Your Money - Your Future
News & Views
Generational wealth perspectives
A recent study suggests that a substantial proportion of Generation Z, born from 1996 to 2010, view property acquisition as their principal avenue to amass wealth for their retirement years [1]. This perspective is slightly more prevalent within this demographic than the reliance on pensions, with 33% of Gen Z individuals planning to utilise property as a retirement fund compared to 30% who favour pensions. [...]
Tuesday, June 11, 2024Read More
Britons procrastinate on making a Will
Recent research has uncovered that a staggering 51% of adults in the UK have neither penned a Will nor are they in the process of doing so[1]. This statistic encompasses 13% of individuals affirmatively declaring no future plans to undertake this task. Alarmingly, a significant portion of the older demographic, with 30% of those aged 55 and above, also finds themselves without a Will, including 9% who have decisively chosen not to create one. The primary deterrent for many is the perception of insufficient assets or wealth, cited by 26% of respondents, indicating a widespread misconception about the necessity of a Will. [...]
Monday, June 10, 2024Read More
Understanding pension uncertainties
A recent study reveals that a considerable proportion of UK adults, including a significant number nearing retirement, find themselves in a quandary regarding their State Pension entitlements and the commencement of their payments[1]. The research underscores that 31% of Generation X individuals (ages 42-57) are in two minds about their retirement timing, in stark contrast to 19% of Baby Boomers and the older cohort (58 years and above). Moreover, a notable 24% of UK adults confess to being unsure about their retirement timing, with 27% of women feeling less confident compared to 21% of men. [...]
Tuesday, June 4, 2024Read More
Rising trend of unretirement
In recent times, a significant portion of retirees, specifically 14% of those aged over 55, have found themselves re-entering the workforce, driven by the inadequacy of their pensions to meet rising living costs, according to new research[1]. This phenomenon, further compounded by an additional 4% contemplating a return to employment, highlights a growing trend among older generations striving to sustain their standard of living in retirement. Notably, this trend is more prevalent among men, with 16% returning to work compared to 12% of women. [...]
Tuesday, June 4, 2024Read More
Navigating Inheritance Tax
Inheritance Tax (IHT) represents a significant consideration for anyone looking to pass on assets to the next generation. As of the 2024/25 tax year, IHT incurs a 40% charge on the portion of an estate exceeding the nil rate band of £325,000, excluding transfers to a spouse or registered civil partner. [...]
Monday, June 3, 2024Read More
Britons procrastinate on making a Will
Recent research has uncovered that a staggering 51% of adults in the UK have neither penned a Will nor are they in the process of doing so[1]. This statistic encompasses 13% of individuals affirmatively declaring no future plans to undertake this task. Alarmingly, a significant portion of the older demographic, with 30% of those aged 55 and above, also finds themselves without a Will, including 9% who have decisively chosen not to create one. The primary deterrent for many is the perception of insufficient assets or wealth, cited by 26% of respondents, indicating a widespread misconception about the necessity of a Will. [...]
Monday, June 3, 2024Read More