Sanlam Financial Services Group  

Financial confidence wavers amid pandemic

Financial confidence wavers amid pandemic

Fewer than half of people with investable assets of under £500,000 are confident about their finances as a result of the impact of the pandemic, according to a survey conducted by Sanlam.

The research, which was conducted by Technical Connect and Ad Lucem, showed 47 per cent of respondents felt confident about their finances while under one in five - 19 per cent - were less financially confident than they were last year.

However, more than two thirds of people with investable assets of more than £1m - 71 per cent - said they were confident about their finances.

A total of 14 per cent said they were more confident, with 67 per cent reporting no change in confidence.

Advisers were seen to have helped boost financial confidence among respondents, according to the survey results, with 59 per cent of people more likely to be excited about their finances than those who did not see an adviser.

Ian Martin, regional manager at Sanlam UK, said: “After more than a year of rolling lockdowns and huge uncertainty, it is no surprise to see confidence about finances faltering in some groups.

“Those with a smaller pot of investable assets may feel under increasing pressure to save a bigger safety net for the future if they have experienced issues with employment or income during the pandemic.

“The good news is that the value of financial advice is clear – those that have regular access to an adviser are more confident and more excited about their finances."

Ruth Gillbe is a freelance reporter for FTAdviser