Conversations about passing on your wealth have never been so important.

At Schroders Personal Wealth, we want to create a society where everyone sees the value of a financial plan. We hope the launch of this report will help more families start talking about the importance of money and savings, and how they can plan for their future.

400 years of heritage with Lloyds Banking Group and Schroders

270+ financial advisers located around the United Kingdom

£14.2bn in funds under management (June 2021)

11 regional hubs across the United Kingdom

Family and Finances Report

In our inaugural Family and Finances report, we surveyed over 1,000 individuals over the age of 60 to get a clear picture of how people are planning to pass wealth down the generations.

The intergenerational wealth divide.

We found that a huge 84% of parents intend to pass on their wealth to their children with most over 60s planning to do so after their death (72%), with just 13% saying they aim to share their wealth during their lifetime.

Yet, an overwhelming majority at 78% have no estate planning strategy in place highlighting the financial planning gap that exists when it comes to passing on wealth.

Our report also discovered that, unsurprisingly, the pandemic has resulted in some adult children becoming more financially dependent on their parents. One in five (18%) over 60s say they have had to help adult children more in 2020, mainly to help fund the cost of essentials (48%).

The figure is much higher for those whose children are young adults (aged 18-24) with 30% reporting they’ve helped their children more financially since the pandemic.

As the impact of the recession ripples through the generations, it could increasingly fall to older generations to help more. However, family conversations around money often remain taboo, with 65% of people saying they rarely or never discuss inheritance with their children.

Our report also covers important topics such as estate planning, wills and Powers of Attorney, and long-term care.

Helping families have conversations about their financial wellbeing

We hope that once you’ve read our Family and Finances Report, you’ll feel more confident and comfortable having conversations with your family about your respective financial situations.

We’ve put together a quick checklist of the kinds of things you might want to consider to ensure your plans to pass on your wealth are on track:

  • Have you had a conversation with your family about estate planning?

  • Do you have a will and a power of attorney?

  • Do your children/family know where you keep copies of them if they needed to find them?

  • Do they know which solicitors drew them up if they needed to retrieve the originals?

  • Are your pension nominations up to date?

  • Have you inherited money recently that could instead go to your children or grandchildren?

  • Does your family know your opinions about going into a care home?

These conversations are important to have with your children as it will enable them to have the same conversations with their own children when the time is right.

We want to help more families start talking about the importance of money and savings, and how they can plan for their future. At Schroders Personal Wealth we can make these conversations real and help you potentially realise your dreams through the power of a personalised financial plan.

There are no hidden fees or charges, and you’ll only pay if you choose to go ahead with the recommendations in your personalised financial plan.

Understanding how to pass on your wealth to the next generation

Intergenerational wealth: It’s all the rage

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Helping out your family financially

It’s understandable that you may want to help your loved ones financially, but you should bear in mind any inheritance tax that could be due on financial gifts. However, there are ways to help financially and tax-efficiently.

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A guide to inheritance tax

Gifting your wealth to your loved ones can be a very tax efficient way of reducing the size of your estate for inheritance tax (IHT) purposes. Here are some things about IHT and gifting to your family that you might not know about.

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Let's start with a free initial consultation

We'll begin with a free, no obligation conversation to understand if our service is right for you. There are no hidden fees or charges, and you’ll only pay if you choose to go ahead with the recommendations in your personalised financial plan.