Family and Finances Report
Money matters are often a delicate topic, especially within families. Yet, in today's world, where economic uncertainties loom large, life expectancy is on the rise, and attitudes towards wealth are evolving, we believe these conversations have never been more vital.
Intergenerational planning is essential for passing down wealth and ensuring financial peace of mind.
It helps families prepare for the future, avoid conflicts, and make informed decisions. Yet, our research has found that 40% of people believe that discussing inheritance is the ‘last great family taboo’.
Let’s change that.
Tackling the taboo
For many families, discussing finances may be one of the last big taboos. These conversations can feel awkward or emotionally charged, yet they are one of the most powerful tools families have to protect and prepare their loved ones, especially during challenging times. Whether it’s understanding inheritance tax (IHT), preparing for later-life care, or simply knowing where key documents are, the peace of mind that comes with knowledge cannot be overstated.
0% only a quarter of people have regular discussion about financial matters with their family.
0% believe that discussing money matters with family 'isn't necessary at this time'.
0% of those that regularly discuss finances, half state that it builds trust with their children.
Passing on your wealth
Passing on your wealth is far more than just a financial transaction; it’s a deeply personal journey that demands careful planning and open communication. Our research reveals that, while many families are thinking about inheritance, they often lack crucial knowledge about its financial impacts.
0% only a third of people understand how much IHT their family may need to pay.
0% nearly a third of people state that IHT is a source of anxiety about financial security.
0% yet, less than a third plan to consult a financial adviser about IHT and its impacts.
