HNWIs face gaps in retirement and succession planning
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HNWIs face gaps in retirement and succession planning
Many high-net-worth individuals (HNWIs) have yet to establish retirement or succession plans, even though they remain confident about the growth of their personal wealth, according to a study1.
Research shows a third of European HNWIs are yet to make a financial plan for retirement. While those who have started a retirement plan, half said that they do not have a fully formed plan in place. And while 80% of survey respondents plan to pass wealth down to their children, only 34% have a full succession plan in place.
With over three quarters (78%) of HNWIs expecting their personal wealth to rise over the next five years, it’s surprising that many HNWIs fail to have plans in place for their retirement and succession. The study found that multigenerational HNWIs who had inherited wealth were more likely to have at least started planning for retirement than first-generation HNWIs.
Taking a closer look at HNWIs’ investment strategies, over half of respondents are focused on growing their wealth through investing in equities and/or real estate to support this long-term objective.
1BlackRock, 2024
The value of investments can go down as well as up and you may not get back the full amount you invested. The past is not a guide to future performance and past performance may not necessarily be repeated.
It is important to take professional advice before making any decision relating to your personal finances. Information within this document is based on our current understanding and can be subject to change without notice and the accuracy and completeness of the information cannot be guaranteed. It does not provide individual tailored investment advice and is for guidance only. Some rules may vary in different parts of the UK. We cannot assume legal liability for any errors or omissions it might contain. Levels and bases of, and reliefs from, taxation are those currently applying or proposed and are subject to change; their value depends on the individual circumstances of the investor. No part of this document may be reproduced in any manner without prior permission.
The value of investments can go down as well as up and you may not get back the full amount you invested. The past is not a guide to future performance and past performance may not necessarily be repeated. If you withdraw from an investment in the early years, you may not get back the full amount you invested. Changes in the rates of exchange may have an adverse effect on the value or price of an investment in sterling terms if it is denominated in a foreign currency.
Information is based on our understanding of taxation legislation and regulations. Any levels and bases of, and reliefs from, taxation are subject to change.
Tax treatment is based on individual circumstances and may be subject to change in the future.
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