In this post we will look at how the financial crisis is impacting on people’s ability to offer financial support to their families and how their long term goals are being impacted.

Parents who wanted to support their children financially are reducing the amount of support they give or stopping financial support completely. Nearly two out of five (39%) people who had intended to save a lump sum for their kids now believe they will need to postpone this. As a result, nearly one in five (16%) adults believe they will never be able to assist their children, and 39% of those who had planned to give their children a down payment for a home say they will now postpone doing so. Nearly a quarter of these parents (23%) claim they will never be able to pay for their kids’ deposits.[1].

LONG TERM GOALS

In the future, 45% of those with dreams for retirement, they anticipate having to put them on hold. This equates to more than 11 million people in the UK, 38% of whom are in the crucial decade just before retirement and who anticipate delaying their retirement by at least a year, if not more. Twelve percent of respondents (11%) believe they won’t ever be able to retire.

Despite the difficulties at hand half of UK adults (52%) have not sought advice or support to better understand how to address their financial troubles, which has a fundamental influence on people’s long-term aspirations. The news (12%), family (15%), and price comparison websites are the most often used sources of assistance by those who have looked for it (19%). Only 3.9 million people, or 7%, have gotten financial advice from a professional.

Please contact us for more information on how we can help protect your future financial well-being and the options available to you.

Source data: [1] Opinium survey of 4,001 UK adults was conducted between 27–31 May 2022 for
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