Consumers more likely to forgive family firms when a product fails

Consumers are more inclined to forgive family firm brands than non-family firm brands in product harm crisis situations, says new research from NEOMA Business School.

This is when a product fails to comply with standards, and risks attracting widespread negative publicity for the brand in question as a result.

According to Subhadeep Datta, Assistant Professor of Strategy and Entrepreneurship at NEOMA Business School, and Sourjo Mukherjee from the Birla Institute of Technology and Science, even when companies are caught engaging in questionable impression management tactics in the aftermath of such a crisis, family firms retain their advantage.

This is because family firms appear more human-like, with relational values and virtues. As such, they tend to hold a higher reputation and more trust from consumers and stakeholders than non-family firms.

The researchers’ findings indicate that this trust is not a fleeting, momentary feeling among consumers. It is relatively resilient and resistant to breakdown even in the face of hurdles such as product harm crises.

“By extension, it seems reasonable to expect a brand’s family firm status would help preserve its image and reputation following such crises,” says Professor Datta.

Previous research by the Institute of Family Business (UK) indicates that many family firm owners and managers have reservations about the extent to which family should feature in their branding.

Concerns were raised over negative responses regarding perceived lack of professionalism and nepotism, as well as increased family visibility during crisis situations. However, the findings of this new research indicate the positives far outweigh the possible negatives.

The researchers believe the findings will help family firms in developing their branding strategies. The study was published in the Journal of Business Research.

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UK Retail: What are UK Shoppers Expectations in 2022

The Changing Face of Retail:

Digital tech, ambience and sustainability top in-store shoppers’ wish list

Mood Media research reveals shoppers remain committed to in-store experiences with 70% of UK consumers declaring they now shop in physical stores as often or even more often than before the pandemic.

Expectations are higher, especially when it comes to the integration of in-store digital technology, acting on sustainability and providing the right ambience to make them stay longer, come back and spend more.

Mood Media, the world’s leading experiential media company that maximises the Customer Experience and provides value for businesses and brands worldwide, today released its new global study, “Charting In-Store Trends,” which highlights how creating the right atmosphere, incorporating the right digital technology, and committing to sustainability are key to tapping into a continued appetite for consumers to shop in-store.

The Mood Media report surveyed over 12,000 shoppers across the US, UK, France, Spain, Germany, The Netherlands and China. The report found that 30% of UK consumers are shopping in-store more often now than two years ago, and 40% are shopping in-store at the same level.

46% of consumers say their desire for in-person shopping is rooted in getting their hands on purchases instantly, and 34% enjoy the element of discovery when shopping brick and mortar. Shopping as a leisure activity with friends and family was the third most cited reason for in-person visits (28%).

“There is no longer a debate over whether people will return to physical retail after the pandemic,” says Scott Moore, Global CMO at Mood Media. “They’ve returned. Now we must focus on how best to tap into continued demand for digitally enabled and ambience-rich, in-person experiences.”

What the right atmosphere can do

Key to the report findings, more than two thirds of shoppers (71%) will prioritise brick-and-mortar shopping over ecommerce given a pleasant in-store atmosphere. And once in store, 72% of shoppers reveal a pleasant atmosphere would make them stay longer and 82% visit again. 36% of consumers globally say music in-store lifts their mood when shopping, while 33% feel that a pleasant scent does the same.

“The results indicate that consumers expect the retail and hospitality venues they frequent to create emotional connections and elevated experiences. They are also looking for human interaction and sensory stimulation, where stores offer indisputable advantages,” says Miya Knights, a retail-focused author and publisher who consulted on the research project.

The evolving role of digital in-store

More than a third of shoppers now expect stores to invest in digital payment and self-service technology, 41%, as well as interactive screens, 37%, that allow them to explore ranges and customise services or products 39%.

The metaverse is intriguing to UK shoppers with 33% expecting retailers to provide information on how to visit the retailer's store in the metaverse or other virtual space.

Phygital, the merging of the physical and digital environments, is equally important with 38% shoppers expecting interactive digital screens or tablets to provide in-store access to all the same search and discovery tools that are available online.

