In an attempt to understand the connection between wellbeing and wealth, a recent survey3 asked people how they think and feel about their financial health.
HOW IS THE NATION’S FINANCIAL HEALTH?
In the UK, 45% of respondents said that money is a major cause of stress; for those with no savings or investments to act as a financial safety net, this figure increases to 66%. When compared to the global average based on 13 countries, the UK population is more likely to have no savings or investments and holds fewer market-based investments.
In a question about financial health, 75% of UK respondents felt that this meant ‘having little or no debt and being prepared for unexpected events.’
REASONS FOR NOT INVESTING
A common reason preventing younger respondents from investing was cited as ‘lack of knowledge‘, with 49% of Millennials agreeing with this, compared to 35% of Baby Boomers. Across all age groups, 34% stated that a fear of losing everything was stopping them from making investments.
Setting realistic financial goals, as well as saving or investing towards these goals, can help you to feel more in control, reduce stress and improve your feelings of financial well-being.
Taking the first step can be difficult but talking to a trusted financial adviser can help. In fact, 75% of survey respondents, who use a financial adviser, reported having a positive sense of wellbeing.
Talk to us today and we can help you to set goals and improve your financial well-being both now and into the future.
A pension is a long-term investment. The fund value may fluctuate and can go down. Your eventual income may depend on the size of the fund at retirement, future interest rates and tax legislation. The value of investments and income from them may go down. You may not get back the original amount invested.