A recent survey has found that half of Britain's families are putting themselves at risk by failing to take steps to safeguard their financial future.

The survey, by HSBC, reveals that 52% of parents with dependent children have no financial plan in place, leaving their families exposed to changes in circumstances such as ill health, job losses or life post-retirement.

And despite 81% of parents aspiring to pass on wealth as an inheritance to their children when they die, tax and inheritance planning are overlooked by most.

A concerning 65% of parents in Britain have not made a will while just 27% of adults with a child have a plan for passing on their inheritance.