Many fear they are not doing enough to plan for later life financial needs, including considering how to pass on wealth.

The survey by Rathbones’ Investec Wealth and Investment (UK) division found widespread fears about later life planning among investors.

The poll of more than 1,000 investors found:

• Up to 61% say it is “essential or important” to have financial advice in later life and more than half are concerned about managing investments in later life
• Just half have a plan for passing on assets to loved ones
• 56% said they were concerned about being able to manage their investments and wealth during later life

The research by wealth manager Investec Wealth & Investment (UK) found that despite the concerns of retail investors just over half (51%) say they have a plan for passing on assets to loved ones. Among over-65s the figure rises to 69%.

The study covered people with stock market investments including pensions.

The questioning found that around 29% of those interviewed planned to pass on wealth to loved ones before they reach the age of 65. However, around a third (32%) were unsure when they would start passing on wealth.

According to Investec, the study uncovered potential demand for advisers to help with developing inheritance plans – just two out of five (38%) who have plans for passing on their wealth used a financial adviser to develop these.

Simon Taylor, head of strategic partnerships at Investec Wealth & Investment (UK), said: “Increasing longevity means investors will potentially need plans in place to ensure their wealth is looked after in old age and many are realising the need for expert financial support in later life.

“It is, however, clear that too many have yet to agree how their money will be looked after and, just as importantly, how it will be handed on to loved ones in the most efficient way. Expert independent financial advice can play a key role in agreeing a plan.”

Wealth manager Investec Wealth and Investment manages £42.2 billion (as at 31 December 2023) of clients’ money. 

• Investec Wealth & Investment commissioned independent research agency Viewsbank to interview 1,065 UK adults aged 18-plus including 568 who have stock market investments between 26 January and 29 January 29.