Redefining how millennials become more financially secure
Millennials are set to redefine how wealth is shared between generations, according to new research. Contrary to expectation, it is not millennials (aged 18–34) who appear to be under the greatest financial strain, with 44% saying they are ‘comfortable’ financially. In fact, the research shows they are trying to do the right thing.
Getting there could be easier than you think – but you’ll need to start young
Parents could make their baby an adult millionaire by starting a pension pot when they are born. Children born this year could become millionaires by their 43rd birthday if their families contribute to a pension for the first 18 years of their lives. The analysis found that parents or grandparents contributing £2,880 per year (£3,600 after tax relief) until their children turn 18 years old could create a pot of £1,021,837 by 2061. The figure assumes a total contribution of £51,840, a growth rate of 8% per annum, and is net of product charges.
Solutions that work as your priorities change over the years
The future may seem far away, but you need to start planning early. Regardless of your goals, there are things you can do to increase your chances of success! We look objectively at your plans to provide solutions that work as your priorities change over the years and you go through different life events.