Essentially Wealth – Quarter Two 2019

In many families, having a frank discussion about wealth is something that’s a bit of a no-go area. Parents don’t always feel comfortable discussing money matters in front of their children, often because they want them to have a strong work ethic and don’t want them to become complacent about what they might inherit in the years to come. Older people don’t always like to dwell on the future, finding it difficult and distressing to open up a dialogue with their loved ones on sensitive issues like death and inheritance.

With the government’s pensions cold-calling ban now in place, scammers are employing fresh tactics to target unsuspecting victims.

A new scam doing the rounds involves victims being called and informed that HMRC is starting legal action against them for unpaid taxes. Some of these calls are automated, with a recorded message telling people to press ‘1’ to speak to a case worker to make a payment. Victims are told if they don’t pay

Today, older workers have much more choice and flexibility in the way they manage the latter part of their working lives. For many, this means the freedom of being able to carry on working as long as they wish or reducing their hours.

Since June 2016, Brexit has cast its shadow over the UK and had an impact on the value of sterling, the business plans of companies, large and small, and the nation’s wealth. The economy has slowed, and growth has been sluggish at best. The economic impact is estimated to have reduced real household incomes by as much as £1,500 since June 2016.

With the housing market slowing in parts of the country, what should you do if you want to sell your property, but aren’t getting any offers?