“As consumers return to brick-and-mortar stores in full force, what we see is that they’re coming back with evolved shopping habits and expectations. They now increasingly see both online and offline as part of the same purchase journey (not one versus the other), and due to their growing comfort levels in the online space they now expect similar levels of digital technology solutions as an integral part of the physical space,” says Moore.

Take action on sustainability

Retailer sustainability is a driving factor for shoppers globally, with 57% shoppers indicating that these practices impact their willingness to stay longer, return to the store, tell friends and buy more.

Nearly half of shoppers, 42%, want to be educated on the environmental qualities and characteristics of goods being sold. More than half of shoppers (55%) expect retailers to provide recycling options in-store, and most shoppers want to see retailers reduce their energy usage by closing doors to air-conditioned spaces, 46%, enclosing refrigerated spaces and turning off display lights when closed, 43%.

Consumers are ready to walk the talk and reward retailers for acting on sustainable practices with 56% of shoppers globally saying sustainability-minded retailers would make them more likely to want to buy something.

How shoppers around the world differ when it comes to in-store experience

Stand-out findings for different markets include:

- US and French consumers are leading the return to the high street with 48% and 44% of consumers going in-store more than two years ago, vs. 38% global average.

- Shoppers in China lead on tech ambitions and a desire for sustainable practices. 85% want to see self-service digital technology, AR and VR, vs. a 57% global average. 85% also want sustainable retail practices, vs. a 66% global average

- German shoppers are most likely to turn their sustainable convictions into purchases. 67% say they are more likely to buy from sustainable-minded retailers vs. a 59% global average

- French shoppers lead Europe in wanting retailers to take environmental action. 65% want stores to both close doors on air-conditioned shops and turn off lights when closed, 57% vs. 54% global average. They also lead Europe on wanting to see recycling options in stores, 66% vs 61% global average.

- Shoppers in Spain do not like to queue in stores and are most put off by waiting in line, 63%, compared to 58% in the UK and 56% in France. Spain also leads the survey on wanting stores to exchange items for both in-store and online purchases, 40% vs a global average of 32%.

- Longer dwell times are the result of sales spaces that incorporate branded music playlists and scents. The top three countries where shoppers say they are most likely to stay longer when music and scent are in place are Germany, 61%, Spain, 59%, and the US, 57%).

“Mood Media’s latest study shows how vital it is to balance digital with physical in stores today. Shoppers still expect a pleasant atmosphere, with good lighting, music and things to touch and see. Knowledgeable staff and the ability to buy instantly or collect online orders cannot be understated, too.

 But the rising importance of digital technology for self-service, engagement and interaction, and the adoption of sustainable practices and products have a fast-growing role to play in shoppers’ choice of store, buying intent and frequency,” says Knights.

To download the report and view more comprehensive study results, visit https://moodmedia.com/gb/charting-in-store-trends.

Worryingly, One in five freelancers don’t know about Making Tax Digital

Worryingly, almost one in five self-employed people say they don’t know what Making Tax Digital is, less than 18 months before MTD for income tax comes into force.

17% of self-employed people in the UK said that they don't know about the HMRC initiative, Making Tax Digital for Income Tax, which will affect sole traders and landlords with a gross income of more than £10,000. 

A further 10% said they are not yet compliant with Making Tax Digital requirements, but know what they will need to do to become so.

Mike Parkes, tax expert at GoSimpleTax, which commissioned the research, said that the Government must do more to help people understand its digital plans. “Making Tax Digital represents the biggest shakeup and modernisation of the way we handle tax affairs in the UK. It’s a huge shift, yet despite extensive advertising campaigns, a fifth of self-employed people in the UK still don’t know what it is.”

Under Making Tax Digital for Income Tax, people who would usually pay income tax will need to keep their accounting records electronically and submit quarterly returns to HMRC, followed by an end of period statement at the end of the tax year. Currently, these people need only file a single return , the annual self-assessment tax return, due on 31 January each year.

“Once it’s implemented, Making Tax Digital will help self-employed people and sole traders manage their tax more efficiently, but it’s certainly a big shift from the status quo,” added Mike. 

He went on to say: “The good news is that it’s actually really easy to be compliant with the new regulations, it’s simply a matter of using an HMRC approved software and remembering to file a statement every three months instead of every 12.”

