New UK research has provided an intriguing insight into people’s financial advice ‘wishlists’. While people overall seek a comfortable retirement, the peak age for it being an advice priority is reportedly not reached until 55.
The study also revealed that the top three most sought-after areas of advice are: retirement planning, followed by general investment and savings and more efficient budgeting. These findings are, however, complicated by a significant generational divide, which means that for many youngsters, retirement planning is a can kicked down the road.
Approximately 12% of ‘Generation Z’, 18% of ‘Millennial’ and 30% of ‘Generation X’ respondents identified retirement planning as an advice priority over the next six months. As a whole, 19% said that they would find retirement planning advice the most useful over the next half year, ahead of 17% opting for general investment and savings advice and 14% highlighting budgeting. Wills planning was mentioned by 13%, and adhering to a financial plan by 11%
Finance analysts have said that while there are understandable short-term pressures, it is vital to plan for the future from an early age. This will result in a larger pension pot in later life.
Younger people are experiencing different outcomes to previous generations. Strikingly, the number of people expecting to pass down home ownership has dropped from 65% of current retirees to 45% of future ones, while the number anticipating passing on cash savings has also dropped, from 60% to 40% respectively.
If you are retirement planning in Cheshire, contact local financial advice specialists Hartey Wealth Management today to assess your options.
