Spotlight on: Complex Families, Complex Finances

Complex Families, Complex Finances

Segmenting your client base

Who are complex Families, Complex Finances?

The Complex Families, Complex Finances segment account for a third of those over 60 and is up from a quarter compared to a decade ago.  Their wealth and comfort is challenged by financial implications of complex families, demands on their finances like divorce, caring for elderly relatives and second marriages

How do they send their time?

As families become more complex and multigenerational a "squeezed middle" of unpaid carers are having their time prioritized by providing care.  Unpair caring responsibility are still very much shouldered y those aged between 50-70.  It's estimated that one in five are involved in unpaid care-giving outside of their household.

What are their financial needs?

The average cost associated with divorce legal fees and lifestyle changes is £15k (Money Advice Service, 2020).  Increasing divorce rates over 40s have caused massive increase in single person households among this age group (ONS, 2016).  Such households spent at least 5% more of their disposable income on bills and basics and 12% more if they are renting or still have a mortgage.



Adviser tools

These online tools are free to use and designed to enhance client engagement 

Divorce and money calculator

This calculator provides an idea of a financial situation before a potential divorce settlement.  It also helps work out what a client has, what they owe and how they might split assets and finances.

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Life expectancy calculator

A useful tool t help find out your clients average life expectancy, so that you can help plan their future and retirement option.

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The budget planner

This online tool looks at your income and outgoings to help your clients understand and manage their budget.

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