It found that 89% of people with assets of more than £250,000 have delayed a ‘major life decision’, while 84% said their adult children or grandchildren had done so.

Some 15% of respondents aged 35-44 delayed having their first child or delayed adding to their family while 9% delayed divorce plans, according to the study.

Meanwhile 11% said they had delayed their retirement plans (backed by the fact the average retirement age has increased from 64 to 66), while one in five (20%) had delayed starting their own business.

According to the wealth management firm’s research, almost one in eight (13%) respondents said they have delayed either having their first child, or adding to their family, while ONS data showed that birth rates are continuing to fall, particularly among women in their 30s and 40s, and are now at their lowest rate since 2002.

ONS data also showed that the divorce rate has declined 29.5% to the lowest rate since 1971. Saltus’ research showed 9% of respondents said they have delayed divorce, while 6% said ‘being able to afford a divorce/alimony’ is their single ‘biggest worry’.

Mike Stimpson, partner at Saltus, said: “The vast majority say they have delayed plans and, while many are not life changing – such as delaying a holiday or the purchase of a car – others are hugely significant, such as putting off a divorce or delaying retirement.

“The impact of the current climate on HNWIs additionally has some significant wider impacts, most notably those delaying starting a business."  

Last month the report revealed that the majority of HNWIs (56%) are failing to utilise the extra £20,000 pensions’ annual allowance available to them. 

In April 2023, the annual allowance – the amount savers can put into a pension pot each year before paying tax – increased from £40,000 to £60,000.

The research also found that the pension pots of those nearing retirement were currently more than £100,000 short of where they should be to provide the income pension savers want in retirement.

• The survey included 2,000 UK respondents (aged 18+) who have £250k+ of investable assets. Research was conducted by Censuswide online in December 2023.