AL: It depends on age and personal situation. Covid-19 has naturally had an impact. Sadly, some people had been directly impacted and wealth transfer plans have been forced forward.
Others have started to help the next generation earlier than planned, because many millennials have been financially disadvantaged to a greater extent than the older generations.
In addition, some Gen X and millennials have actually saved money during lockdown – no travelling, no going out, reduced spending - and have therefore been in a position to start accumulating savings.
It’s also forced people to think about their own situation and afforded them more time to start or address the ‘to-do’ list, bringing forward a whole array of plans.
This has included simply talking to each other about their plans, taking advice, saving and investing, making a will, supporting those furloughed or out of work and gifting their wealth. It’s meant entering into conversations about money in a way that didn’t happen before.
