Retirement Planning becoming a family affair

Two thirds of Britons have shared their goals for a good retirement with their family, according to a new report. However only a quarter (23%) have communicated their vision for retirement with a financial adviser, according to the report from Canada Life. Half (54%) of the 3,000 consumers surveyed said their family has influenced their long-term thinking, while a further 46% said it was the role of the family to help shape long-term decision making. Canada Life said its survey reveals a major opportunity for advisers to “leverage the power of family influence” to improve client relationships and build better engagement. Lea Bealing, marketing director at Canada Life UK, said: “Despite there being a plethora of factors influencing everyday decision-making, when examining long-term thinking, families are the single biggest influence. “By recognising the important role families play in this form of thinking, there is an opportunity for advisers to leverage the emotional connections and psychology that sits behind this to build better engagement with their clients and encourage a longer-term mindset to Financial Planning. “The ‘traditional’ family structure has changed significantly in recent years and Financial Planning needs to evolve to reflect this. As advisers are working in an ever changing world, we are helping them on this journey by challenging the way the industry approaches long-term thinking by arming them with new insights so they are equipped to encourage different types of conversations to better understand their clients’ goals and needs at all stages of life. Recognising the important role families play in shifting long-term thinking is a crucial part of this.” Canada Life surveyed 3,000 consumers online between 27 July and 12 August. The survey is part of the protection and retirement provider’s ‘Families and their Futures’ campaign which examines the psychology surrounding how family members impact decision-making and long-term planning.

Retirement Planning becoming a family affair - report

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