Living through a pandemic has meant many people saved money that would otherwise have been spent on commuting, foreign holidays and dining out.
But as Succession Wealth has discovered, it has also meant people have become more engaged with their financial position, with new client enquiries tending to be from younger clients in their 40s.
Michelle Crowley, wealth planner at Succession Wealth, told FTAdviser: "Financial planning during Covid-19 has made people change the culture around how they will work and live.
"I believe that, maybe through additional time and boredom, clients have engaged more with their financial position. Covid has, without doubt, focused client’s minds on what they want."
She said new client enquiries have tended to be younger clients, including many women in their mid-40s, who are concerned about how much they are saving into their pension, as the case study (below) outlines.
Earlier this month, the Prudential Family Wealth Unlocked report found that 32 per cent of Generation X - those born between 1965 and 1980 - have been driven to seek advice as a direct response to the pandemic.
Vince Smith-Hughes, director of specialist business support at Prudential UK, commented: "It’s been a challenging 12 months for UK adults up and down the country and this has stimulated the need for advice, be it because of pent-up cash levels, market volatility or job security.
"While the need for advice spans all generations, our research reveals the pandemic appears to have created a pronounced opportunity for advisers to provide advice to younger audiences."