Making Tax Digital forms a key part of the Government’s plans to make managing tax easier. It is already in place for all VAT-registered companies, who must use approved software to submit their VAT returns. Plans to introduce Making Tax Digital for Corporation Tax are currently subject to a Government consultation.

You can learn more about Go Simple Tax at https://www.gosimpletax.com.

(Image courtesy of Steve Buissinne and Pixabay)

New Book Challenges the Notions of Recovery from Burnout

Running on Empty, researched and written by leadership experts Dr Amy Bradley and Dr Katherine Semler, aims to support individuals and organisations to navigate the ever-increasing dangers of burnout in the workplace. 

The book challenges current notions of recovery from burnout and introduces a way ahead for a more sustainable future.

In recent years, we’ve been faced with a perfect storm initially brought about by the COVID-19 pandemic, such as more demanding work responsibilities combined with increasingly challenging life circumstances for many people. 

A study on remote working, for example, found that working hours in 2020 were 30% higher than before the pandemic, with over half of those additional hours being done outside the normal working day.

In 2021, the American Psychological Association reported that 79% of people had experienced work-related stress that month alone. Job resignations in the United States in 2021 were up by 15% on 2019, which was a record year in itself. 

It seems the pandemic was a catalyst for a collective awakening when it comes to reassessing our relationship with work and highlights the need for companies to take burnout more seriously.

Running On Empty explores the causes, symptoms and effects of burnout at work today. And how to deal with them and to overcome them. 

It shares the real-life stories of people at all levels and positions who are struggling with or on the verge of a breakdown. Offering real and deep practices, this book outlines the way forward for people and companies to tackle burnout.

Daniel H. Pink, #1 New York Times bestselling author of The Power of Regret, Drive and When, says about Running on Empty: “Burnout might be the defining workplace challenge of our time. But this timely and insightful book refuses short cuts and simple solutions and instead examines the root cause of the problem. 

"By challenging, the notion that our work always equals our worth, Running on Empty offers the promise of reimagining workplaces that are at once more productive and more humane.”

Katherine Semler and Amy Bradley comment on why they decided to write the book: “As the Covid-19 crisis deepened, an increasing number of the people around us, our clients, coaches, friends and colleagues, were hitting the wall and we were showing signs of the same. There was a general sense of depletion and an inability to resource ourselves.

The research that led to this book was as much an act of self-care and communal care as it was a hunch that organizations and people have been headed in an unhealthy direction for some time, with the pandemic simply accentuating this decline.

Having worked alongside individuals either in, or perilously close to burnout over a two-year period, we uncovered a host of practices that, with sustained attention, can help keep us remain whole. 

Furthermore, by bringing people together into a community inquiry, we were able to radically reimagine the kinds of organizations that would truly tackle burnout at its roots.

It is published by LID Publishing and is available at book shops and Amazon at £12.99.

https://lidpublishing.com.

Anger over second Off Payroll reversal. Trade association warns of damaging policy U-turns

Responding to the announcement that the repeal of Off Payroll regulations, along with the majority of the Mini Budget plans, are now to be scrapped, Tania Bowers, Global Public Policy Director from the Association of Professional Staffing Companies (APSCo) has expressed anger from the trade association over the continued instability and lack of confidence.

She said: “The Chancellor’s emergency statement has only served to add to the woes of the UK’s labour market. The initial Off Payroll repeal was clearly a casualty of the large-scale reversal announced by Hunt where nothing from the Mini Budget was saved except those policies which were already in the legislative process."

She went on to point out: "Every business across the UK has faced significant upheaval in the last two weeks where time and investment has quite frankly been wasted in addressing the initial plans and the subsequent market fall out of the former Chancellor’s announcement. 

"In his statement, Hunt claimed that growth requires confidence and stability, elements which the UK’s economy has lacked for the last few weeks.

“The Off Payroll repeal arguably had no impact on the market fall we saw since the Mini Budget which demonstrates that the Government has simply reversed everything from the initial announcement that it could in what we feel is a panicked response to economic troubles. 

