High-net-worth women are more likely than men to put their children first when thinking about wealth planning, new research from Charles Stanley has revealed.
Almost half (45%) of HNW women consider their child first when it comes to succession planning, compared to 33% of men. In contrast, 37% of men would consider their spouse first for passing on their wealth in the event of their death, with just 17% of women stating the same.
Despite this, the wealth manager said only 59% of HNW individuals have a will in place. Just under one in three (29%) have set up a trust, while a quarter (24%) have a Lasting Power of Attorney in place and 18% have a letter of wishes. However, one in seven have nothing in place at all for passing on their wealth.
The research also showed that the vast majority (81%) of HNWs have spoken to a financial adviser, with 90% of men choosing to do this, compared with 79% of women.
Mia Kahrimanovic, financial planner at Charles Stanley, said: “Considering your own mortality can be a difficult thing for many people to contend with. But succession planning is crucial to protecting your wealth and ensuring it is passed on to loved ones.
“Inheriting wealth can provide security and valuable opportunity for the recipient, which is why it’s important that HNW individuals take time to consider their plans and think about where they’d like their wealth to go. Given that within couples, plans and intentions may be different for each person, seeking financial advice can align all parties and establish a clear plan to secure the financial future for any families or beneficiaries involved.”
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