Quarter of consumers not confident about finances post-Covid

More than one in four UK consumers are not confident about their financial situation in the wake of the Covid-19 pandemic, a new survey has found.

According to research from the Chartered Institute for Securities & Investment (CISI), 26 per cent of UK consumers are concerned about their finances. This figure rose to 33 per cent among 35-54-year-olds, and to 27 per cent among women.

More than 15 per cent said that they were not confident that they had enough knowledge to make the right financial choices in life, and 16 per cent said that they were not confident that they knew enough about money management to support their family in the long term.

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The research was carried out ahead of CISI Financial Planning Week, and CISI’s head of financial planning, Jacqueline Lockie, said that the results indicated a growing need for UK consumers to get professional advice on their finances.

“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 Lockie.

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“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 and Financial Planning Week is an opportunity for the public to engage with financial planners for an hour’s free financial help during these confidential guidance sessions.”

Consumers in Northern Ireland had the least amount of faith in their financial situation, with 36 per cent saying that they were not confident about their finances post-Covid.

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