Only 7% of people in the UK who support someone financially have spoken with a professional adviser about long-term financial protection, according to new research by HSBC. In the UK, 27% of the population who are supporting someone financially, have never had a conversation with anyone about long-term financial security should something happen to them, not even friends and family.
Despite a reluctance to seek professional advice regarding financial protection for themselves and their family, 74% of UK respondents rated their family’s health and wellbeing as the most important thing to them for the future.
HSBC’s chief executive officer for UK Insurance Mark Hussein said: “Life carries many risks which can put people’s financial security under pressure, especially for those supporting someone. While it’s understandable that many people don’t want to talk about how their families would manage without financial protection, it’s an important conversation to have. “We feel that advisers play a vital role in helping customers look at what they have achieved so far in their lives and then advise them on how they can protect it.”