At least 94 per cent of people have not discussed estate planning with a financial planner, new research shows.
A survey of more than 2,000 people by a website that links its users to financial advisers through directory Unbiased, found 30 per cent of people are uncomfortable seeking financial advice to talk about death.
It found half of people aged over 55 do not have a valid will. This rises to three quarters of those aged 45 to 54.
More than half (57 per cent) of people over-55 have also not had final financial conversations with family members outlining bank accounts, insurance, investments and personal possessions.
Financial planner and founder of website Wishlockr Iain Nicholson says a reticence to talk about death is contributing to a huge shortfall of older people seeking financial advice.
Nicholson says: “Grieving is hard enough without the drawn-out process of locating all assets and liabilities; there has to be a better way make it a bit easier for people to deal with the sensitive area of estate planning.”
Founder of advice firm Ascot Lloyd Richard Dunbabin says: “If potential IFA clients are avoiding working with an adviser because of these sensitivities, that’s a shame because of the valuable advice and guidance they’ll miss out on as a result.”