This New Year arrives more than ever with a sense of hope and expectation that life will be better. At the same time, security and preparing for the unexpected seems to be upper most in peoples’ minds as many of us re-evaluate priorities, says Will Harris, our Founder and Managing Director.
Planning for the unexpected and making sure our family is secure has assumed a greater focus, especially when we think of the younger generation trying get a start in life. The need to spread wealth across the family is greater than ever as we contemplate the reality that the next generation may well be the first for a century to be worse off than the last.
Economic conditions have changed forever as we now live with huge government debt, practically zero interest rates and begin trading alone as a single economic power. There is, indeed, a ‘new normal’. Insulating ourselves where possible from this brave new world is very likely to be a matter for discussion across the whole family. How can the older generation help secure the future of the younger generation?
Planning, communication within the family, new thinking and playing to our strengths will be all important if we are to ensure continued prosperity. For many, the wealth created over the last 50 years will need to be shared across the family in a way that may not have been considered before. At some point the cost of the pandemic will need to be addressed, which may involve higher taxes, very muted economic growth and reduced opportunity, resulting in an even greater challenge for the younger generation.
Advice, planning, communication and flexibility will be key to success in 2021. We wish you a peaceful and prosperous New Year and look forward working with you and your family to meet head-on the challenges that lie ahead