Financial Wellbeing –

New research reveals the extent of UK’s financial anxieties

Research[1] carried out by private and commercial bank, Arbuthnot Latham, reveals that financial security doesn’t necessarily equal financial wellbeing, as members of the UK’s more affluent population reveal their main concerns.

Summary

• 87% worry about the economy, with 81% regularly worrying about money in general

• Less than a third feel able to talk to their bank about money when something big happens in their life

 

The Financial Wellbeing Report lifts the lid on worries about the economy and its impact on their financial security, while highlighting how many people would benefit from financial advice but are simply not getting what they need.

The survey found that 87% of respondents worry about the economy while 81% say they feel stressed or worried about money on a regular basis. These findings underline the fact that financial anxieties can and do affect those whose wealth many would assume would buy financial peace of mind.

The reasons behind these financial concerns are numerous and varied. For example, over half of the people surveyed (51%) are concerned about how they'll maintain their lifestyles in later life.  Nearly 4 in 10 (39%) are worried about preserving the value of their investments in the current climate. And a quarter (25%) are thinking about how to provide for their children and grandchildren.

Concerningly, despite these financial anxieties, less than a third (30%) of respondents felt they could talk to their bank about money when something big happens in their life. Seemingly, there is a kneejerk response to cut back on spending. Nearly half (48%) said they're considering spending less on entertainment like going out or holidays, while others are thinking about buying fewer luxury items or giving less to charity. But without the right professional help, the nation is unlikely to reach its financial wellbeing goals.

Kevin Barrett, Managing Director, Private and Commercial Banking, said:

“Our research reveals that even for people who would typically be regarded as having more affluent wealth profiles, financial peace of mind is about more than just your bank balance. This only underscores the critical role for readily available, personalised support and guidance in ensuring long-term financial security and wellbeing.

“The incredible technological advances of the past decade have created a self-service economy, and this has brought a level of convenience unlike anything we have ever known. But this data really brings home the continued importance of human scale and the value of professional advice from someone who has taken the time to truly understand your needs.”


FOOTNOTES

[1] Arbuthnot Latham partnered with Atomik Research, an independent market research agency, to survey more than 500 UK residents with a net worth of at least £100,000, which took place between 30 November and 5 December 2023. 60% of respondents have a net worth (excluding property assets) of between £100,000 and £499,000, and 40% have at least £500,000.

• Investible assets exclude property wealth.