Six tips for engaging your family’s next generation in financial planning

Following a weekend with family or the extended separation due to lockdown, you might have thought about the legacy you’d like to leave your children and grandchildren. But making sure they’re engaged with their finances is just as valuable as an inheritance.

In the wake of the Covid19 fallout, over two thirds of millennials have seen their incomes reduced during the pandemic, research from the Office for National Statistics has found.

More than 100,000 people in 50 countries were asked about how Covid-19 has affected their lives. Researchers found that 56 per cent have seen their incomes reduced, with a higher proportion of younger people affected than older people.

Millennials were the hardest hit group, with 68 per cent seeing their income fall, followed by those born from the late Nineties onwards, known as Generation Z (65 per cent).

Notwithstanding the impact of Covid19, misconceptions about finances are rife, a nationwid