J’AIME JANUARY/FEBRUARY 2022

A D V E R T I S I N G F E A T U R E
Financial advice
of real
family value
Prudent financial planning should cater
for the needs of all family members,
from the youngest to the oldest.
When the Queen turned
94 on 21 April 2020,
she served as a very
public reminder of how
much longer, as a society, we are living.
In her own family, four generations are
now all alive at the same time, from the
Queen herself down to her latest greatgrandchild.
An increasing number of
families now find themselves in the
same position, which has implications for
financial planning.
As a nonagenarian, Her Majesty is far
from alone. The number of people over 90
years old rose by 44% between 2008 and
2018, according to the report Estimates
of the very old, including centenarians,
UK: 2002 to 2018, published online by
the Office for National Statistics (ONS) in
September 2019.
Increasing life expectancy
and major social change mean
many need their wealth to work
harder for the whole family
We are now witnessing a phenomenon
where the baby boomers – those born
in the post-war era and in retirement –
represent the wealthiest generation in
society. However, whilst they enjoy the
fruits of their labour, they are sandwiched
between elderly parents facing the
challenges of old age and children
struggling with the hangover of university
debts and rising house prices.
For those born after the Second World
War and in the 1950s, the economy
of their working years was benign and
kind to them; but it was less so for those
born in the 1980s and 1990s – the socalled
‘millennials’ – who are finding it
harder to get jobs and to get onto the
property ladder.
While our children are struggling with
their finances, our parents are living
longer. This has led to an increase in the
need for long-term care, which is likely to
be financed from accumulated savings,
selling the family home or with support
from younger generations.
A study into intergenerational wealth and
retirement planning, which combined
ONS data with an Opinium Research
survey of 4,000 UK adults in April 2019,
estimated that the number of families
with multiple generations in retirement at
the same time will exceed one million in
the next 20 years.
This means people may need to start
reassessing how they plan for the later
stages of life. Traditionally, wealth has
passed from one generation to the next
upon death. However, intergenerational
wealth management challenges that
notion and looks at how families can
use their wealth more collaboratively to
support each other during their lifetimes.
This offers legitimate estate planning
and tax mitigation opportunities, whilst
providing the much-needed assistance
to help alleviate the financial burdens of
everyday life.
Transferring assets
from one generation to the
other is becoming much
more common
St. James’s Place provides a range of
family-oriented financial products and
services, enabling families to work
collaboratively to support each other
across the generations. Financial support
need not be in the form of a handout; it can
become an integral part of generational
financial planning.
Whether you would like to help your
children onto the housing ladder,
contribute to a grandchild’s education or
wedding, or help your parents with laterlife
planning, careful consideration can
ensure your wealth works harder for all
your family without putting your own
security and retirement comfort at risk.
JE AN
L MB
A D ipPFS
A ccredited Later Life Adviser
P rincipal
J EAN LAMB WEALTH CONSULTANCY
Pa rtner
Practice of St. James’s Place Wealth Management
T el:
01543 417342
| 07855 529358
j ean.lamb@sjpp.co.uk
w ww.jeanlamb.co.uk
Th e Partner
P ractice
i s an Appointed Representative of and represents only St. James's Place Wealth Management plc (which is authorised and regulated by the Financial Conduct Authority)
f or the purpose of advising solely on the group's wealth management products and services, more details of which are set out on the group's website www.sjp.co.uk/products.
T he 'St. James's Place Partnership' and the titles 'Partner' and 'Partner Practice' are marketing terms used to describe St. James's Place representatives.
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