"With so much instability at the moment, the UK needs evidence that growth is on the agenda and that includes sustainable growth of the labour market as much as the wider business landscape.

“As the country continues to face significant struggles, having access to a flexible labour market is crucial. Following the roll out of IR35 into the private sector, we saw reports of the county losing highly skilled contract professionals as they faced no choice but to take a full-time role. In fact, data from IPSE revealed in October 2021 that around 35% of contractors had left self-employment since Off Payroll rules came into effect. 

"Our view that this regulation is not fit for purpose for the modern flexible workforce needs of today remains and we will continue our efforts to address this issue with Government bodies once again. While we understand that action was needed to bolster the UK market following the initial announcement of the Mini Budget, the on-going instability is detrimental to the growth plan that the Truss administration aims to deliver.

“Businesses have faced a period of significant unrest in a Post-Brexit and Covid hit economy. It’s vital that the country is equipped to get back on track with the growth and levelling up agenda. However, skills under-pin the success of this aim. If the country is to once again to become an economic powerhouse, it needs the available talent to achieve this.”

New Book Dissects Why Managers Make Mistakes So Often

If people learn from mistakes, they don’t need books of success stories, they need books of decision mistakes! So argues Marce Fernandez. 

The Wrong Manager, written by experienced management consultant and MBA (Master of Business Administration) educator Marce Fernandez, is said to be the first book of its kind to reveal the reasons why managers make wrong decisions so frequently and so often.

Managers and executives don't always make the right decisions no matter how well trained they might be, and sometimes no matter how long and diverse their experience. 

They do so because all too often personal and professional goals become confused, especially issues are frequently overlapped with corporate objectives, and executives forget recommendations for sound management and even lose sight of the ultimate purpose of their positions.

The Wrong Manager shows how mistakes and bad decisions can be dealt with. Including, overcoming cognitive biases. If people learn from mistakes, they don’t need books of success stories, they need books of decision mistakes.

Marce Fernadez reveals why he wrote The Wrong Manager: “I used to work for a seemingly solid industry that collapsed within a matter of a few months due to massive errors made by its top and highly paid executives.

In almost forty years of dealing with managers, I realised most of them fail to follow a clear pattern when it comes to making important decisions. And this is why business leaders make such serious mistakes so often. 

Unfortunately business literature and training have barely addressed the reasons for mistakes by managers. 

So, I decided to study this topic which is obviously critical to the survival and prosperity of organisations and fill the gap that I believe exists.”

In the book, he surveyed 86 managers and executives from all around the globe and the results highlight important findings about what mistakes are made most often and what’re the reasons behind them. These ranged from having a wrong definition of the objective, to cognitive biases by the manager in question..

James Pitman, Managing Director for the UK & Europe of Study Group, says: “In an ever-faster changing world of uncertainty, all managers make mistakes. Most learn from their mistakes, but only great managers can apply what they learn effectively to others in order to avoid them in the future. 

The Wrong Manager offers a succinct guide for the business manager to learn from others’ mistakes without having to personally experience too many themselves, and that has to be good news for all concerned.”

For more information about LID Publishing please visit https://lidpublishing.com.

It's available on pre-order from Amazon and other retailers. The Amazon price is £14.99.

Immersive VR tech has vast potential in marketing

As an immersive technology, VR has vast marketing potential to materialise consumers’ desires, says Dr. Chloe Preece, who is the Associate Professor of Marketing at ESCP Business School.

But she warns that it also has a darker side where it can be used to better conceal the current power asymmetries which capitalist systems depend upon.

Alongside colleagues from Royal Holloway and King’s College London, Dr. Preece co-authored a study on how VR is portrayed in the media.

Their findings were drawn from analysis of 146 texts collected over a two-year period, including news articles, white papers, fiction stories, and more.

The researchers discovered that most of the time, in 85% of cases, VR is portrayed in positive terms by the media.

Such views emphasise VR’s potential for improving the economy and its unique ability to place people in others’ shoes, which could contribute to tackling societal issues.

Negative views of VR portrayed it as an addictive and isolating technology, cutting people off in imaginary worlds. These portrayals also suggested VR could contribute to the exploitation of people’s personal data.

