Retirement issues remain top of clients’ concerns

It’s important for us to keep in regular contact with our clients, and in April we surveyed a group of 1085 (clients) for their thoughts on the year ahead.

The survey generated 100 detailed responses:

  • 52 per cent of clients’ top challenge in the 2024/5 financial year is related to retirement and retirement planning; 21 per cent are concerned about financial protections for their family; and 13 per cent are worried about inheritance tax mitigation.
  • 64 per cent say their financial confidence has not changed since last quarter, while 32 per cent, say they have improved confidence.
  • Almost 65 per cent think it’s time for the Bank of England to cut interest rates, while 34 per cent think they should be frozen.

The results of this latest survey suggest that, despite some recent improvements in market conditions and the corresponding impact on individual pension pots, many people remain seriously concerned about various aspects of their retirement aspirations. This includes concerns over their retirement age, the affordability of retirement and financial security over the course of their retirement.

Karl Pemberton, managing director at Active Chartered Financial Planners, said: “Although for many of us, especially in the financial world, the new financial year is looked on as a reset, a new beginning, it doesn’t necessarily change our outlook, concerns or priorities.

“Although slightly reduced from our survey last quarter, the issues of and surrounding retirement, remain the most significant for our clients. Given the significance of retirement as a key lifestyle milestone, this is hardly surprising but in reality, it needn’t be nearly so worrying – that’s what financial advisers are for; we do the worrying so our clients don’t have to!

“Our role as financial advisers is to provide our clients with the knowledge and tools they need to feel confident about their financial future. Whether it’s planning for retirement, securing their family’s financial future, or understanding the impact of economic indicators and interest rates, we’re here to guide our clients every step of the way.”

The survey further showed that, despite some improvements in key indicators such as falling inflation, more optimistic growth forecasts and improving market conditions, in recent months, financial confidence among respondents has stalled, with less than a third reporting an improved outlook. This is backed by 65 per cent, who believe that it’s now time for the Bank of England’s Monetary Policy Committee to cut interest rates.

Karl concluded: “It’s clear that, regardless of what the economic indicators are telling us, lots of people remain of the view that progress is pretty stagnant. Perhaps this will change if and when the MPC cuts the base rate of interest – time will tell! In the meantime, if anyone has any concerns about their financial position, they should contact a financial adviser.”

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