A recent survey* asked people how they think and feel about their financial health, in an attempt to understand the connection between wealth and wellbeing.
UK’s financial health
In the UK, 45% of respondents said that money is a major cause of stress; this figure increases to 66% with those who had no savings or investments to fall back on.
When compared to the global average, the UK population holds fewer market-based investments and is more likely to have no savings or investments.
When questioned about financial health, 75% of UK respondents were of the opinion that this meant ‘having little or no debt and being prepared for unexpected events’.
Lack of knowledge
Amongst younger respondents, a common reason for not investing, was ‘lack of knowledge’ with 49% of millennials agreeing with this, compared to 35% of baby boomers.
Of all age groups, 34% stated that a fear of losing everything was preventing them from investing.
Financial goals
Setting realistic financial goals, as well as saving or investing towards these, can help you to feel more in control, reduce stress and improve your feelings of financial well-being.
It can be difficult to take the first step 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 well-being.
Why not talk to us today to see if we can help to improve your financial wellbeing both now and into the future.
The value of investments can go down as well as up and you may not get back the full amount you invested. The past is not a guide to future performance and past performance may not necessarily be repeated.
Please note – The information contained in this article is for information only purposes and does not constitute financial advice.
*Black Rock 2020
