Survey suggests Brits may need to employ better wealth management

Posted 23/09/2010

British people may be encouraged to seek advice on wealth management after it was revealed many people have little or no significant savings.

A poll by the Janus Capital Group discovered that only 16 per cent of people in the UK intend to pass on “significant wealth” to their children, while 48 per cent of those surveyed said they are unsure about how much their offspring will inherit.

The average estate in the UK is currently worth £90,000, but this is likely to change as the recession has cut the amount 45 to 54-year-olds are now putting aside.

Meanwhile, 61 per cent of people do not think they are saving enough for retirement, with 46 per cent concerned they will not be able to maintain their current standard of living once they stop work.

Earlier in 2010, Aviva found that many people are avoiding inheritance tax by giving gifts and assets before their death rather than after in Wills.