Retirement plans 'inadequate' among those with private wealth

Individuals with private wealth may be lacking detailed retirement arrangements, as new research shows only one-in-four is confident of their provision for later life.

Sun Life Financial of Canada reports just 26 per cent of affluent individuals feel they have "planned in detail" for post-work years, indicating the majority may be risking private wealth by failing to make adequate provisions.

Head of marketing at the group Mark Stopard commented: "There is clearly a recognition that pension planning is becoming increasingly complicated, yet … more affluent [consumers] … are failing to seek the guidance they need."

Engaging private banking services may support such individuals with wealth management, as the report showed 76 per cent believe retirement planning has become more complicated in recent years.

Similarly, 84 per cent of those with private wealth agree issues were simpler when their parents' generation entered retirement.

The firm offers pensions and life insurance plans, with its UK operation one of 25 in countries around the world.  ADNFCR-2318-ID-800235511-ADNFCR