Over one in five (21%) of mass affluent Britons lack confidence that their inheritance planning is in order, according to a new survey.

Inter-generational wealth transfer was the area where mass affluent Britons were least confident with managing their finances, followed by provisions for retirement, according to research from challenger bank Monument.

Tax planning was the area where mass affluent savers were least confident about managing their finances without professional advice, with 23% saying they needed advice.

Inheritance planning was an area where more help is needed, with 22% noting they are not confident to manage this on their own. Other areas where savers needed support were retirement planning (17%) and investments (17%).

Those between 34 and 54 were the least confident when it comes to their finances. Their biggest concern was a lack of confidence in their retirement provisions (27%), followed by making investments (21%), taking out insurance (18%) and navigating savings accounts (16%).

Younger savers were more confident in their retirement provisions (13%) and were also more confident in investing (12%).

Ian Rand, chief executive of Monument, said there was an opportunity for advisers to engage with potential mass affluent clients.

He said: “Our research clearly shows that the mass affluent are feeling a lack of confidence in various areas of their finances, which is further compounded by a lack of confidence in being able to manage these areas without the help of professional advice.

“This group is feeling a rising pressure on their finances and the recent Budget will have only added further complexities.”

• Opinium surveyed 1,000 adults with over £100,000 in financial assets excluding their main residence and pension on behalf of Monument Bank between 13 August and 20 September.