Doing background checks on people's parents could be the best way for IFAs to find the most suitable...
Doing background checks on people's parents could be the best way for IFAs to find the most suitable financial plan for clients according to the results of a survey by Halifax's Intelligent Finance business.
The bank has concluded from the survey that UK investors are likely to have the same attitude towards money as their parents did.
However, few were willing to admit their financial choices were influenced by "mum and dad", with 1 in 3 UK adults considering themselves "aficionados" when it comes to managing their finances but only 1 in 5 prepared to believe that parents influenced their attitudes towards moeny.
The survey also estimates that some 2 million Britons are actively monitoring their finances on a daily basis.
Psychologocally speaking, most investors are also likely to nest with people of a similar mind on the money front.
Unsurprisingly, younger people are more likely to hold a "carefree" attitude towards money, but with spreading waistlines and middle age comes more careful scrutiny of bank accounts and other assets.
However, perhaps the most interesting result of the survey relates to debt, with just 1 in 5 respondents saying they never go into debt, indicating that most UK adults are willing to play some risk against potentially greater rewards such as an improved standard of living.
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