In a marketing context, successful practices convince potential customers that they will have a better future if they invest in a product or service. VR is a tool uniquely suited to this because of its ability to artificially create consumers’ idealised visions of the future.

But the researchers warn that people must be aware of how their hopes, desires, and visions of the future can be manipulated by commercial markets in this way.

To convey the potential positive and negative consequences of VR’s expanding role in the UK and other national economies, the researchers created an interactive online game to accompany their research paper.

“Creating an interactive narrative helps us emphasise how VR, as an immersive technology, can give consumers a perceived feeling of agency. The illusion of choice we offer players serves to communicate that, beneath the surface, their decisions are limited by powerful historical, political and social forces,” says Dr. Preece.

The study was published in The Journal of Marketing Management, and a link to the interactive narrative can be found here: https://canukl.github.io/vrsociotechnicalimaginaries.

(Image courtesy of Rodger Shija and Pixabay)

Calls not answered and annoying ‘on hold’ music are top customer phone gripes

A new survey shows companies still are not answering their phones, messages aren’t being passed on, phone numbers aren’t listed on websites, and annoying ‘on hold’ music continues to drive people round the bend.

The survey conducted by global communications company Moneypenny, showed the top gripe from consumers trying to call businesses, at 43%, was phone calls not being answered, followed by annoying hold music at 35%.

An additional Moneypenny survey showed that classical music was the most annoying type of music to listen to while on hold.

Further phone annoyances revealed by the survey were:

Complex automated phone messages 30%

Being told to check the website 30%

Having to leave a voicemail 23%

Feeling rushed and not listened to 21%

Background call centre noise 19%

The degree of irritation experienced by the caller seems to increase with age, as the survey showed calls not being answered is the most annoying factor for older people: over 52% of all over 56 years reported this, compared with 30% of 16-24s, and 36% of 25-40 year olds. Older people are also more irritated by annoying hold music. Reported by 44% of over 66 year olds, compared with 39% of 57-66 year olds and only 26% of 16-24 year olds.

Another huge bugbear established by the survey is that 89% of those surveyed said they feel frustrated when businesses don’t include a phone number on their website.

However, despite consumer irritation with company calling experience, the phone is still king when it comes to the preferred method of communicating with a business, voted for by 28% of those surveyed.

While the phone remains the most popular communication method, the survey showed the number of calls to companies is declining, but the calls themselves are lasting longer. Almost 30% of those surveyed said they are making fewer calls to businesses than they did three years ago, yet 44% said their calls are longer.

Businesses ignore the importance of good call handling at their utter peril, and managing calls properly is more vital than ever, as the survey suggests consumers call up when it’s really important:

38% if it was an urgent matter

33% if it was a complicated matter

17% if it was sensitive

15% if short on time

Perhaps not surprisingly, older people are more likely to call a company than younger: 43% of Baby Boomers (57-66 years) and 48% of over 66 year olds, compared to 21% of 16-24 year olds and 25% of 25-40 year olds.

In contrast, Younger people are more likely to use social media to contact a company: 15% of 16-24s compared to 2% of 57-66 year olds.

The survey suggests women are more likely to call a company if it’s important, with 46% saying they’d call if they need to discuss an urgent matter, compared to 36% of men who would do so.

The power of a phone call in delivering excellent customer service is also shown in the fact that 77% of those surveyed said a great call experience is a positive differentiator for a company.

Similarly, a bad call experience could have repercussions on customer loyalty:

36% would take their business elsewhere

35% would complain to the business

26% would spread the word to friends and family

22% would call again and ask to speak to someone else

24% would write a negative review

Older generations seem to be far more likely to take their business elsewhere as a result of poor call handling: 44% of over 66 year olds and over 42% of 57-66 year olds, compared with 27% of 16-24 year olds.

Joanna Swash Group CEO of Moneypenny commented: “The results of our survey demonstrate the enduring popularity of the phone, despite the plethora of communication channels now available to us. Customers use the phone when they have an urgent or sensitive issue to discuss, so companies cannot afford to provide a poor call experience, or business will be taken elsewhere. By mastering the art of call handling, businesses can keep their customers happy and loyal and boost the bottom-line in the process.”

https://moneypenny.com/uk/calltrends.

