Significant wealth has traditionally passed from one generation to another after death.
However, as UK demographics change, wealth is increasingly being transferred between generations during our lifetimes. A growing number of families are now seeking advice on how best to manage their wealth collaboratively across the generations. The consequences of these demographic shifts are being experienced in families across the UK, as the elderly and the young require financial help in the present, not the future. As a result, the approach to financial planning may also need to adapt.
Why are families transferring wealth? We may be helping our children onto the housing ladder, or contributing to a grandchild’s education or wedding. As well as giving younger generations financial assistance, we are increasingly helping our own elderly parents, often by contributing to long-term care funding. This is while simultaneously trying to make sure our own wealth lasts through what could be many years of retirement.
‘Intergenerational Wealth Management’ is about how families use their collective wealth to support each other during their lifetimes. Axis and St. James's Place understand the issues involved, and can provide you with expert advice on how to take care of your loved ones appropriately, affordably, and how to balance your needs in the most effective way.