Skip to main content
The Actuary: The magazine of the Institute and Faculty of Actuaries - return to the homepage Logo of The Actuary website
  • Search
  • Visit The Actuary Magazine on Facebook
  • Visit The Actuary Magazine on LinkedIn
  • Visit @TheActuaryMag on Twitter
Visit the website of the Institute and Faculty of Actuaries Logo of the Institute and Faculty of Actuaries

Main navigation

  • News
  • Features
    • General Features
    • Interviews
    • Students
    • Opinion
  • Topics
  • Knowledge
    • Business Skills
    • Careers
    • Events
    • Predictions by The Actuary
    • Whitepapers
    • Moody's - Climate Risk Insurers series
    • Webinars
    • Podcasts
  • Jobs
  • IFoA
    • CEO Comment
    • IFoA News
    • People & Social News
    • President Comment
  • Archive
Quick links:
  • Home
  • Sections
  • News

Quarter of UK adults are not confident about their finances

Open-access content Tuesday 29th September 2020
Quarter of UK adults are not confident about their finances

A quarter of UK adults aged over 25 are not confident about their financial situation following the strains of the COVID-19 pandemic, according to the Chartered Institute for Securities & Investment (CISI).

After surveying 1,965 adults for the CISI, YouGov also found that 33% of 35-54-year-olds, and 27% of women, are no longer confident about their finances.

The picture across UK regions reflected a similar trend, with respondents in Northern Ireland least confident about their finances on 36%, while those in the North West, Scotland, and West Midlands were most confident, where 23% said otherwise.

“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,” said Jacqueline Lockie, the CISI's head of financial planning.

“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.”

Meanwhile, separate research from Aegon has found that 33% of UK employees who have had financial advice are more likely to be able to financially handle a major unexpected expense, compared with 23% of those who haven’t.

After surveying 2,000 workers, the life insurance company also found that 49% who haven’t taken financial advice are concerned that the money they have now or will save won’t last, while 37% who have taken advice feel the same way.

In addition, those who haven’t taken financial advice were more distracted at work and less likely to enjoy life because of the way they manage their money.

“Our report shows a positive relationship between financial advice and financial well-being, recognising that advisers play a key role in supporting the financial well-being of their clients," said Ronnie Taylor, chief distribution officer at Aegon. 

“It suggests that those who have engaged with a financial adviser about pensions, investments or protection are more likely to enjoy life because of the way they are managing their money, have money left over at the end of the month and are able to handle an unexpected expense.”
 

Image credit: iStock

Author: Chris Seekings

You may also be interested in...

Pension fund recovery falters

Pension fund recovery falters

UK pension funds endured faltering returns in the third quarter of this year, despite recording their strongest quarterly performance in a decade over the previous three months.
Wednesday 28th October 2020
Open-access content
Rising number of savers opting to withdraw pensions fully

Rising number of savers opting to withdraw pensions fully

There has been a significant rise in the number of UK savers fully withdrawing their pensions over the last year, figures released yesterday by the Financial Conduct Authority (FCA) show.
Wednesday 30th September 2020
Open-access content
CMI launches consultation on mortality modelling

CMI launches consultation on mortality modelling

The Continuous Mortality Investigation (CMI) has launched a consultation on how its next model should incorporate mortality data for 2020 following the COVID-19 outbreak.
Wednesday 23rd September 2020
Open-access content
New approach to DB pension funding could generate £40bn

New approach to DB pension funding could generate £40bn

A more contemporary approach to how liabilities for UK defined benefit (DB) pension schemes are funded could generate £40bn in extra value, PricewaterhouseCoopers (PwC) has found.
Wednesday 23rd September 2020
Open-access content
Half of DB pension schemes now targeting buyouts

Half of DB pension schemes now targeting buyouts

Almost half of defined benefit (DB) pension schemes in the UK are now targeting a buyout as their long-term objective, up from just 15% four years ago, a survey of 100 trustees has found.
Wednesday 7th October 2020
Open-access content
UK pensions need 'once-a-century' equity performance to close funding gaps

UK pensions need 'once-a-century' equity performance to close funding gaps

UK defined benefit (DB) pension schemes are overly-dependent on improbable equity returns, and need a “once-a-century” performance to close funding gaps by 2030, Willis Towers Watson (WTW) has warned.
Wednesday 16th September 2020
Open-access content

