with UK yacht crew to help them make the most of their earnings.

Reach out today if you’d like to take the first step towards building your financial future:
→ https://www.reedmanwm.co.uk
→ https://calendly.com/jonathan-watkins-sjpp/initial-call-jono-watkins

The value of your investment with St. James’s Place will be directly linked to the performance of the funds you select, and the value can therefore go down as well as up. You could get back less than you invested.

The levels and bases of taxation, and reliefs from taxation, can change at any time and are generally dependent on individual circumstances.

Reedman Wealth Management LLP is an Appointed Representative of and represents only St. James’s Place Wealth Management plc (which is authorised and regulated by the Financial Conduct Authority) for the purpose of advising solely on the Group’s wealth management products and services, more details of which are set out on the Group’s website www.sjp.co.uk/products.

The ‘St. James’s Place Partnership’ and the titles ‘Partner’ and ‘Partner Practice’ are marketing terms used to describe St. James’s Place representatives.