More than half of lawyers consider talking openly about money as important to their ‘financial wellbeing’

A new survey suggests that lawyers are confident about discussing finances, one of the biggest gripes in a household. More than half of lawyers believe that having open conversations about money is integral to their financial wellbeing.

• 75% of lawyers are confident in their current ability to talk to loved ones about money
• 60% say providing financial support for their family is of importance to them, with 77% currently doing so
• However, while having clarity and confidence over their own future financial plans was important (82%), only 69% said they felt they were achieving this at the moment.

Rathbones’, a wealth manager, undertook research into the state of High Net Worth Individual’s (HNWI) and professional’s top financial wellbeing concerns. Discussing financial issues is of high importance to many lawyers in maintaining their wellbeing. While the topic of money remains a difficult topic of discussion for many, whether it’s about money management, inheritance, or broader wealth decisions, encouragingly 75% of lawyers are confident in their current ability to talk to loved ones on the subject.

While the nation grapples with economic concerns such as long-term high inflation and geopolitical instability, 60% of lawyers said that providing financial support for their family was of importance to them, with 77% confirming that they are doing this currently. 82% said having clarity and confidence over their future financial plans was important to them, yet only 69% said that they felt they were achieving this at the moment.

Overall, lawyers are predominantly optimistic about their future finances in 2024, scoring on average 6.1 out of 10 on Saunderson House’s financial wellbeing scale. That said, when looking ahead to 2024, lawyers did also show concern in a few areas, including a long-term rise in inflation (52%), geopolitical instability (32%), and potential changes to taxation (23%).

Olly Cheng, Associate Director at Saunderson House, part of Rathbones Group Plc, said:

“Understanding how best to and when to start preparing to pass on wealth is a key financial planning consideration, and no-one will know this better than a lawyer. While many are already offering financial support to families, having the peace of mind that your family is also taken care of is also very important. Having conversations early with your family with a financial planner can help you to address any elephants in the room and ensure everyone is on the same page.”