"Our research shows the positive power of financial advice particularly in today’s challenging economic climate."
Of those who have an adviser, well over half (57%) share them with their parent(s) - including biological, step and adopted. Two in three (65%) share an adviser with their grandparent(s), and a third (34%) with their partner’s parent(s).
More than half (53%) of respondents say they have received financial advice in the last 12 months, of which one in five (20%) have received advice in the last three months.
Respondents said that sharing an adviser brings a wealth of benefits, including saving money on tax (35%), ensuring everyone in the family is treated fairly (38%), helping younger family members (34%), ensuing the family is aware of each other’s financial situation (37%) and supporting a parent(s)/ grandparent(s) (34%).
Well over a third (37%) admitted they would feel relaxed sharing an adviser as their parent(s)/family trust them, while 34% said they’d feel good that all family finances are in one place, and they can review together. Despite being comfortable with sharing an adviser, a third (33%) admitted they want boundaries and so wouldn’t share all their details and situation.
Of those who share an adviser with their parents, a third (34%) pay for them separately, and almost the same number (35%) who share an adviser with their grandparents spilt costs to pay individually. A good number of each of the older generations – grandparents - (19%) confirmed they are paying for the younger generation’s advice.
Vince Smith-Hughes, director of specialist business support at M&G Wealth, said: “Our research shows the positive power of financial advice particularly in today’s challenging economic climate. With families contending with the increased cost of living, there has never been a more crucial time to get support and plan financially for the weeks, months and years ahead.
“Our research indicates that families feel happier talking to an adviser who is known to them and who they can trust. Many of the families we spoke to are also investing in each other’s financial futures, with almost a fifth of grandparents paying for their grandkids to receive financial advice. The fact that people are taking steps to not only get their own finances in order, but also those of their family members is heartening to see, especially amid all the economic uncertainty.”
