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St James’s Place publishes wealth account research

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St James’s Place Wealth Management has published findings from its annual Wealth Account Client Survey for the first time.

With over 47,000 respondents it represents the largest sample of consumer opinion in UK financial services and reveals how our clients view their financial future and their concerns.
 
When asked to specifically consider their three top priorities for their future wealth, 75 per cent of respondents say ensuring they have enough to live on in retirement is their highest priority, and 68 per cent suggest being able to enjoy their retirement without having to worry over financial matters, is a key focus. Nearly half (47 per cent) of those surveyed place importance on having sufficient funds to pay for their long term care should they need it in the future.
 
Just over a third (38 per cent) believe leaving an inheritance is among their top three priorities while a similar proportion (37 per cent) talk more generally of wanting to help their children and/or grandchildren.
 
When asked which issues concern them over the next three to five years, 69 per cent are worried about the state of the UK economy, with 54 per cent nervous of the outcome of the impending General Election. Further, 43 per cent are concerned about the potential impact of the UK leaving the European Union. Only one in three (29 per cent) worry about a potential rise in interest rates and the cost of living (35 per cent).
 
Andrew Humphries, Marketing and Communications Director, St. James’s Place, says: “Whilst ensuring they can support the lifestyle they want in retirement remains the number one goal for our clients, we are seeing a change in their priorities as the provision of long term care becomes ever more important. The cost of welfare is increasingly being borne personally and its impact is now being felt. Our research shows that these goals are more important for many clients than passing on an inheritance or providing for children.”
 
“The challenge facing everyone is that retirement planning is more complicated than ever before. Individuals now have complete control over their pension funds and the difficult choices they make will have a very significant impact on whether or not they will be able to achieve their retirement goals. 
 
“In recent years we’ve seen higher retention of funds under management as clients have resisted taking money out of their pension funds unless they had to.  This survey reinforces that experience and suggests that there is unlikely to be a ‘dash for cash’ in the more affluent market following the introduction of the new rules.”
 

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