Wealthy professional say they have plenty of time left
Nick Tucker, head of UK domestic at UBS Wealth Management, said: "There is a clear shift in the retirement and savings landscape in the UK. Age-old motivations in financial planning for retirement, while not necessarily redundant, have changed.
“Retirement is no longer a hard stop event, but rather a phased period taking place over years or even decades. During this time, individuals may seek to take on new challenges, continue accumulating wealth or build legacies for future generations.
“Regardless of the objective, it is clear that the traditional accumulation and decumulation stages of retirement planning are no longer sufficient. There will be a need for a structured approach that takes into account both their professional and personal goals.”
The survey also showed that as professionals get older, their thoughts increasingly turn to legacy. For some this is about giving something back to society – 35% said that the older they get, the more they want to support charity – but for most, it is being wise custodians of assets for their own family and future generations: 61% said that one of their main motivations in accumulating wealth today is to ensure they are able to leave an impactful financial legacy for their family and loved ones.
But for the successful professionals surveyed, a majority felt that their true value to charitable causes, more than money, lies in the expertise they can impart. Two thirds (66%) said that contributing their knowledge and expertise would be valuable to a charitable cause.
Marcelle Speller, who sold her business and set up a platform of local charities, said: "If I can use some of the skills I have built up over the years, that's wonderful. I feel I've built a platform and trained people so that their charities have the skills to survive the 21st century."
You can view the full report here.