Inheritance tax is the top financial concern among wealthy Brits in 2024.
Research from RBC Wealth Management found 35 per cent of individuals are worried about IHT across all generations with those aged 35-54 particularly concerned about gifting without control or giving too much too soon.
It revealed younger, pre-retirement respondents are becoming increasingly more worried about not knowing how much is enough to maintain lifestyles in later life - rising to 24 per cent compared to 20 per cent the year before.
Nick Ritchie, senior director of wealth planning at RBC, said: “The survey results point to the wealthy re-evaluating later life priorities and wealth stewardship, a trend likely prompted by the UK’s uncertain political and economic future, which could potentially alter the future landscape of intergenerational transfers.”
Women more hesitant to seek advice
The research also found 30 per cent of women have hesitated to apply for wealth management products due to a lack of understanding, compared with only 10 per cent of men.
According to RBC, women are less confident than men when it comes to investment management as 80 per cent of women said they would benefit from some form of guidance compared to 67 per cent of men.
Some 71 per cent of women also said they would need guidance on how to diversify assets compared to 66 per cent of men.
Annabel Bosman, head of relationship management at RBC, said: “The fact that three times more women than men hesitated to apply for wealth management services in 2023 because of a lack of understanding cannot be ignored, particularly in light of the bumpy road ahead of us.”
It comes as research, conducted as part of adviser trade body Pimfa's Under 40 Leadership Committee programme in December 2023, found women are underserved by the financial advice market.
It cited a study by Boston Consulting Group and also the Financial Conduct Authority's Financial Lives survey which found that just one in four women held an investment product compared to one in three men.
The report recommended that advisers should change the way they market their services to women to focus less on investment returns and more on achieving financial security.
alina.khan@ft.com
