Three in five UK adults are concerned or “very concerned” about their finances, a new report from Schroders Personal Wealth (SPW) has indicated. Of this group, 79% also reported that their financial situation impacts their mental wellbeing. SPW’s report, which included a survey of 1,000 UK adults to understand attitudes to finances and wellbeing, revealed that those aged between 35 and 54 were more concerned about their finances than older age groups.
SPW said this highlights the challenges of balancing multiple financial responsibilities while potentially facing career uncertainties. The report also suggested that 70% of UK adults are worried about the impact of the cost of living crisis, with 55% likely to make a financial plan but only 8% currently having one in place.
Financial stress affecting mental wellbeing
SPW also found that more than one in five people (22%) think financial planning would be too expensive. Two in five respondents (41%) have made sorting out their finances a top priority, reflecting a 5% increase from SPW’s research in 2023. Ben Waterhouse, Chief Client Officer at SPW, said: “This report highlights the importance of financial wellbeing and the critical role financial planning can play in supporting individuals.
By understanding key concerns and priorities, we can develop strategies and solutions that help alleviate financial stress and enhance overall wellbeing. We hope that the insights from this report will inspire meaningful conversations and actions towards a more financially stable and mentally healthy future.”
Alice Harmer, a Personal Wealth Adviser at Schroders Personal Wealth, added: “By working with a financial adviser, individuals can gain clarity on their financial situation, set realistic goals, and develop a plan that aims to achieve them. This personalized approach ensures that individuals are prepared for the future and enjoy peace of mind knowing they are on the right path.”
This insightful report underlines the growing need for effective financial planning and its profound implications on mental health, urging more UK adults to seek professional advice and develop comprehensive financial plans.
