Many families today are quietly navigating a financial balancing act — supporting children as they step into adulthood, while also helping parents in later life. This growing pressure across generations is creating a new kind of wealth gap — not just in income, but in timing, priorities and planning.

And while family wealth may exist, it’s not always structured with these competing needs in mind. That’s why thoughtful financial planning — across generations — is becoming increasingly important.

Supporting the next generation

As property prices, education costs and living expenses continue to rise, many younger adults are leaning on their families for help. The Bank of Mum and Dad remains one of the UK’s largest sources of first-time buyer funding, while adult children are increasingly reliant on financial support well into their 20s and 30s.

At the same time, younger generations are placing more importance on future inheritances. Research shows that many are counting on wealth being passed down — sometimes to help cover today’s costs. But relying on inheritance as a financial plan has its risks, especially without clear conversations and planning between generations.

Supporting ageing parents

The other side of the equation is supporting older relatives. With people living longer and the cost of later-life care on the rise, many families find themselves stepping in to help cover care fees or health-related expenses.

While it’s natural to want to provide this kind of support, it can put pressure on those in midlife — just as they’re trying to plan for their own retirement. Without a clear financial plan, this can lead to tough trade-offs and uncertainty about the future.

When wealth doesn’t equal planning

Having wealth is not the same as having a plan — and that’s true at all levels of affluence.

Recent research found that just 22% of high-net-worth individuals feel fully prepared for retirement.*  While the majority say succession planning is a priority, only around half have discussed it with their family, and just a third have spoken with a professional adviser.

It highlights a common theme: families may have significant assets tied up in property, pensions or investments — but a lack of clarity about how and when those assets will be used. Without coordination and communication, it can be difficult to ensure that wealth flows in the right direction at the right time.

Early conversations make a difference

Bridging the generational wealth gap isn’t just about numbers — it’s about aligning expectations, having honest conversations, and creating a plan that supports everyone involved.

Financial planning can help families:

• Clarify what support is affordable — and sustainable
• Think about tax efficiency and gifting
• Understand how best to structure income and assets in later life
• Support younger generations without jeopardising long-term security

With the right advice, families can build a joined-up strategy that reflects their values and long-term goals.

Planning with purpose

The financial lives of families are more connected than ever — and that makes planning all the more important. Whether you’re thinking about helping children onto the property ladder, planning for care needs, or managing your own retirement income, a clear, flexible plan can bring real peace of mind.

We’re here to help

If you want to build a financial plan that works for you and your family — now and in the future — we’re here to help. Our advisers can support you with personalised advice that reflects your goals, responsibilities and values.

Get in touch to start planning with purpose.

¹Ref: Blackrock: https://www.blackrock.com/us/individual/insights/retirement/retirement-survey