Studies are showing that little has changed with regards to UK families and their attitude towards financial protection for themselves and their families.

More than half of parents in the UK are taking the ultimate risk by having no financial plan in place, meaning that their dependents would likely struggle should a parent become seriously ill or lose their job.

Around 50% of respondents stated that they had some form of life insurance in place in order to ensure their loved ones were financially looked after.

Bizarrely, 20% of those without any life cover acknowledged that their lack of protection is indeed putting their family at risk of financial difficulty should something happen to them.

Retirement planning doesn?t seem to be as much of a priority for UK adults with children, with only 56% having a financial plan in place as opposed to the 67% of childless adults who have their retirement finances in order.

Worryingly, an overwhelming number (81%) of parents who have ambitions to pass on wealth to their children when they die have completely overlooked tax and inheritance planning. The figures also show that a significant 65% of parents are without a will at present.

There is growing concern that families up and down the country are sacrificing long term stability in order to save some cash in these present difficult times and therefore exposing loved ones to financial hardship in the event of a job loss or death.

Britons are being encouraged to seek professional financial advice if they are unsure of the best way forward for themselves and their families or for clarification on the numerous financial products available on the market.

Contact Money Minder today for tailored professional advice on the best ways to financially protect yourself and your family.