Almost half of Britons (46%) are planning to get their finances in order as a direct result of the current Coronavirus pandemic, according to a survey by Sanlam.
Of these, 49% are confident DIY-ers. First-timers make up 13%; those who plan to speak with a financial adviser for the first time, and 25% will revisit – or speak with a financial adviser, having done so previously. Another 13% would like to speak with an adviser, but believe it would cost too much, or that they don’t have sufficient assets to make it worthwhile.
Those earning £75,000 or higher and planning to take action are more inclined to take advice. Of this group 40% will be contacting their financial adviser again and 24% are planning to use one for the first time, compared to 32% who said they were confident to organise their finances themselves.
Looking at the population as a whole, millennials seem about as inclined as Generation X to make a first visit (albeit virtual) to a financial adviser with 11% of 18-34 year-olds overall saying that they plan to contact a financial adviser for the first time compared to 9% of those aged 35-54.
John White, CEO of Sanlam’s wealth division, said: “It’s natural that people’s thoughts turn to their finances in times of crisis. In addition to unprecedented uncertainty about jobs, people’s businesses and investments, there is also a sense that people want to ‘get their house in order’ when it comes to things such as what inheritance they plan to pass on and their long-term financial resilience.
“It’s good to see that nearly half of adults are planning to take action. We would encourage people to seek advice where appropriate; especially those who are running businesses or self-employed, looking at inheritance or retirement, or have investments or are planning to get started investing for their future. It’s interesting to note that 64% of those earning more that £75,000 who are planning to get their finances in order will be turning to advisers in this regard, and half that number (32%) will tackle it themselves.”
Notes to editors:
An online survey was conducted by Atomik Research among 2,007 adults aged 18+ from the UK. The research fieldwork took place on 22nd – 24th April, 2020. Atomik Research is an independent creative market research agency that employs MRS-certified researchers and abides to MRS code.