Latest from Pensions

ers

By halves

Reducing the pensions gap between men and women is a work in progress – and there’s still a long way to go, with women retiring on 50% less than men, says Alexandra Miles
Thursday 2nd March 2023
Open-access content
rdth

Make My Money Matter's Tony Burdon on the practical power of sustainable pensions

Years working in international development showed Tony Burdon, head of Make My Money Matter, that sustainable pensions can harness trillions of pounds to build a better world – at a scale governments and charities can’t. He talks to Travis Elsum
Wednesday 1st March 2023
Open-access content
KV

Liability-driven investments: new landscape

What now for liability-driven investments, after last year’s crash in the market? Pensions experts Rakesh Girdharlal and Moiz Khan say it should lead to a more balanced approach
Wednesday 1st February 2023
Open-access content

Latest from News

web_Kartina-Tahir-Thomson.jpg

IFoA appoints new president-elect

The IFoA's next president-elect is to be Kartina Tahir Thomson, it was announced today (29 March 2023).
Wednesday 29th March 2023
Open-access content
tf

New online forum 'IFoA communities' – now live

IFoA communities is your new online digital community. Here’s how to get started on the platform
Thursday 2nd March 2023
Open-access content
uh

Climate risk course sees new growth

In April, the Climate Risk and Sustainability course will be one year old. During its first year, we welcomed 155 participants and awarded 148 certificates. Members from more than 19 countries came together at the seminars to discuss and share what they had learnt.
Wednesday 1st March 2023
Open-access content

Latest from Finance

IFoA issues Risk Alert on high inflation

IFoA issues Risk Alert on high inflation

The Institute and Faculty of Actuaries (IFoA) has issued a Risk Alert to all its members on the impact of high inflation, with a particular focus on actuaries working in general and life insurance and pensions.
Wednesday 7th September 2022
Open-access content
Cost-of-living crisis could slash pensions by quarter

Cost-of-living crisis could slash pensions by quarter

The youngest UK workers could see their retirement savings cut by a quarter if they were to reduce their pension contributions by 2% in response to the cost-of-living crisis.
Wednesday 24th August 2022
Open-access content
Rising inflation to hurt profitability of European insurers

Rising inflation to hurt profitability of European insurers

General insurers can expect slower premium growth in Europe over the next three years as rising inflation impacts the ability of policyholders to pay higher prices, new analysis suggests.
Wednesday 24th August 2022
Open-access content
Share
  • Twitter
  • Facebook
  • Linked in
  • Mail
  • Print

Latest Jobs

Life Actuarial Contract - Capital Project (outside IR35)

England
Negotiable
Reference
149010

Pricing Consultant (Non-Life)

London / Leeds
Up to £70,000 + Benefits
Reference
148996

Senior Actuary

London (Central)
Negotiable
Reference
148991
See all jobs »
 
 
 
 

Sign up to our newsletter

News, jobs and updates

Sign up

Subscribe to The Actuary

Receive the print edition straight to your door

Subscribe
Spread-iPad-slantB-june.png

Topics

  • Data Science
  • Investment
  • Risk & ERM
  • Pensions
  • Environment
  • Soft skills
  • General Insurance
  • Regulation Standards
  • Health care
  • Technology
  • Reinsurance
  • Global
  • Life insurance
​
FOLLOW US
The Actuary on LinkedIn
@TheActuaryMag on Twitter
Facebook: The Actuary Magazine
CONTACT US
The Actuary
Tel: (+44) 020 7880 6200
​

IFoA

About IFoA
Become an actuary
IFoA Events
About membership

Information

Privacy Policy
Terms & Conditions
Cookie Policy
Think Green

Get in touch

Contact us
Advertise with us
Subscribe to The Actuary Magazine
Contribute

The Actuary Jobs

Actuarial job search
Pensions jobs
General insurance jobs
Solvency II jobs

© 2023 The Actuary. The Actuary is published on behalf of the Institute and Faculty of Actuaries by Redactive Publishing Limited. All rights reserved. Reproduction of any part is not allowed without written permission.

Redactive Media Group Ltd, 71-75 Shelton Street, London WC2H 9JQ