Three quarters (76%) of high net-worth individuals (HNWIs) said they need guidance in managing their investments, according to research by RBC Wealth Management.
The survey conducted with Kantar took in views from 600 UK-based respondents with a minimum of £500,000 in investible assets.
The other side of this coin is that a large proportion of HNWIs feel they can invest their own money without help.
The survey also found inheritance tax planning to be a major concern among HNWIs. RBC said 72% of all respondents feel they need guidance in the area.
There were significant differences in attitudes between different age groups and between men and women.
Some 80% of 25-34 year old respondents said they ‘feel the weight of responsibility of managing and preserving wealth’ versus just 37% of 55-65 year olds. Female respondents also expressed more concern over the ‘responsibility of managing wealth’ at 61% versus 49% of male of respondents.
The survey’s other findings included 33% of women are ‘concerned about maintaining their lifestyle in later life’ versus just 21% of men.
Commenting on the findings of the survey, Nick Ritchie, senior director, wealth planning at RBC, said they reflect a lack of financial education. “We continue to see the detrimental impact of low levels of financial education in the UK and the subsequent concern around managing, preserving and transferring wealth.
“Our research found that 82% of 35-54 year olds want support in educating the next generation whilst they themselves worry about the responsibility of managing and preserving their own wealth, with 35% feeling the need for more guidance.
“This concern is all the more magnified as we embark on the greatest generational wealth transfer in history against a backdrop of economic uncertainty and persistent cost of living pressures.”
Katherine Waller, head of new sales delivery at RBC Wealth Management, added: “In recent years, we’ve increasingly seen diverging generational attitudes towards wealth management and how wealth should be invested.
“Now, more than ever, it is crucial for wealth managers to adapt and offer highly personalised services to meet the diverse needs of clients,” she continued. “This includes forming multi-generational teams, using financial education to help resolve conflicts around wealth management and understanding what and whom else might influence decision making.”