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Press release: Pandemic triggers a wave of generosity as helping friends & family financially becomes the norm

18 May 2020

The Coronavirus pandemic could lead to us becoming more generous in the financial support we offer to friends and family, new research from Quilter reveals.

Asked if the pandemic had changed their views about helping friends and family financially, the survey of UK adults shows one in five (20%) of us have been prompted to try and help friends and family with short-term pressures, like paying bills or making up an income shortfall.

More than one in six people (17%) said the crisis had prompted them to think about how they could help friends and family to enjoy a more prosperous future, through gifting or leaving money as an inheritance. That figure rises to 25% among those that have received advice from a professional financial planner at some point in their lives.

The survey of 1,000 UK adults looked at attitudes to money and finances that may have been impacted by the Coronavirus outbreak. Around 15% said they were already supporting friends and family before the crisis, meaning that overall more than half of us could now be looking to help our loved ones financially.

Will Covid-19 make us more generous with our money graph

Rachael Griffin, financial planning expert at Quilter, says:

“At the moment we are all thinking about our loved ones and we’re anxious about caring for our families at such a difficult time. Of course our main priority is to look out for one another’s health and wellbeing, but the crisis has also made us think about what we can do to support each other financially.

“It is perhaps no surprise that one in five of us have been prompted to think about supporting our families with financial help in the short-term given the devastating impact this crisis has had on people’s livelihoods.

“But we are also seeing that more people are thinking about the future and how they can help their families financially over the long term.

“Many people will also be alert to the fact that the economic consequences of the lockdown also fall hardest on younger generations, whose careers are more fragile and who are less likely to have financial resources to fall back on. That will lead to more intergenerational financial planning conversations, as people work through their plans to support family members in the future.”

 

*Survey conducted by Toluna on behalf of Quilter between 27-30 April 2020 with 1014 UK adults

 

For more information contact

Michael Glenister
0207 7789 638  
07469 144 535
Michael.Glenister@quilterinvestors.com

Notes to Editors:

Quilter plc is a leading wealth management business in the UK and internationally, helping to create prosperity for the generations of today and tomorrow.

Quilter plc oversees £95.3 billion in customer investments (as at 31 March 2020).

It has an adviser and customer offering spanning: financial advice; investment platforms; multi-asset investment solutions; and discretionary fund management.

The business is comprised of two segments: Advice and Wealth Management and Wealth Platforms.

Advice and Wealth Management encompasses the financial advice business, Quilter Financial Planning; the discretionary fund management business, Quilter Cheviot; and Quilter Investors, the Multi-asset investment solutions business.

Wealth Platforms includes Old Mutual Wealth UK platform and Quilter International, including AAM Advisory in Singapore.

The Old Mutual Wealth Heritage life assurance business was acquired by ReAssure Group Plc on 2 January 2020.

Since its IPO in June 2018, Quilter plc’s businesses have progressively rebranded to Quilter, as follows: 

  • Quilter Financial Planning (previously Intrinsic)
  • Quilter Private Client Advisers (previously Old Mutual Wealth Private Client Advisers)
  • Quilter Financial Advisers (previously Charles Derby Group)
  • Quilter Financial Adviser School
  • Quilter Cheviot
  • Quilter Investors
  • Old Mutual Wealth (becoming Quilter Investment Platform in 2020)
  • Quilter International (previously Old Mutual International)

This press release is for journalists only and should not be relied upon by financial advisers or customers.

Please remember that past performance is not a guide to future performance. The value of investments and the income from them can go down as well as up and investors may not get back any of the amount originally invested. Exchange rate changes may cause the value of overseas investments to rise or fall.

This communication is issued by Quilter plc.  Registered office: Millennium Bridge House, 2 Lambeth Hill, London EC4V 4AJ, United Kingdom. Registered number: 6404270.  Registered in England.