The ‘Late Financial Bloomer’ faces a complex retirement journey
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The ‘Late Financial Bloomer’ faces a complex retirement journey
A new group of consumers, dubbed the ‘Late Financial Bloomers’ are set to change the face of retirement1. An array of socioeconomic factors, such as later home ownership, are the primary drivers behind this shift.
Divorce and marriage trends are also key contributors, as is later childbirth. First marriages now take place four years later than they did 20 years ago; similarly, divorce rates peak 20 years later than they did two decades previously. With more women over 40 now giving birth each year than those under 20, a growing proportion of the population will be supporting children through education later in life, diverting attention from retirement planning.
Currently, accounting for just 6% of retirees, the number of Late Financial Bloomers is set to rise considerably over the next 15 years or so. The trend towards later financial security means an increasing number of people will face complex retirement journeys, highlighting the requirement to plan ahead.
1Canada Life, 2021
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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