Sharing values and encouraging children to formulate their own
Having a conversation with children about money early on helps them to build financial confidence and learn foundational principles that will be useful for years to come. It also allows parents to share their financial values and wishes. We look at some practical ways this can be done at different stages of childhood.
Nearly 40% support grown-up children, a spouse or partner, a parent, an elderly relative, or a friend
When times are hard, it makes sense that families will look for ways to support each other emotionally and financially. And if you’re one of the many retirees supporting family and friends financially, you’re not alone.
Research highlights what people consider before making the decision
Data has revealed that while a third of over-45s (29%) say they have plans to downsize in the next five years, just 13% of over-75s have actually made the move[1]. As people assess their retirement finances, the research highlights the ideal age to downsize is 66. However, ties to the community, their homes, and the security it brings mean that most people choose not to proceed.
How much money will you have for retirement, where it’s invested, and what are you being charged?
According to new research[1], just two-fifths (42%) of the UK population know how to contribute more to their pension. The study also found that a quarter of those with multiple pots would not know where to start consolidating multiple pension pots accrued throughout their working life.
Allow your loved ones to benefit more from your accumulated wealth
Effective planning minimises the burden of Inheritance Tax (IHT), allowing your loved ones to benefit more from your accumulated wealth. If the value of your estate is above the £325,000 threshold (2024/25 tax year), the part of your estate above it could be liable for tax at the rate of 40%.
