People who used an IFA were more likely to feel satisfied and in control of their life (75 per cent) than those who did not (61 per cent).
Although 15 per cent had sought out an adviser for inheritance and intergenerational wealth planning, they were much more likely to have discussed their intentions with family members.
“Those who use an IFA are more prepared for all later life eventualities than those who do not. These eventualities include funding their long-term care, financing their retirement, and making sure their loved ones are looked after once they pass away,” Canada Life explained.
It said the overwhelming take away from the report was that planning for life after 100 was “imperative”.
Lindsey Rix-Broom, chief executive of Canada Life, said: “The prospect of a longer life should fill us with a sense of optimism. We can easily imagine people pursuing life with a sense of purpose, guiding younger generations and nurturing fulfilling relationships with loved ones.
“At the same time, we need to be realistic about how we approach improved longevity from both a financial and practical perspective, especially if it’s unexpected. The solution begins with a conversation involving us all - our customers and clients, financial professionals, the wider industry, and even policymakers at the highest levels of government.”
alina.khan@ft.com
