The coronavirus pandemic could see a rise in intergenerational planning as investors look to leave money for their family and friends, Quilter Financial Planning has found.
The financial planning giant asked more than 1,000 adults in the UK whether coronavirus had encouraged them to think about supporting other relatives financially now or in the future.
Nearly a fifth (17%) said they were more likely to look at leaving money to help their loved ones in the future and this figure rose to one quarter of people among those who had received financial advice.
The survey also found one-in-five people have been prompted to try and help family and friends with short-term financial pressures, such as paying bills or making up income shortfalls and 15% of those surveyed were already supporting friends and family before the crisis.
Quilter financial planning expert Rachael Griffin said: “It is perhaps no surprise that one-in-five of us have been prompted to think about supporting our families with financial help in the short-term given the devastating impact this crisis has had on people’s livelihoods. But we are also seeing that more people are thinking about the future and how they can help their families financially over the long term.
“Many people will also be alert to the fact that the economic consequences of the lockdown also fall hardest on younger generations, whose careers are more fragile and who are less likely to have financial resources to fall back on. That will create demand for intergenerational financial planning conversations, in which advisers can help clients to work through their plans to support family members in the future.”
This article was previously published on Professionaladviser.com