WE ARE the baby boomers and we don’t care! But we do need advice! Born between 1946 and 1964, the baby boomers are currently aged between 50 and 68 and recent survey results show that two- thirds of 50 to 65-year-olds would rather spend their money than leave it to their children.
The over-50s now account for half of consumer spending in the UK. Money is being spent freely with one in five admitting to taking recreational drugs, over half saying they drink more than three times a week and over half have taken three or more holidays in the past year.
But not all over-50s are that reckless with their wealth. Leading investment group Merrill Lynch has survey results which suggests that more than half of over-45s expect to provide support to their adult children, with a third doing the same for grandchildren. With baby boomers having to not only plan for their own needs but also shouldering the burden of multiple generations of their families, the need for financial planning is key.
Whilst competition in the provision of products and services is good, the choice open to those seeking advice on their pensions, ISAs, investment portfolios, tax efficiency and overall financial strategy could be as confusing as ever especially since many of the big banks and asset managers see baby boomers as a way to build profits.
Finding organisations which combine skills and suitable expertise with fair fees which align the interests of both the client and the advisory firm is what will prove to be crucial.
Independent advice firms such as Save & Invest aim to provide the advice and ongoing services required to help those with key financial and investment decisions to make now and in future years. Through its years of experience, S&I knows the importance of helping individuals to have a clear understanding of their options and to create strategies to cope with a range of potential scenarios.
By having a focus on client service, a fee structure which aligns the interests of the business with those of the clients, cost efficiency, an ethos of building long-term relationships and specialists working as teams to provide advice, S&I is ideally positioned to provide the expertise to those approaching retirement or who are already there.