How Family Life impacts on Financial Planning
At Cotswold Independent Financial Services we are working with families to plan ahead and their financial needs are reflected frequently in their family situation. We were interested to read this report by the CII which captures the changing dynamics in family planning and how this is having an impact on financial planning.
"Family size is decreasing, and children are arriving later with more babies now born to women in their 40s than aged 20 or younger. Historically, the 50s was a time focused on work and saving for retirement. Now increasing numbers of people are parents to dependent children, while balancing caring for elderly loved ones - a trend that is expected to continue as social care provision declines and people have insufficient financial resources to provide for their later life." Read the full report here.