{"id":482,"date":"2021-09-01T12:31:32","date_gmt":"2021-09-01T11:31:32","guid":{"rendered":"http:\/\/www.a1-financial.com\/blog\/?p=482"},"modified":"2021-09-01T11:32:45","modified_gmt":"2021-09-01T10:32:45","slug":"advice-matters","status":"publish","type":"post","link":"https:\/\/www.a1-financial.com\/blog\/advice-matters\/","title":{"rendered":"Advice matters"},"content":{"rendered":"

Intergenerational planning and wealth transfer between advised families<\/b><\/h2>\n
Following the coronavirus (COVID-19) pandemic outbreak, UK adults admit they need financial advice for their current situation[1]. A report, which looked at intergenerational planning and wealth transfer between advised families amid the financial volatility and insecurity of the pandemic, found that more than half (53%) of UK adults surveyed say they have been prompted to seek advice from a financial adviser.<\/div>\n
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Of these, a third (33%) have already sought financial advice and 20% are planning to. Even among those who say they aren\u2019t seeking financial advice, 15% say they might in the future. The research comes as an overwhelming 85% of respondents say they have financial concerns when thinking about the next 12 months, with one quarter of respondents having to dig into savings for living costs. Furthermore, investments losing money and having a reduced income are the next most concerning issues.<\/div>\n

Biggest financial concerns for those surveyed, for the next 12 months:<\/b><\/h3>\n
1Having to use savings to make ends meet \u2013 23%<\/div>\n
2Investments losing money \u2013 20%<\/div>\n
3Having a reduced income \u2013 18%<\/div>\n
4Being made redundant\/losing a job \u2013 17%<\/div>\n
5Social care\/health costs \u2013 14%<\/div>\n
6Not saving any money \u2013 13%<\/div>\n
7Getting into debt \u2013 11%<\/div>\n
8Having to financially support children \u2013 11%<\/div>\n
9Not being able to afford to retire as planned \u2013 10%<\/div>\n
10Having to ask parents or family for financial support \u2013 9%<\/div>\n

Financial advice needed by the younger generations<\/b><\/h3>\n
The report also revealed that the need for financial advice was felt the most urgently among the younger generations, with 74% of Millennials saying they had or were going to see an adviser, and 58% for Gen Z, driven by \u2018getting into financial difficulty\u2019 and \u2018wanting to start their investment journey\u2019.<\/div>\n
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While still pronounced, the need for advice decreases slightly with age, with 32% of Gen X, 21% of Boomers and a quarter (24%) of the 75+ age group saying the crisis specifically had driven them to seek advice.<\/div>\n
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Perhaps this need has arisen because younger generations, who have not necessarily been financially active during a financial crisis, have been made nervous by volatility \u2013 or have unspent monies to invest. The pandemic outbreak has been challenging for many adults up and down the country and this has stimulated the need for advice, be it because of pent-up cash levels, market volatility or job security.<\/div>\n

Put your financial future in expert hands<\/b><\/h3>\n
We can help you chart your path through life, ensuring you are financially ready for every stage, from getting your own place to funding your children\u2019s education to anticipating a comfortable retirement. Once we\u2019re sure that we understand the life goals that matter most to you, we\u2019ll recommend a plan to help you get there. To find out more, please contact us.<\/div>\n
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Source data:<\/b><\/div>\n
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[1] Research was carried by Opinium for Prudential UK & Europe, a part of M&G plc, among a UK representative sample of 1,000 advised families. The survey was completed in November 2020.<\/div>\n","protected":false},"excerpt":{"rendered":"

Intergenerational planning and wealth transfer between advised families Following the coronavirus (COVID-19) pandemic outbreak, UK adults admit they need financial advice for their current situation[1]. A report, which looked at intergenerational planning and wealth transfer between advised families amid the financial volatility and insecurity of the pandemic, found that more than half (53%) of UK… Read more »<\/a><\/p>\n","protected":false},"author":1,"featured_media":484,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[],"_links":{"self":[{"href":"https:\/\/www.a1-financial.com\/blog\/wp-json\/wp\/v2\/posts\/482"}],"collection":[{"href":"https:\/\/www.a1-financial.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.a1-financial.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.a1-financial.com\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.a1-financial.com\/blog\/wp-json\/wp\/v2\/comments?post=482"}],"version-history":[{"count":1,"href":"https:\/\/www.a1-financial.com\/blog\/wp-json\/wp\/v2\/posts\/482\/revisions"}],"predecessor-version":[{"id":483,"href":"https:\/\/www.a1-financial.com\/blog\/wp-json\/wp\/v2\/posts\/482\/revisions\/483"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.a1-financial.com\/blog\/wp-json\/wp\/v2\/media\/484"}],"wp:attachment":[{"href":"https:\/\/www.a1-financial.com\/blog\/wp-json\/wp\/v2\/media?parent=482"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.a1-financial.com\/blog\/wp-json\/wp\/v2\/categories?post=482"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.a1-financial.com\/blog\/wp-json\/wp\/v2\/tags?post=482"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}