The report from Schroders Personal Wealth (SPW) has revealed that three in five UK adults (62%) are concerned or “very concerned” about their finances. Among this group, 79% also reported that their financial situation impacts their mental wellbeing. According to the report, which surveyed 1,000 UK adults to understand attitudes towards finances and wellbeing, those aged between 35 and 54 were more concerned about their finances than older age groups.
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. Despite these concerns, only 8% currently have a financial plan, even though 55% are likely to make one.
Financial stress affecting mental health
SPW found that more than one in five people (22%) think financial planning would be too expensive. However, two in five respondents (41%) have prioritized sorting out their finances, reflecting a 5% increase from SPW’s previous research.
Ben Waterhouse, Chief Client Officer at SPW, commented on the findings, stating, “This report highlights the importance of financial wellbeing and the critical role that 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, 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 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.”