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You cannot rely on luck for protection

STEVE PAYNE, MANAGING DIRECTOR INDIVIDUAL, FRIENDS LIFE
STEVE PAYNE, MANAGING DIRECTOR INDIVIDUAL, FRIENDS LIFE

A lucky friend of mine won a pair of cinema tickets recently, then a bottle of wine. But the thing about luck is that you can’t rely on it.

With the cost of living and inflation on the up, many people are not feeling lucky at the moment. Consumers are dipping into their savings to pay for essentials and many now have to support their children for longer.

Recent research for Friends Life, Visions Of Britain, came up with a few interesting statistics on the coping classes those in middle age with a household income between £25,000 and £50,000.

Some 96% of parents expect to help their children financially to get a foot on the property ladder or support them through university.

Some 41% of the coping classes say they would turn to their parents for support if they lost their main source of income that’s more than would seek support from financial institutions. By 2020 it may be common to see the retired baby boom generation helping their adult children.

I want the best for my children and know I can’t rely on luck to deliver that. But there is only so much you can do and your children have to make their own way.

This shouldn’t be left to luck. It is the financial advice that parents pass on to their children and as a financial adviser you can pass on to clients, that will empower them to make informed decisions about protection.

This way they have peace of mind that they can still support their family and luck doesn’t have to come into it.

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