One of the six (16%) adults gave themselves classes as “financial carefuls”, helping managing the money of someone who is older and more weak, a survey has indicated.
According to the research by the financial services provider L&G (legal and general), family members usually take steps for the role of a financial carer for relatives, when they occur in their 30s.
This may often be caused by signs that the loved one is not competing with his finance, missing bills, forgetting accounts, losing day-to-day finance track or being scamful.
Financial carers can help manage bills and direct debit, talk to their relative’s bank or pension provider and even serve as “scam detectors” by texts and emails to catch fraud attempts, found in the survey.
But this sometimes hurts a financial stress on carers, with more than the fifth (22%) that they have used their own money to cover the expenses of a relative, while 17% have taken time out of work and 22% have reduced their hours at work with care needs.
Research identified a knowledge interval, in which only a quarter (25%) financial carers said they understand how pension works and 15% said problems have arisen when trying to help with lack of knowledge.
But 24% said that the experience of being a financial carer motivated him to take charge of his pension scheme.
The contribution defined in L&G (DC) and the Chief Executive Paula Llewellyn of the workplace saving said: “The retirement plan is often prepared as a number game, but there is a person behind every pension pot that makes the actual life pressure, information surprise and emotionally charged decisions.
“For many defined contributions, retirement planning is not just a financial function; this is a balance act.
Get a free partial stock for up to £ 100.
Capital at risk.
terms and Conditions apply.
Advertisement
Get a free partial stock for up to £ 100.
Capital at risk.
terms and Conditions apply.
Advertisement
“And limited knowledge and competitive priorities-can push the lower part of the two-do list from the priorities-the-two list.”
L&G has announced the expansion of its directed retirement planner, stating that it will comprehensk access to the young DC workplace pension savers to help understand its retirement savings and to help bridge the gap between support and advice.
Launched to those at the late 2024 at the age of retirement, more than 70,000 members of the 55-plus age have made a start on the planner.
It identifies people’s priorities and provides insight they can act, with L&G, with the goal of achieving more sustainable income in retirement.
Ms. Llewellyn said: “As people need and change life stages, we constantly optimize our support to remain relevant to every generation.
“This is why the recent rule will change that will allow pension providers to provide targeted support, a game changer.
“L&G’s directed retirement planner provides personal content and valuable information to help individuals to navigate their long -term savings and retirement scheme confidently. We are focusing on getting better results to ensure better results to ensure a permanent income in retirement to our 5.7 million members.”
Was done by survey lust In July and August, between 4,000 people across the UK.