Greater than half of retail traders are nervous about later life Monetary Planning, in keeping with a brand new survey.
Many concern they don’t seem to be doing sufficient to plan for later life monetary wants, together with contemplating learn how to move 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 necessary” 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 property to family members
- 56% mentioned they had been involved about with 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 property to family members. Amongst over-65s the determine rises to 69%.
The examine coated folks with inventory market investments together with pensions.
The questioning discovered that round 29% of these interviewed deliberate to move on wealth to family members earlier than they attain the age of 65. Nevertheless, round a 3rd (32%) had been not sure after they would begin passing on wealth.
In keeping with Investec, the examine 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: “Growing longevity means traders will doubtlessly want plans in place to make sure their wealth is taken care of in previous age and plenty of are realising the necessity for professional monetary help in later life.
“It’s, nevertheless, clear that too many have but to agree how their cash will probably be taken care of and, simply as importantly, how will probably be handed on to family members in essentially the most environment friendly method. Professional unbiased monetary recommendation can play a key function 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.
