Most successful Financial Planners that I’ve come across work mainly with an older client base - people in their fifties and sixties - and naturally so, as they are often the ones who have built up considerable wealth and assets over their lifetimes.
In future, however it looks like planners will have to get used to dealing with much older clients too - and the challenges this will bring - as the nation ages rapidly.
This will have profound consequences and I suspect few in the profession have woken up to it, nor providers either.
Most of the very old population in the 100 club will be female, based on these figures.
Even more significant, is that the number of people aged 90 and over rose to 581,000 people in England and Wales in 2025, a rise of 3% year-on-year and an astonishing 54% increase over the past 20 years.
This, of course, has a major impact on Financial Planning and wealth management.
According to analysis by fund manager and wealth manager Fidelity, UK pre-retirees expect their retirement savings to last on average around 19 years, leaving a potential income shortfall if they live much longer. Fidelity reckons that more than a third (35%) of UK adults aged 50 and over could be underprepared for retirement by at least a decade. They have a point.
I know when Financial Planners run cashflow modelling forecasts they often run them to age 99 but perhaps they should go a bit further.
Of more relevance, is talking to clients about the likelihood of them living to 90 or over. The rise in UK life expectancy has been a bit shaky in recent years but on current trends it will not be long before we have a million people aged 90 or more and this will be a key demographic. Those who retired in their early sixties will need to ensure their pension looks after them for 30 years or more. That's quite a tall order.
Of course, good Financial Planning will help with resolving many of these challenges but it's not a universal panacea.
Overall, though, we should lost sight of the fact that many more people are enjoying longer lifespans and this is a real achievement. The benefits of universal healthcare and later life support are there to see although governments will face increasing challenges as to how to fund the additional costs. Inevitably the private sector will be needed to find solutions, especially on funding.
In the meantime, robust and long term Financial Planning has never been more important for older Britons who will hope that their later years will be comfortable ones and many more will be able to look forward as well to a birthday message from the King.
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Kevin O’Donnell is editor of Financial Planning Today and a journalist with 40 years of experience in finance, business and daily news. This topical comment appears most weeks, usually on Fridays but occasionally other days. Email: