18 October 2017

Millions leave their loved ones to navigate money maze after they die

4 min read

 
Meera Khanna, Consumer PR Manager

Meera Khanna

Consumer PR Manager - Protection

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  • More than 40 million adults haven’t organised their important financial information well enough to allow their loved ones to easily locate it on their death
  • Millennials are most worried about money but only a quarter plan to save more over the next 12 months
  • In the event of a death, most families rely on savings (33%), followed by pension funds (26%) and cash from the sale of a property (21%)
Lack of organisation

New research from Royal London shows only one in four (23%) adults have organised their financial information well enough to allow their loved ones to handle their financial affairs relatively easily on death.

One in three adults (33%) have dealt with the financial affairs of someone who has died, yet only a quarter (23%) have their own comprehensive file of financial information.

More than one in 10 (12%) adults admitted that it would be very difficult for anyone to handle their financial affairs after they died.

Of those who have had to deal with the financial affairs of a deceased relative, more than two thirds (69%) have their financial affairs well organised compared to those who have never had to deal with this (45%).

Generation gap

When it comes to other concerns, the research found stark differences across age groups in the UK. Those over 55 are three times more worried about their health compared to under 55s. Similarly, under 55s are more worried about money than those over 55. Of those who are worried about money only two in five (38%) consider it as their biggest priority.

Nearly half (46%) of millennials, those aged 18-34, said money was their main worry, yet only a quarter (24%) said saving or making more money was their main priority over the next 12 months.

In the event of a death, most families rely on savings (33%), followed by pension funds (26%) and cash from the sale of a property (21%). Worryingly, one in seven (14%) adults under 55 didn’t know what assets or income their family would live off if they were to die.

Royal London’s consumer spokesperson, Mona Patel, said:

While it’s unsurprising that money and health are the nation’s top priorities, it is worrying that only a quarter of people have their financial information organised well enough to let someone else deal with it. It’s not nice to have to think about dying, but the last thing you’d want is for your family to struggle to locate and deal with your finances. Perhaps a first step could be writing an “after I’m gone list”, to make it easier for loved ones to deal with your finances.

- Ends -

For further information please contact:

Meera Khanna, Consumer PR Manager

About Royal London:

Royal London is the largest mutual life, pensions and investment company in the UK, with funds under management of £117 billion, 8.8 million policies in force and 3,745 employees. Figures quoted are as at 30 June 2018.

Notes to editors:

  1. Opinium on behalf of Royal London surveyed 2,020 adults between 19 and 21 September 2017. The sample has been weighted to reflect a nationally representative audience.
  2. The 40 million adults calculation is based on the fact that 23% have organised their financial information, so the remaining 77% of the UK adult population (52.8 million) equals to 40,656,000 UK adults.