Hodge webinar gives insight into uncovering family finances
The webinar will delve into the findings of Hodge’s “It’s all relative” research
Hodge will be holding its final webinar in the later life lending series on Thursday 28th May. Here, it will present the findings of its extensive piece of research into the complexity of family finances and financial attitudes and aspirations, called “It’s all relative”.
The aim of the webinar is to help brokers identify three key customer profiles by using data from the research, and then support brokers to help their customers unravel the complexity of family finances.
The webinar is part of the “It’s all relative” campaign recently launched by Hodge which aims to encourage brokers to support their clients in discussing money and finances with their wider families. The campaign uses insights from the research, which was conducted to understand how attitudes towards finances evolve across the generations and how people feel about discussing finance within their families.
More than 3,000 people were questioned for the research, which examined everything from financial aspirations, financial expectations, as well as how having organised finances make the respondents feel.
Emma Graham, business development director for Hodge, explained: “This research has been interesting, insightful and eye opening for all of us at Hodge.
“It has really painted a picture as to how intergenerational financial finances work, or not, amongst families. The research also reveals the different attitudes that people have towards seeking financial advice, as well as how often people discuss their financial wants, needs and ambitions with others in their immediate family.”
One key finding from the research was that 30% of people believe secure finances are the key to happiness, yet 56% of those surveyed are embarrassed to ask family for financial help. When it came to inheritance planning only 23% of people have spoken to their spouses about it and only 13% with their children (increasing to 35% of grandparents with their children), and only 42% of all respondents organised a will.
Emma explained: “Within this webinar, we want to give some insight into the research and how we believe it will help brokers to help clients navigate the tricky area of intergenerational finances.”