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Over a third of IFAs more stressed after mini-Budget than 2008 crisis

Over a third of IFAs more stressed after mini-Budget than 2008 crisis
 

Two in five (39 per cent) IFAs said they were more stressed after the “mini” Budget than they were during the 2008 financial crisis.

Research by Opinium found that a third (34 per cent) of advisers have been working more hours, while a quarter (25 per cent) have been feeling anxious about the impact of the government’s announcement on their business.

A further two in five (41 per cent) said they were more stressed at work in general as a result of the current state of the economy and the recent Budget.

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Alexa Nightingale, head of financial services research at Opinium, said: “The impact of the latest Budget announcement from the government on the economy has been clear, and in turn our research highlights the effect this has had on advisers in the UK.”

The research, which surveyed 209 IFAs between September 30 and October 5, revealed that the additional stress has been having an effect outside of work too, with a quarter (25 per cent) of IFAs who have been impacted by the Budget stating their mental health has suffered.

A third (32 per cent) are unable to see family and friends as often, and almost a third (30 per cent) are unable to sleep.

However, despite this, the outlook for advisers’ businesses looks good, with 43 per cent stating they received more client enquiries than usual following the Budget announcement. 

In addition, when asked about business over the next year, 58 per cent said they think general demand for advice will grow, and 56 per cent said they think they will gain clients as more people will need advice.

“It is understandable that many clients will be seeking advice on what the new economic landscape will mean for them, and so could signal a sustained uptick in advice enquiries and IFA business volumes,” Nightingale said.

“Hopefully, this flurry of activity will level out somewhat in the near future, so that those advisers who are feeling more stretched can go back to a more manageable workload.”

The majority of enquiries advisers have received since the budget have been from those who are concerned about the performance of their savings and investments (78 per cent), followed by those buying property (37 per cent) and those approaching retirement (30 per cent).

sonia.rach@ft.com

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