Scots are planning for retirement, but half are unprepared for life’s financial shocks
New research by wealth-management and employee-benefits firm, Mattioli Woods, has revealed that while Britons recognise the importance of planning for their long-term financial future, many do not feel prepared for the major financial shocks and life events that could arise before retirement.
These include needing long-term care or support with everyday living; losing the ability to manage their own finances; supporting an ageing parent or relative; and experiencing a relationship breakdown or divorce.
Across the UK, 44 per cent of respondents said they do not feel financially prepared for any of the major life situations presented to them (49 per cent in Scotland).
According to the survey, the sense of unpreparedness is particularly pronounced among those aged 45–54. More than half (53 per cent) of people in this age group said they do not feel financially prepared, compared with 32 per cent of those aged 55 and over. Women are also less likely than men to feel financially prepared for the future, with 48 per cent saying they do not feel prepared compared with 40 per cent of men.
Despite these concerns, the findings suggest that Britons recognise the value of planning ahead. On average, respondents believe people should start making serious plans for their long-term financial future at the age of 28.5.
Justin Grant, wealth-management director at Mattioli Woods, said: “Many people understandably think about financial planning in terms of retirement and making sure they have enough money for later life. But our research shows that the financial events people feel least prepared for can often happen much earlier.
“Needing long-term care, supporting an ageing relative, experiencing a relationship breakdown or losing the ability to manage your own finances can all have a significant impact on an individual's financial security. These situations are difficult to predict and, understandably, are not always the things people want to think about when planning for the future.”
He added: “The fact that people believe serious financial planning should begin before the age of 30 shows there is widespread recognition that planning ahead matters.
"However, financial resilience is about more than preparing for a retirement date. A long-term financial plan should also consider what happens if circumstances change along the way.
"Thinking about potential care needs, family responsibilities and what would happen if someone could no longer manage their own affairs can help people and their families feel better prepared for the unexpected.
“No one can plan for every eventuality, but starting these conversations earlier can give people more time, greater flexibility and more options when circumstances change.”
Mattioli Woods recently integrated Kingswood Group under a unified brand, following its October 2025 merger. The combined business now oversees more than 30,000 clients with over 200 financial advisers across more than 40 UK offices.
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