Post-War Generation Most Likely to Consult Financial Advisers

Baby boomers are more likely to seek professional financial help than any other generation.

People born during the explosion in the birth rate from nine months after the end of the Second World War up to the early 1960’s account for about half of all the clients of independent financial advisers (IFA’s).

That of course, is not unexpected as wealth is generally concentrated in the older age groups. It may have been accumulated through career progression or through investments or inheritance but it’s fair to say the grandparents usually have more money than their grandchildren. Isn’t it the case that when we really need money, we don’t have it, and when we don’t really need it, we have plenty?

Rather than just accepting the paltry interest rates offered by banks and building societies, the savvy over-55s want to make their heard-earned dosh work for them. A survey by Kings Court Trust revealed that nearly six out of every ten people age 50 or over who turn to IFA’s in a bid to maximise the returns on their money have at least £100,000 at their disposal. By contract, only about three in ten under-50s who visit IFA’s can muster this amount. These figures do not include property.