Just over a quarter of the advisers (29%) surveyed by the provider said that they have relationships with more than one family member for more than half of their client base

A third (32%) of baby boomers (aged 55-73) fear how the next generation will spend their inheritance, and are less likely to pass their wealth to someone with a different attitude to money than them, according to the new report.

Across the entire population, more people prioritise making financial sacrifices for their future wellbeing than those that prefer to spend in the ‘here and now’ to live life to the fullest (58% vs. 31%).

However, the report also found that Generation Z (aged 16-23) are significantly more likely to take a short-term approach to money than the generations before them.

This could pose challenges for advisers when it comes to estate planning.

Overall, 90% of those interviewed planned to pass money on to family or friends in their lifetime or on death – with more people planning to do so during their lifetime (51%), than those that plan to do so after death (39%).

The single most common way people plan to pass most or all of their money on is by lifetime gifting to the generation below them (28%), followed by passing wealth to someone in their own generation (such as a spouse or partner) after they die (23%).

Jonny Black, strategic director, at abrdn, Adviser, said: “Advisers have a critical role to play in helping clients transfer wealth in ways that accommodate their concerns.

“For example, trusts could be the perfect option for allowing clients to gift to the next generation, while still retaining a degree of control. Clients will value advisers’ support in understanding the full range of available options, and in navigating the complexities of setting them up.”

Abrdn and Censuswide surveyed 1,000 savers over the age of 16 and 302 financial advisers in November.