Clients dipping further into pensions savings to help family members

Clients are also pulling money from investments and moving to cash

Isabel Baxter
clock • 1 min read

Advisers are seeing an increase in clients pulling money out from pensions or investments to help family members, research from Royal London shows.

The mutual found that 33% of advisers have seen this increase whilst 34% saw an increase in the level of drawdown withdrawals. It was also noted that 41% of advisers are having more conversations with clients about investments and the economic environment compared to two years ago at the start of the cost-of-living crisis in late 2021. The climate of rising interest rates, coupled with volatile market conditions over the last two years, saw 37% advisers note an increase in clients moving money to cash, Royal London also found. Pensions expert Clare Moffat said: "Unsurprisingly, the...

To continue reading this article...

Join Professional Adviser for free

  • Unlimited access to real-time news, industry insights and market intelligence
  • Stay ahead of the curve with spotlights on emerging trends and technologies
  • Receive breaking news stories straight to your inbox in the daily newsletters
  • Make smart business decisions with the latest developments in regulation, investing retirement and protection
  • Members-only access to the editor’s weekly Friday commentary
  • Be the first to hear about our events and awards programmes

Join

 

Already a Professional Adviser member?

Login

More on Your profession

'Expensive' AI tools put financial advice at crossroads of caution and innovation

'Expensive' AI tools put financial advice at crossroads of caution and innovation

AI agents in financial advice: Opportunity or overreach?

Sahar Nazir
clock 10 December 2024 • 2 min read
PA Asks: What has been the most dramatic advice news this year?

PA Asks: What has been the most dramatic advice news this year?

This week’s poll also looks at 2025 positivity and annuities

Professional Adviser
clock 09 December 2024 • 1 min read
Editor's view: Financial planner earnings soar – but there's a catch

Editor's view: Financial planner earnings soar – but there's a catch

The editor's Friday Night Takeaway from 6 December

Jen Frost
clock 06 December 2024 • 2 min read