Following the stresses and strains of the Covid-19 pandemic, 26% of UK consumers say they are not confident about their financial situation, according to a Chartered Institute for Securities & Investment (CISI) survey.
The survey of 1,965 UK adults over the age of 25, undertaken by YouGov for CISI, also showed 33% of 35-54 year olds and 27% of women were not confident about their finances post Covid-19. The picture across UK regions reflected a similar trend.
This most recent survey builds on past surveys the CISI has undertaken. In 2017, 30% of respondents said that they would not know how to seek financial advice if they wanted it. Now, with 33% of 35-54 year olds not feeling confident about controlling their own finances, it is more important than ever that the financial planning community come together to help allay anxieties.
The survey was undertaken in the run up to CISI Financial Planning Week 5-11 October when qualified financial planners and Certified Financial PlannerTM professionals will be offering free, one hour sessions, worth £500, to consumers throughout the UK.
Consumers were also asked whether they were confident that they had the knowledge to make the right financial choices in their lives. Of those who responded overall 15% disagreed. In Northern Ireland, 23% disagreed with this statement compared to 11% in the East Midlands. Of 25-34 year olds, 20% said they were not confident.
In addition, respondents were asked whether they were confident that they knew enough about money management to support their family long-term.
Overall, 16% disagreed with this statement, with 22% of 25-34 year olds and 21% in Northern Ireland disagreeing.
Jacqueline Lockie, CFP™ Chartered FCSI, CISI Head of Financial Planning said: “It’s clear that many families across the nation will have had their lives turned upside down by the impact of this pandemic, perhaps through ill health, bereavement, furlough or business losses. The findings of this survey show the real impact on people’s confidence in managing their future finances. Financial planners, this year more than any other, can offer a steadying hand to anyone worried about money and Financial Planning Week is an opportunity for the public to engage with financial planners for an hour’s free financial help during these confidential guidance sessions.”