Financial advice: not just for older generations

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Helping the next generation build financial confidence

Many of our customers tell us they're thinking about more than just their own finances.

Whether it's supporting children onto the property ladder, helping grandchildren understand the value of saving or making sure loved ones make informed decisions, passing on financial knowledge can be just as important as passing on wealth.

Younger people are often told to save, budget and plan, but not always shown where advice fits in. Parents and grandparents can help change that by talking openly about money and encouraging younger family members to get guidance sooner, rather than later.

So, is financial advice really worth it?

A lot of people in the UK still don’t seem convinced. In a survey carried out in May 2024, fewer than one in ten adults said they’d taken advice on investments, pensions or retirement planning in the previous year¹.

Why is that? It could be that some people think advice is only for the wealthy, or that it costs too much, or that they simply don’t trust it. Others may feel confident enough to manage things on their own.

With so many online tools, apps and low-cost platforms now available, it’s easy to see why DIY financial planning has become more popular. On the surface, doing it yourself can look like a good way to save on fees. But it can also come with risks that may do real damage to your finances over time.

The dangers of a little knowledge and overconfidence

Many DIY investors believe that reading a few articles or watching online videos gives them enough knowledge to make the same decisions as a professional. But good financial planning is about more than picking investments. It also means understanding tax rules, risk, behavioural bias, timing and how everything fits together over the long term.

Most UK adults don’t take regulated financial advice, which means many are making important decisions on their own. But that doesn’t always mean they’re making the right ones. The same research found that among people with more than £10,000 in investible assets, 61% kept all or at least three-quarters of it in cash².

That fits with other research into people who aren’t actively engaged with financial services. While 90% had cash savings, only around a third had investments. And among adults paying into a workplace pension, 38% didn’t know how much they or their employer were contributing³.

A man and woman holding children's hands, walking in a field, with their backs towards the camera.

Getting emotional

One of the biggest benefits of a financial adviser is having someone to keep you grounded. They can help you avoid knee-jerk decisions, especially when markets are volatile, and give you the confidence to stay focused on the bigger picture. Without that support, it’s much easier to react emotionally and make changes that can knock your plans off course.

Ignoring the big picture

Financial planning is about much more than just investments, but that’s often where DIY investors focus their attention. Important areas like estate planning, tax allowances and wrappers, pensions, protection and long-term care are all subjects that your Financial Adviser can help with. Missing these pieces can have a serious impact on your finances and on the people who depend on you.

Good financial advice helps you step back and see the bigger picture. It can give you clarity about the future you want, help you build healthy habits around saving and reviewing your plans, and give you reassurance that you’re making informed decisions about your future.

One of the most important things you can do is start a conversation with your loved ones about your finances and your plans. Your Newcastle Financial Adviser can help to educate and inform your loved ones about the basics of financial planning and explain how things work in simple terms.

Sound advice for the younger generation is to get financial advice.

¹ ² ³ FCA Financial Lives 2024 survey, published in 2025

THE VALUE OF INVESTMENTS AND ANY INCOME FROM THEM CAN FALL AS WELL AS RISE AND YOU MAY NOT GET BACK THE ORIGINAL AMOUNT INVESTED.

HM REVENUE AND CUSTOMS PRACTICE AND THE LAW RELATING TO TAXATION ARE COMPLEX AND SUBJECT TO INDIVIDUAL CIRCUMSTANCES AND CHANGES WHICH CANNOT BE FORESEEN.

Newcastle Building Society introduces to Newcastle Financial Advisers Limited for advice on investments, pensions, life and protection insurance, and inheritance tax planning. Aspects of inheritance tax planning are not regulated by the Prudential Regulation Authority nor the Financial Conduct Authority. Newcastle Financial Advisers is a trade name of Newcastle Financial Advisers Limited which is an appointed representative of The Openwork Partnership a trading style of Openwork Limited which is authorised and regulated by the Financial Conduct Authority.

Approved by The Openwork Partnership on 16/09/2026.

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