Recent data by Standard Life shows that close to half (45%) of UK adults are concerned about the financial decision-making of their more vulnerable relatives as they get older, with 1 in 10 (10%) saying their relatives have made poor financial decisions in the past two years resulting in some form of financial loss. Overall, almost a quarter (23%) believe relatives had made poor financial decisions in the last two years.
People are naturally always concerned for the wellbeing of their vulnerable relatives, particularly when it comes to financial decision-making which can be confusing and easy to get wrong at any stage of your life. The ongoing cost of living crisis has amplified the UK’s problem with low financial awareness and understanding, with people often more likely to make risky decisions when they are struggling.
For example, there can be a strong temptation to use long-term savings to cover day-to-day costs. As a result many people, particularly the more vulnerable, are at risk of making poor financial decisions and could become easy targets for scammers.
Here at The Financial Planning Group we help individuals, families and businesses to place their financial affairs in context with their future goals and aspirations. We provide a simple, structured, disciplined and reviewable planning service that helps our clients change the fundamental relationship they have with their money to give them confidence and clarity in their own future.
If you would like to speak to us about a medium to long term strategy for your pension provision, please contact us to arrange a meeting in our office in central Teddington by calling Tim Norris on 020 8614 4780 or emailing him at Tim.Norris@fpgonline.co.uk