Investors face two big challenges in the year ahead; securing income from savings, and coping with stockmarket volatility. Whether low interest rates, falling oil prices and possible deflation can boost growth is debatable, but they will surely put pressure on dividends. There could be more dividend cuts from big companies. And, the stockmarket's weekly mood swings continue to worry those who focus on headlines. Investors need to structure their portfolios and prepare mentally for the coming 12 months.

It has been a gruelling year for investors; despite a growing UK economy, international concerns grew. And the Bank of England unsettled the stockmarket with talk of interest rate rises, despite continually undershooting its own inflation targets. Geopolitics dominated. For many emerging economies, life is now even tougher, as a strong US dollar limits borrowing and the prices of most commodities are at five year lows. For years, a declining dollar driven by US deficits provided cheap finance for emerging economies. 2015 could see a scramble to re-pay dollar-based debt, pushing the currency up even further.

The medium sized companies many stockpickers favour could do better next year. Greater risks are likely to be in the big multinationals with a global reach that are struggling to grow. Many investors have sought income from the major oil groups such as BP and Royal Dutch Shell or supermarket businesses like Tesco, Sainsbury and Morrison. These high yielding blue-chips looked safe, but their strategic weakness has now been exposed by deflation. Tesco has shown how painful it can be to shrink a bloated business that is ex-growth. In sectors that face disruption, shareholder pay-outs could be cut to help finance restructuring. Even the hoped-for pay-outs from recovering banks such as Lloyds are fading as regulators insist on more capital retention. In 2015, businesses that have genuine growth, but with dividend yields at much lower levels, may be safer.

There may be few other choices for investors needing an income. Bank interest is negligible, and gilt yields little better. The Government's new three year pensioner bonds could look attractive for those eligible.

Many shares appear to offer more attractive income, but there is a danger that this could draw in investors who do not understand the risks. Certainly, investors should ensure that their stockmarket investment is limited to a portion of their wealth that does not cause anxiety. Each year, many of the best performing shares over the 12 months have been volatile month-by-month.

Russia's economic collapse does represent a risk for the global economy, but the bigger risk might be a similar collapse in the Japanese currency, as its stimulation and devaluation spiral out of control. This would undoubtedly spark devaluations in China and around Asia to restore competitiveness. Against that background, investments in the UK, US and Europe may look safer.

In a turbulent world, with currency volatility and a slow-down in emerging markets, predominantly domestic UK businesses like Whitbread and ITV are now more attractive. The key is to avoid areas hit by deflation, such as supermarkets, and recognise the disruption in some big industries such as banking and retailing. Falls in energy and commodity prices will feed through to people's pockets, boosting consumer confidence. The general election may encourage this too. This should help businesses like Stagecoach and housebuilder, Persimmon.

The big risk will be the response in Asia to Japan's stimulation, recognising that productivity growth does not justify the high levels of many emerging economy currencies. They have been artificially boosted by capital inflows chasing income or hard assets and property and infrastructure. There is still merit in investing globally, but many of the available global funds have made a big bet on emerging markets, whilst being underweight the US.

Investors need not buy US companies; there are dollar-earning businesses listed in London, including pharmaceuticals such as Glaxo, Shire and AstraZeneca. Others such as Ashtead Compass Group and Bunzl have more direct exposure to the US economic cycle, allowing strong growth currently but with more risk. But, while there are dollar earnings within global groups such as Weir and Wood Group, they could be hit by the likely cuts in capital expenditure by oil companies.

Businesses can grow in 2015, and should global growth remain anaemic, there is potential for further stimulation in Europe and China. This can help stockmarkets, but investors should diversify their portfolios to cope with volatility.

Disclaimer: SVM has positions in BP, Shell, Shire, AstraZeneca, Ashtead, Compass, Bunzl, Weir, Lloyds, Whitbread, ITV and Persimmon.

Colin McLean is managing director of SVM Asset Management