15th November 2022
Passing Wealth Down Through The Generations
MILLIONS OF RETIRED PEOPLE AID IN THE COST OF LIVING CRISIS
Millions of people are being affected by the rise in the cost of living. A third of young adults (18-34) and families with young children face financial difficulties. According to new research[1,] many people are turning to family and friends for assistance with day-to-day expenses such as utility bills, housing costs, and childcare.
Why grandparents want to help their family and pass wealth down through the generations is understandable. When doing this, there are a number of options available, each with different advantages and disadvantages. This week we will look at the options available to you.
Please contact us for more information on how we can help protect your future financial well-being and the options available to you.
A PENSION IS A LONG-TERM INVESTMENT NOT NORMALLY ACCESSIBLE UNTIL AGE 55 (57 FROM APRIL 2028 UNLESS PLAN HAS A PROTECTED PENSION AGE). THE VALUE OF YOUR INVESTMENTS (AND
ANY INCOME FROM THEM) CAN GO DOWN AS WELL AS UP WHICH WOULD HAVE AN IMPACT ON THE LEVEL OF PENSION BENEFITS AVAILABLE. YOUR PENSION INCOME COULD ALSO BE AFFECTED BY THE INTEREST RATES AT THE TIME YOU TAKE YOUR BENEFITS. THE VALUE OF YOUR INVESTMENTS CAN
GO DOWN AS WELL AS UP AND YOU MAY GET BACK LESS THAN YOU INVESTED. THE FINANCIAL CONDUCT AUTHORITY DOES NOT REGULATE TAXATION AND TRUST ADVICE. TRUSTS ARE A HIGHLY COMPLEX AREA OF FINANCIAL PLANNING.
Source data:  Research from LV= highlights how millions of people have helped friends and family
financially in the past six months. The LV= Wealth and Wellbeing Monitor – a quarterly survey of
4,000 UK adults – reveals that many people struggling with everyday living costs are turning
to family and friends for support 23/08/22.