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Many will not turn to relatives for financial advice: poll

Many adults would no longer turn to relatives for support on the finances, with up to 40 per cent or more of parents and grandparents polled by YouGov stating that would not ask anyone within their family for financial advice.

Standard Life, which commissioned the survey of more than 4,000 adults, said the results highlight an opportunity for financial advisers. This builds on previous claims from the firm that there the affluent at-retirement population could sustain a much larger adviser population than is currently active.

YouGov’s poll found 35 per cent of parents and 43 per cent of grandparents would not ask anyone within their family for advice about finances. Despite evidence that a large volume of money is moving freely between generations, only 25 per cent of people say that their family financial plans involve all the generations.

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Julie Hutchison, family financial expert at Standard Life, said: “Given that 43 per cent of grandparents don’t want to ask anyone in their family for advice, there is a key role which financial advisers can play as the trusted guide when it comes to retirement income and inheritance conversations.

“I know some advisers help to host multi-generational family meetings, so it’s clearly an area where having an independent guide can help families navigate through potentially sensitive territory. There’s a great opportunity here for financial advisers to set-up and facilitate family meetings.”