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
  • The Actuary Issues
  • January 2018
01

Saving worries identified as third biggest financial concern for 2018

Open-access content Tuesday 9th January 2018 — updated 5.50pm, Wednesday 29th April 2020

Failing to save or invest enough is the third biggest financial worry for UK adults this year, just behind the impact of Brexit and rising cost of living.

2

That is according to new research by GoCompare, which shows 40% of people think 2018 will be a financially challenging year, with 12% admitting to being "seriously worried".

Failing to save enough for retirement is the fourth biggest concern, with just under half of British adults saying they need to try and reduce their outgoings, and one-tenth expecting to carry credit card debt for most of the year.

"The level to which people are worried about their financial situation is a real concern, and we know this can impact on our work and mental health," GoCompare consumer advocate, Georgie Frost, said.

"This can cause us to make poorer financial decisions, which in turn could make our situation worse. With the rising cost of living, it's no surprise many are expecting to have to make sacrifices."

The findings show inflation is the greatest concern this year for those aged 65 and over, while young people aged 18-24 are most concerned about their ability to find sufficient work.

This comes after research from MoneySuperMarket earlier this year found that over 13.8 million people in the UK cite daily money worries as their main cause of stress.

It shows that 51% of British adults are regularly concerned about their finances, with 65% of 18-34 year-olds stating they worry about this constantly, compared with 36% of those aged 55 or over.

Almost half of adults believe their financial anxiety will get worse in 2018, with 84% of those that are worried planning to make cut backs to get their finances in better shape this year.

"It's little wonder people are worried about their finances," MoneySuperMarket consumer affairs expert, Kevin Pratt, said.

"Inflation crept over 3% in December and the economic outlook for 2018 is at best uncertain, given concerns about wage stagnation, Brexit and the possibility of further interest rate rises."


Sign up to our free newsletter here and receive a weekly roundup of news concerning the actuarial profession

This article appeared in our January 2018 issue of The Actuary .
Click here to view this issue

You may also be interested in...

2

IFoA launch initiative to help implement UN sustainability goals

The Institute and Faculty of Actuaries (IFoA) has today launched an initiative to explore how the profession can help achieve the UN’s Sustainable Development Goals (SDGs).
Wednesday 10th January 2018
Open-access content
2

FTSE 350 pension deficit falls by £8bn

The deficit of defined benefit (DB) pension schemes for the UK’s 350 largest listed companies fell from £84bn to £76bn over 2017 – a decrease of more than 9%.
Monday 8th January 2018
Open-access content
2

Whopping 92% of insurance firms unprepared for IFRS 17

The vast majority of insurance companies worldwide are not prepared for the incoming accounting standard IFRS 17, despite recognising the significant risks it poses to their business.
Thursday 11th January 2018
Open-access content
2

Financial services sector to be hit hardest in event of Brexit 'no deal'

The UK’s financial and professional services sector would suffer most in a ‘hard Brexit’ scenario, according to independent economic analysis by Cambridge Econometrics.
Friday 12th January 2018
Open-access content
2

Fall in M&A value recorded in 2017

The number of mergers and acquisitions (M&A) worth more than $100m (£73m) in the UK dropped from 46 in 2016 to 38 last year, according to data from Willis Towers Watson (WLTW).
Friday 12th January 2018
Open-access content
2

Natural disasters result in record-breaking losses for insurance industry in 2017

A series of natural catastrophes last year will cost the insurance industry $135bn (£100bn) – the highest amount ever recorded, according to analysis by Munich Re.
Friday 5th January 2018
Open-access content

Latest from January 2018

2

Weddings

Ian Singleton (RBS) and Jessica Brosnan (Conduent HR Services)
Tuesday 6th February 2018
Open-access content
2

Chocoholics unite!

On 27 September, about 20 members of the Worshipful Company of Actuaries and friends met in the Master’s Pimlico kitchen for a second chocolate tasting arranged in conjunction with master chocolatier William Curley. The chocolate was accompanied by a fine selection of red wines from the Master’s cellar.
Tuesday 6th February 2018
Open-access content
2

Actuaries at the palace

On 30 October, a party from the Worshipful Company of Actuaries made a private visit to the Queen’s Gallery at Buckingham Palace.
Tuesday 6th February 2018
Open-access content

Latest from small_opening_image

2

COVID-19 forum for actuaries launched

A forum for actuaries has been launched to help the profession come together and learn how best to respond to the deadly coronavirus sweeping the world.
Wednesday 25th March 2020
Open-access content
2

Travel insurers expect record payouts this year

UK travel insurers expect to pay a record £275m to customers this year as coronavirus grounds flights across the world, the Association of British Insurers (ABI) has revealed.
Wednesday 25th March 2020
Open-access content
2

Grim economic forecasts made as countries lockdown

A sharp recession is imminent in the vast majority of developed and emerging economies as the deadly coronavirus forces businesses to shut down across the world.
Tuesday 24th March 2020
Open-access content

Latest from inline_local_link

2

COVID-19 forum for actuaries launched

A forum for actuaries has been launched to help the profession come together and learn how best to respond to the deadly coronavirus sweeping the world.
Wednesday 25th March 2020
Open-access content
2

Travel insurers expect record payouts this year

UK travel insurers expect to pay a record £275m to customers this year as coronavirus grounds flights across the world, the Association of British Insurers (ABI) has revealed.
Wednesday 25th March 2020
Open-access content
2

Grim economic forecasts made as countries lockdown

A sharp recession is imminent in the vast majority of developed and emerging economies as the deadly coronavirus forces businesses to shut down across the world.
Tuesday 24th March 2020
Open-access content

Latest from 01

2

Weddings

Ian Singleton (RBS) and Jessica Brosnan (Conduent HR Services)
Tuesday 6th February 2018
Open-access content
2

Chocoholics unite!

On 27 September, about 20 members of the Worshipful Company of Actuaries and friends met in the Master’s Pimlico kitchen for a second chocolate tasting arranged in conjunction with master chocolatier William Curley. The chocolate was accompanied by a fine selection of red wines from the Master’s cellar.
Tuesday 6th February 2018
Open-access content
2

Actuaries at the palace

On 30 October, a party from the Worshipful Company of Actuaries made a private visit to the Queen’s Gallery at Buckingham Palace.
Tuesday 6th February 2018
Open-access content
Share
  • Twitter
  • Facebook
  • Linked in
  • Mail
  • Print

Latest Jobs

Investment Consultant

Scotland / Scotland, Edinburgh / London, England
Up to £70000.00 per annum
Reference
148689

Market Risk Capital Actuary/Quant

London (Central)
£65,000 - £115,000 plus bonus and package
Reference
148688

Experience Analysis Contractor

England
Negotiable
Reference
148687
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