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Adults in the UK are facing a financial planning ‘black hole’ and are “woefully unprepared” for retirement and legacy planning, investment company Killik & Co has warned.
Its research found that almost half (45 per cent) had never updated their will and nearly a third (32 per cent) were not taking time to review their retirement finances.
Killik & Co identified a gender gap in those who had not updated a will, as 52 per cent of women have never updated their will compared to 39 per cent of men.
Furthermore, the firm said it was "concerning" that there was very little age discrepancy, with 43 per cent of over-55s having never updated a will.
However, there was a stark divide in attitudes between different earnings levels, with 56 cent of people on £15,000 or less having never updated their will, compared to 30 per cent of those earnings £100,000 or more.
Killik & Co noted that this low financial engagement also translated to planning for retirement. Half (50 per cent) of survey respondents had never talked to an adviser about their retirement, rising to 58 per cent of over-55s.
A discrepancy was again identified amongst different earnings levels, with 58 per cent of those earnings £15,000 or less having never sought advice compared to 14 per cent of people with an income of £100,000 or more.
"Inheritance and legacy planning are crucial for securing the financial future of your loved ones, regardless of your income level or perceived level of wealth,” said Killik & Co’s head of financial planning and partner, William Stevens.
“It’s never too early to start planning for retirement and seeking professional advice can make a difference in achieving peace of mind and potentially even improving your retirement finances.”
• If you would like to get your retirement plans on track, Wealth of Advice can help. We offer a wide range of impartial advice, always tailored to the individual client’s needs and circumstances. For a free copy of our guide Understanding Your Retirement Options, visit https://www.wealthofadvice.co.uk/financial-guides/retirement-options-guide Alternatively, contact us for a free, no-obligation consultation. Tel. 0191 384 1008 or email enquiries@wealthofadvice.co.uk
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