(Image courtesy of Pixabay)

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Mums face cost of living crisis already in thousands of pounds of debt

Almost Nearly half [49%] of mums have debts from one to 20 thousand pounds, with one in 10 shouldering debts of over twenty thousand pounds, according to recent research from workingmums.co.uk which shows 90% of mums in work have not had a salary rise in line with inflation.

www.workingmums.co.uk’s annual survey lifts the lid on the harsh financial times that mums are trapped in, some with debts of up to twenty thousand pounds, excluding mortgage repayments. A significant 51% of mums say the cost of living is impacting their childcare decisions, with one in five (22%) mums paying up to £500 per week for childcare support. One in four (24%) mums have seen their childcare costs increase significantly in the last few months.

As a result of the rise in the cost of living coupled with debts that are already mounting, 58% of mums are now looking to change jobs, increase their hours or do another additional job to increase their earnings.

Mandy Garner, spokesperson for workingmums.co.uk, says: “Our research has shown just how many mums are living life on credit. Often this starts on maternity leave as mums struggle to afford time off with their newborns and then continues as mums stretch to cover extortionate childcare costs so they can afford to go back to work. 

"Being in the middle of a cost of living crisis and nearing the recession with a twenty thousand pound debt on your shoulders is a terrifying prospect for the one in 10 mums in this position.”

She continues: “The vast majority of mums haven’t received an inflation pay rise for years, which means they are effectively losing money year in and year out. It’s a no-win situation for mums in this scenario, costs are going up, and earnings are going down, with debts on top of this, they are trapped in a catch:22.”

The research reveals 68% of mums’ careers stalled after having kids. A further 49% of mums say that childcare availability is affecting the hours they work and what they can do, which drops to just 23% comparatively for partners’ hours and what they can do. 

One support line that's potentially suffering are after-school and holiday clubs, which 14% of mums feel haven’t recovered from Covid, leaving them working shorter days as they struggle around school hours and term dates.

To combat the rising costs, mums have reported cutting back on buying clothes, eating out and food brands, but 7% of mums have needed to visit food banks this year.

Michelle, aged 52, is a single mum who is desperately trying to find a solution to her financial entrapment. “The debts are escalating, and I can’t get on top of it; I just don’t know when it will end. I won’t be able to put the heating on this year, but my daughter, who works from home, will suffer. I haven’t done a big food shop for months. I can’t take the risk; I just buy essentials and often skip meals. I have debt collectors calling me. I owe over GBP 10k in tax credits, it’s a terrifying time, and I just don’t know when it will all stop.”

For part-time workers the pressure is about to increase, following an announcement from the Chancellor that part-time workers will be penalised if they do not increase their hours.

Garner explains: “For many mums, childcare is a luxury, and so they work jobs around their children and rely on credit to make ends meet. Increasing their hours isn’t actually possible if you don’t have childcare support. What the Chancellor is proposing will only push the very mums who need support the most into more debt and more worry. It’s time the government lifted mums out of this never-ending cycle.”

*59% have had no pay rise this year while 31% have had a pay rise that is below inflation.

Top Silicon Valley Software Engineering outfit plumps for London as European HQ

Zymr, Inc., the "full-stack" product engineering services company is eager to tap into the multi-billion dollar UK market. Founded in 2012, Zymr has been consistently recognised for its breakthrough solutions, strategic insights, and excellence of execution.

The UK Subsidiary, Zymr Systems UK Ltd., will also become the launch pad for other European Countries where Zymr, Inc. already has a number of clients. 

Europe is jumping into the deep end of the digital revolution and industry leaders want to scale rapidly toward the adoption of cloud technologies to build a safe and secure digital future for all.

Ashok Desai, Chief Business Officer, Zymr, Inc. points out: “Having served in excess of 125 clients, we’re a preferred choice to global ISVs, start-ups, enterprises, and digital businesses to help them build innovative products leveraging cutting-edge cloud-native, multi-cloud, and open-source technologies, and tools tested and proven with our global customers. We bring well-architected framework knowledge for multi-cloud, multi-tenancy XaaS solutions, thereby accelerating ROI for our new customers.”

