The Rishi Effect Yet to Reassure Britons, With 80% of UK Adults Still Lacking Financial Confidence, After New PM’s First Week
As Rishi Sunak completes his first seven days in office, new research has revealed that only one-in-five British people feel more confident about their personal finances since the new Prime Minister came into power.
The survey by the financial adviser technology firm Twenty7tec asked 2,000 UK adults if they felt more confident in their personal finances, after a week of the new Rishi Government.
One-in-five (19.82%) reported feeling a positive Rishi-effect in their personal finances, while four-in-five (80.18%) stated they did not feel more confident in their personal finances.
Perhaps most concerningly for the Sunak administration, two-thirds (63.50%) of Conservative voters in the 2019 General Election reported that the new government was yet to inspire confidence in their personal finances.
Meanwhile, a positive Sunak impact was felt more by older people than younger, with nearly a third of over-65’s (29.82%) reporting higher financial confidence, compared to just over one-in-ten (13.03%) of under-35’s.
James Tucker, founder of Twenty7tec said: “Has Rishi missed an opportunity by not holding the Budget this week? 80% is a remarkable figure. Even those who voted blue in the 2019 General Election remain to be convinced with only one-third of them saying that they feel more confident about their finances one week into his premiership.
“Rishi managed to keep the economy moving during an incredibly difficult time at the beginning of the pandemic. But he’ll be fully aware that ‘past performance is not indicative of future results’. I’d expect to start hearing some ideas emerging from Number 10 and 11 over the coming days to keep everyone happy ahead of the November 17th Budget.
“Anecdotally, individuals are leaning on our wealth adviser clients more and more as they see a challenging set of economic conditions and a pretty unforgiving stock market and pensions drop. Being able to advise accurately and in a timely fashion is maybe more important now than it has ever been.
“Finally, as a business owner, I’d like greater clarity so that I can plan better for the future of our wealthtech and mortgagetech business. From the stats, it would appear I am not in the minority.”