As we live in an increasingly digitalised world, research shows that people in the West Midlands aren’t keeping up with documenting their financial affairs, according to new findings from Lloyds Bank, which reveals exactly how prepared the nation is for death.
The research revealed that those in the West Midlands with important financial information online are the least likely across the regions to have told their next of kin about their online accounts, with nearly three-quarters (71%) keeping quiet on this. This is in stark contrast to the majority of people being clear about their paper finances and more trivial concerns – one in ten (10%) said that they’d considered what will happen to their Facebook page in the event of their death.
To help navigate through the complexities of a loved one’s accounts, Lloyds Bank’s Bereavement team offers specially trained1 advisers that provide help and guidance face to face or over the telephone.
In line with advancing technology, life expectancy in the UK has reached its highest ever levels prompting people to think they have more time to prepare. This has created a nation at risk of being unprepared, particularly those in the West Midlands as nearly two thirds (65%) are without a will, the highest proportion across the regions.
True to the nation’s typical ‘stiff upper lip’, just over a third (36%) of those in the West Midlands said that they’d never spoken to their loved ones about their personal and financial affairs in the event of their death, fairing only slightly better than the national average of 38%.
Robin Bulloch, Managing Director, Lloyds Bank, said:
“We all embrace technological advancement but this does mean that people in the West Midlands need to make sure that they’re taking as much care of their online finances now we operate in a more paperless society.
“It’s not easy for anyone to think about a time when they won’t be around, and often even tougher to talk about it. But our research shows that those who are left to organise the financial affairs of a loved one once they’ve passed away could be facing a challenging task. Either wills are not set out, accounts are not easily located or children are without legally binding guardianship. During what’s already a difficult time, this can add further pressure and upset.
“Most of us will naturally turn to family or friends to help manage a loved one’s affairs, however over a third of us don’t feel confident to manage their finances. This can include anything from accessing bank accounts to sorting out investments and pensions.”