Haresh Kumbhani, Chief Executive Officer, Zymr, Inc. stated emphatically, “With a DNA of software product innovation, our design-thinking culture will significantly help in delivering a high-quality and world-class customer experience. 

We believe in automation with DDD/TDD/BDD development culture for the highest quality outcomes. We have matured in enterprise product engineering for Cybersecurity, FinTech, HealthTech, and other domains. The foundational skills in infrastructure enable us to develop secure solutions.”

Jay Kumbhani, Associate VP of Software Engineering, Zymr, Inc. added, “As an end-to-end software development Company, we have established multiple delivery centers in India and the U.S. The timing for Zymr’s new journey in the UK couldn’t have been better.”

To learn more visit www.zymr.com.

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1-in-4 Baby Boomers don't trust younger generations with inheritance

1-in-4 Baby Boomers don’t trust the younger generation to use their inheritance wisely, according to a national survey by professional services firm, Progeny.

Also, almost half (48%) of Baby Boomers say the attitudes and priorities of younger generations impacts their decision-making around transferring wealth to the next generation.

The research report, Planning to pass it on, conducted by YouGov for Progeny, aimed to uncover national attitudes around gifting or leaving money as an inheritance, and polled three generations for their views

The majority of respondents said they intend to pass on something to the next generations of their family, with 60% planning to do so.

However, of those aiming to provide financial support or inheritance to loved ones, the majority questioned (49%) didn’t know, beyond that, how they might be able to do it.

Less than half (47%) of Baby Boomers were confident about making plans or taking financial decisions about transferring wealth, and a third (32%) said they were not confident.

Around the same proportion of Generation X and Millennials (45%) were confident about making use of any received inheritance, versus 39% who said they weren't confident.

There are, however, regional variations: Scots are least confident about making plans or taking financial decisions about transferring wealth to family or loved ones – 31% feel confident as opposed to 57% confident in the east of England, 52% in the south of England.

Those in the south of England are also most likely to have professionally written will in place (48%), with those in the Midlands and Scotland being least likely (31%).

Those in the north of England are most likely to seek professional advice to better manage an inheritance (41%) compared to just 25% of Londoners and 22% in Wales.

However, one fifth of respondents revealed they didn’t want to pass on a significant sum of money to their loved ones.

Nearly half of those questioned (49%) felt it was more important to use their money to enjoy life to the full than to leave an inheritance.

Regional variations: People in the east of England feel it is more important to use their money to enjoy life to the full than to leave an inheritance more than any other area in the UK (58%), followed by 53% in Wales and 50% in the south of England and Scotland.

There was clear evidence of the impact of the cost-of-living crisis in the immediate financial goals of the survey respondents.

The highest proportion (45%) said ensuring they meet regular financial commitments was their top financial goal, followed by 35% who wanted to have enough cash in case of emergencies and 29% who were focused on saving enough to enjoy retirement.

At the top of their list of financial concerns or challenges was the increase in the cost of living (59%), followed by their anxieties over not saving enough (43%) and not having enough for emergencies (39%).

More Millennials were concerned about an increase in daily living costs than the other generations – 78%, compared to 59% of Gen X and 41% of Baby Boomers.

Regional variations: A rise in day to day living costs rated as the greatest financial concern or challenge across all regions, with those in the Midlands most concerned (64%) compared to 52% in the east of England.

The difficulty of communicating on such a sensitive topic was a consistent theme in the research. The majority of Millennials and Generation X (41%) found it ‘uncomfortable’ to discuss inheritance and wealth transfer with their parents.

Only 58% of Baby Boomers said they have discussed inheritance or gifting with loved ones.

Amongst those who did expect to one day talk about passing on money to the generations below, the majority (53%) said they wouldn’t tell the beneficiaries the amount they will be receiving.

Regional variations: Welsh people are most likely to have discussed their plans to financially support their loved ones or provide an inheritance with them (69%), with Londoners being least likely (53%).

Millennials and Generation X in the Midlands feel least comfortable about discussing their parents' inheritance plans with them. Only 31% feel confident, with those in the south of England most comfortable about doing this (50%).

