Greater than half of retail traders are apprehensive about later life Monetary Planning, in response to a brand new survey.
Many worry they don’t seem to be doing sufficient to plan for later life monetary wants, together with contemplating the right way to cross on wealth.
The survey by Rathbones’ Investec Wealth and Funding (UK) division discovered widespread fears about later life planning amongst traders.
The ballot of greater than 1,000 traders discovered:
- As much as 61% say it’s “important or vital” to have monetary recommendation in later life and greater than half are involved about managing investments in later life
- Simply half have a plan for passing on belongings to family members
- 56% mentioned they had been involved about having the ability to handle their investments and wealth throughout later life
The analysis by wealth supervisor Investec Wealth & Funding (UK) discovered that regardless of the issues of retail traders simply over half (51%) say they’ve a plan for passing on belongings to family members. Amongst over-65s the determine rises to 69%.
The research coated folks with inventory market investments together with pensions.
The questioning discovered that round 29% of these interviewed deliberate to cross on wealth to family members earlier than they attain the age of 65. Nonetheless, round a 3rd (32%) had been uncertain once they would begin passing on wealth.
In line with Investec, the research uncovered potential demand for advisers to assist with growing inheritance plans – simply two out of 5 (38%) who’ve plans for passing on their wealth used a monetary adviser to develop these.
Simon Taylor, head of strategic partnerships at Investec Wealth & Funding (UK), mentioned: “Rising longevity means traders will doubtlessly want plans in place to make sure their wealth is taken care of in outdated age and lots of are realising the necessity for knowledgeable monetary help in later life.
“It’s, nonetheless, clear that too many have but to agree how their cash will probably be taken care of and, simply as importantly, how it will likely be handed on to family members in probably the most environment friendly approach. Skilled unbiased monetary recommendation can play a key position in agreeing a plan.”
Wealth supervisor Investec Wealth and Funding manages £42.2 billion (as at 31 December 2023) of shoppers’ cash.
• Investec Wealth & Funding commissioned unbiased analysis company Viewsbank to interview 1,065 UK adults aged 18-plus together with 568 who’ve inventory market investments between 26 January and 29 January 29.
