Research amongst later life financial advisers by OneFamily has revealed that a quarter (25%) of their clients have an idea of what they want when taking advice. However, of these people, over half of them (55%) changed their minds after speaking to a financial adviser, demonstrating the value and importance of financial advice.
New research by financial services provider OneFamily has revealed an estimated £8.5 billion of inheritance wealth is now skipping a generation each year, as older relatives recognise the youngest family members are more in need of support.
Three in 10 (29%) over 65s worry about spending money on themselves because they have their family’s inheritance on their mind – the equivalent of 3.5 million[i] people across the UK.[i] According to the latest ONS population data (November 2018), 18.2% of the population were recorded as being 65 years or older, which is 12,012,000 people. 29 per cent of over 65s worry about spending money on themselves’ as they have their family’s inheritance on their mind – the equivalent of 3,483,479.
One in four (24%) downsizers ended up with less money than they expected when selling their property, with legal fees, stamp duty, moving and renovation costs eating into their profit.
OneFamily is urging the government to remove the £4,000 transfer limit for customers who want to replace their Help to Buy ISA with a Lifetime ISA.
There are many important rites of passage for children, from getting their first set of house keys, to being trusted with money independently but new research reveals that the majority of parents (76%) fret about the ‘right’ ages for these milestones, as modern life opens up uncharted waters.
Research has revealed that the majority of workers over 55 aren’t aware of the different options for funding retirement. While pensions awareness is high (92%), other options, which may be more suitable for their personal needs, aren’t even on their radar.
Analysis has revealed that over 65s have nearly five times as much in their property than their pensions savings , with £1.6 trillion held in property wealth, compared to £336 billion held in retirees’ pensions.
New research from financial services provider OneFamily suggests over 65s are vying for the title of ‘experience generation’, with research showing they spend an average of £2,200 a year in the first five years of their retirement - a total spend of nearly £5 billion each year.
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