Amongst those expecting to receive inheritance or wealth, when asked how they were planning to use this money, the most popular answers were to build their savings pot (35%), fund retirement (29%) or pay off their mortgage (25%).

1-in-10 said they intended to use it to leave a further financial gift in their will for their family.

Nearly two-fifths (38%) of those expecting to receive an inheritance did not know the amount they would be receiving.

Regional variations: Londoners have the highest expectation of inheriting property (86%) whereas Scots are most likely to expect to inherit cash (90%).

A quarter of Londoners don’t know what they would do with an inheritance (25%) compared to only 5% of Scots. Those in the Midlands are most likely to use an inheritance to fund their savings (53%) whereas those in the south of England favour paying off their mortgage (39%).

Neil Moles, CEO of Progeny, said: “This research has given us an illuminating snapshot of national attitudes towards inheritance and intergenerational wealth transfer today.

“Transferring money to the next generation is an ambition for many, yet there is a stark lack of any structured planning in evidence. This creates both risk and missed opportunities for those on both sides of the wealth transfer.

“A unique set of economic circumstances have helped the Baby Boomer generation to build up significant levels of wealth compared with the generations that went before them.

“In the years ahead, we will see more families having more complex requirements when it comes to passing on their wealth to the next generation.

“Some may be the first generation of their families to need to plan for intergenerational wealth transfer or prepare for considerations like Inheritance Tax.

“Addressing the issue as a family is likely to lead to better outcomes for everyone. Creating a joined-up, coordinated plan for giving and receiving an inheritance will help the older generation to pass on wealth effectively when the time comes and ensure today’s younger generations have something to pass on in future.”

All figures, unless otherwise stated, are from YouGov Plc. Total sample size was 1004 adults. Fieldwork was undertaken between 12th - 18th August 2022. The survey was carried out online. The figures have been weighted and are representative of GB adults aged 24 - 74.

Millennials (aged 24 – 39), Gen X (aged 40 – 55), Baby Boomers (aged 56 – 74)

https://theprogenygroup.com.

Sustainability efforts aren't always working

Nearly half (44%) of UK businesses say they're failing to deliver on their sustainable commitments, with one in five (18%) admitting to publicly exaggerating their eco/green credentials, according to a poll of over 1,500 senior executives by corporate and ESG communications agency, Clearly PR.

A further one in four (24%) executives admit they're unsure if their sustainability efforts are making any positive difference at all, and 20% say they are unaware if their business has any metrics in place to measure the effectiveness of their environmental initiatives in the first place.

Only 19% of respondents believe that their business is making genuine progress on its sustainable initiatives.

The poll, conducted between 22nd-23rd September, aimed to provide real-time insight into how UK businesses are responding to growing investor and consumer demand for organisations to operate along more sustainable and socially responsible lines.

Paul MacKenzie-Cummins, managing director at Clearly PR, commented: “We need acts, not ads! These findings are extremely disappointing and equally revealing, too.

"ESG has been catapulted to the top of the business agenda in recent years. Yet despite the rhetoric and their public commitment to sustainability, a considerable number of businesses are simply not making good on their promises.

“More worrying is the unacceptably high number of businesses admitting they have resorted to use greenwashing in their ESG communications in a deliberate attempt to mislead consumers, investors, and other stakeholders. To make themselves look good.

“Once exposed, however, such false claims aren't only damaging to the brand and reputation of these businesses, but their stock value will also depreciate, and bottom-line sales are likely to be negatively impacted too.”

The findings of the poll could suggest that the rise in businesses guilty of greenwashing may partly be the result of a lack of understanding among businesses of how to measure the impact of their sustainability initiatives in the first place.

“Most leaders understand they have a responsibility to operate their businesses more sustainably and that when done right this can drive business value.

“However, where it fails is when there is a lack of knowledge on how to embed sustainability into their business processes, workforces, and supply chains and where there is an absence of any clearly defined sustainability goals.

“This, I believe, is in part responsible for some of the greenwashing activity we are seeing right now. Businesses know they need to be seen to be doing more to reduce their carbon footprint and feel under pressure to say ‘something’ positive to appease their customers. It is desperate, yet a position that can easily be avoided.”

(Image courtesy of  mhouge & Pixabay)