by Webmaster, 26th August 2021
Covid has caused financial fears for many of us, so it’s wise to get the best advice possible
Amid the financial volatility and insecurity of the pandemic, a report which looked at intergenerational planning, and wealth transfer between families, found more than half (53%) of UK adults surveyed have been prompted to seek advice from a financial adviser.
Thirty three percent have already sought financial advice and 20 percent are planning to.
Among those who say they aren’t seeking financial advice, 15 percent say they might do in future.
Eighty five percent of respondents say they have financial concerns when thinking about the next year, with 25 percent having to use savings for living costs.
Investments losing money, and having a reduced income, are the next most concerning issues.
Top 10 concerns:
1 Having to use savings for bills – 23%
2 Investments losing money – 20%
3 A reduced income – 18%
4 Redundancy/losing a job – 17%
5 Social care/health costs – 14%
6 Not saving money – 13%
7 Getting into debt – 11%
8 Having to financially support children – 11%
9 Not able to retire as planned – 10%
10 Asking parents or family for financial support – 9%
Interestingly, the need for advice was felt most by younger generations. Seventy four percent of millennials already had or were going to see an adviser and 58% of Gen Z, were driven by ‘getting into financial difficulty’ and ‘wanted to start their investment journey’.
The need for advice decreases with age as 32% of Gen X, 21% of Boomers and 24% of the 75+ age group saying the crisis had driven them to seek advice.
Younger generations, not necessarily financially active during a financial crisis, may have been made nervous by volatility or have unspent monies to invest. And it is never too young to start investing, but you do need expert advice.
The above was provided by Hartey Wealth Management Limited. Registered office: Hilliards Court, Chester Business Park, Chester, CH4 9QP. Tel: 0808 168 5866. www.harteywm.co.uk Hartey Wealth Management Ltd is authorised and regulated by the Financial Conduct Authority