| Business | Personal |
| 69% have a 3-5 year business plan 50% review budgeting every 12 months 42% regularly assess new circumstances and global trends |
26% plan their personal finances 3-5 years ahead 15% 18 months to 3 years 21% 12 to 18 months 40% leave it over 5 years |
| 65% of Trustees are in businesses that were ‘established’ prior to Covid. 46% were affected by the pandemic - the majority of those that were affected were going through investment and growth |
47% are established in their career 42% are thinking about retirement 84% have had no impact from Covid |
| Key drivers for business risk appetite are: Financial stability; risk culture and risk appetite of the Board, Covid 19 and the external environment |
The main driver for personal risk appetite is income then time frame and expenditure |
| 73% have a consistent risk appetite across the business | 79% have different risk appetites for different parts of their savings and investments |
| 56% review their treasury policy annually 32% every 2 to five years 12% when significant change in business or environment |
58% review their own risk appetite annually 32% when there is a change in circumstances |
| 42% employ specialists to manage risk in the business | 32% employ specialists for their personal finances |
| 80% do their own personal research when managing risk 68% use specialist advisers |
94% do their own personal research 31% use specialist advisers |
| When looking for a specialist 90% look for a demonstration of expertise 81% wants them to listen to their needs and deliver a good service 72% want someone they can work with as a business partner and is open and transparent |
100% of those that use specialist advisers consider demonstration of expertise and delivery of service the most important 83% wants them to listen to their needs |
| 96% consider liquidity and timeframe are the most important factors when considering risk | 84% considers tolerance to risk is highest when looking at risk for their personal investments 57% consider time frame |
| 84% regularly reviews business risk | 87% based their risk on their review and appraisal of their current personal financial circumstances 42% chose what felt right at the time 26% used an adviser to create it |
| 44% determines the risk appetite of other stakeholders with the majority being: shareholders, the Board | 56% involve close family in planning in their financial affairs. All involve spouse and 20% involve children. |
| 92% do not advise on their company pension fund | 11% manage their own pesion fund 53% use an investment manager for their pension fund 37% have a combination of both |
| 48% has a pension scheme with no impact on the organisation 28% have a defined benefit with a proportion in deficit |
31% consider they have enough in their pension as there is time to grow 26% have enough as long as markets don’t fall 21% need to continue to invest and use allowances 15% need to be careful of LTA Only 5% are unsure |
| 21% think they are missing an opportunity for growth with 100% of respondents saying types of investments as the reason. 60% due to mitigating tax |
31% are missing opportunities from their financial security Of these 100% consider the reason to be citing types of investments with 50% saying diversification, mitigating tax and maximising allowances |