Tax Hiking Budget Forces Younger People to Seek Advice

Research by Continuum has found that the number of younger adults (18-24) planning to seek financial advice has nearly doubled since Rachel Reeves’ tax grabbing Budget on 30^th October.

Before the Budget, 1 in 10 younger people already planned to speak with a financial adviser in addition to the 1 in 9 that were already planning to do. 

Most of those planning to seek advice were non-Labour voters anyway so may be more aware and concerned about taxation rises anyway but there has also been a move among your Labour supporters to now seek advice.

The research also found that a staggering 27% of younger people had not paid attention too and were not aware of the tax changes in the Budget.  That said, of the 73% that were aware, are more concerned for their finances now in both the short, medium and longer term.

Comment

It has always been difficult to get younger people engaged with their money and this only develops over time when people look to get on the property ladder, marry, have families as well as during this time pension funds are building up.

We have long campaigned for finance to be included in the school curriculum and we plan as part of our own AI/Robo Adviser development to introduce financial education courses online as well as via smartphone/tablet applications.