Canny Yorkshire folk lead way on wealth management and financial planning: Paul Andrew

The research found that affluent individuals in Yorkshire are hugely committed to financial readiness, setting them apart in the broader UK context.

Whether it’s astute investments, smart debt management, or retirement planning, it is evident that Yorkshire’s affluent are taking control of their financial futures.

Unlike some regions, where inheritance is a primary reason for people’s wealth, Yorkshire bucks this trend. Just over a quarter (27 per cent) of Yorkshire’s affluent attribute their financial status to inherited assets.

This is in stark contrast to regions like the South West where almost half (45 per cent) attribute their wealth to family legacy, and the East of England where two fifths (41 per cent) say a main reason for their wealth is based on inheritance.

Despite this – or perhaps even because of it – affluent individuals in Yorkshire seem to be much more likely to have taken an active role in gaining wealth.

From successful investment strategies to impressive levels of pension wealth, Yorkshire stands out as a region where people are taking an active role in growing their wealth.

Over two fifths (41 per cent) of Yorkshire’s wealthy attribute their financial status to successful investment performance — a proportion unmatched elsewhere in the UK. In fact, the national average is 30 per cent.

It is important to remember that past performance is not a reliable indicator of future returns.

We also found that Yorkshire’s wealthy attribute their wealth to both hard work and pension accumulation.

Almost three quarters (71 per cent) of affluent individuals in the region credit their financial well-being to salary from work and almost half (49 per cent) to pension accumulation.

Yorkshire’s affluent aren’t just wealth builders; they’re also astute debt managers. Affluent individuals in Yorkshire are more likely to have paid down debt to avoid the recent rise in interest costs than those in any other region.

Over half (53 per cent) of affluent individuals in the region have actively paid down debt, far surpassing the national average of 43 per cent.

By minimising interest costs, they are helping to safeguard their financial future. It’s a calculated move, and one that reflects their commitment to both medium and long-term financial planning.

This proactive approach is having an impact not just on people’s levels of wealth but in turn, their confidence in reaching their long-term financial goals.

Yorkshire boasts the highest proportion of affluent individuals who feel financially on track.

An impressive 74 per cent of wealthy individuals in Yorkshire express confidence in meeting their retirement plans, outpacing the UK average of 66 per cent.

The UK is seeing a huge generational shift in wealth, and of course inheritance will also play a role in the levels of wealth in Yorkshire too.

However, our research shows that Yorkshire stands out as a region that is taking its financial future seriously.

With a higher proportion of affluent people who can attribute their financial status to hard work, and with a strong focus on reaching their mid and long-term financial goals, it’s clear that the majority of Yorkshire’s wealthy are building this wealth themselves.

It’s this type of long-term thinking and proactive, prudent planning that can help individuals secure their own financial futures.

This helps to build levels of wealth that allow families to continue to pass on legacies for generations to come.

Paul Andrew is a Wealth Planner at Brown Shipley